Biometric Technologies Market size was valued at US$ 42.86 Bn. in 2023 and the total revenue is expected to grow at 14.1% through 2023 to 2029, reaching nearly US$ 107.92 Bn.
Biometric Technologies Market Overview
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Biometric Technologies Market Report Scope and Research Methodology
The technology adoption, financial standing, portfolio, merger and acquisition, joint ventures and strategic alliances are covered in the competitive environment for the Biometric Technologies Market . A thorough report includes the drivers, restraints, opportunities, and challenges of the Biometric Technologies Market . To understand Biometric Technologies Market estimations and growth rates, a bottom-up approach was used in the report.
Regional analysis of the Biometric Technologies Market was conducted at a local, regional and global level to understand the Biometric Technologies Market penetration, price and demand analysis and competitive landscape. The report provides fundamental information on the Biometric Technologies Market such as stakeholders, investors and new entrants used to develop marketing plans and investments.
The primary and secondary data methods were used for the data collection for the Biometric Technologies Market . The primary approach involves surveys, questionnaires and telephonic interviews with market leaders, business owners, etc. and the secondary data collection method includes press news, annual reports and financial reports, white papers, etc. SWOT analysis is used to identify the threats and weaknesses of the market while PORTER is used to determine the competitive intensity of the industry in the Biometric Technologies Market
Biometric Technologies Market Regional Insights
The Biometric Technologies Market is broadly segmented into North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa. The Regional Analysis in the report helps to understand the Biometric Technologies Market in several countries. The report includes a detailed analysis of all the factors, market size, growth rate, and import and export in regions.
Biometric Technologies Market Dynamics:
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The market’s data was collected using both primary and secondary data methods. In addition to press headlines, annual reports and financial reports, white papers, etc., secondary data collection techniques include surveys, questionnaires, and telephone interviews with market leaders and business owners. While PORTER is used to assess the level of industry competition in the Biometric Technologies Market , SWOT analysis is used to pinpoint the market’s risks and weaknesses.
Biometric Technologies Market Segmentation:
by Component
Hardware
Software
Hardware and software make up the two segments of the biometric technologies market. With a market share of 55% in 2023, hardware will rule the biometric technologies market. This is because different hardware machines are required to scan different types of biometrics, such as a finger print scanner for AFIS and Non-AFIS biometrics, a camera and sensor for iris scanning, etc. However, the software required for each of these biometrics can be used for multiple scanning. For instance, in India, UIDAI uses biometrics, however only one software is used for all scanning with various sections, but there are numerous unique hardware devices for various biometrics. These factors prevent software from having more than 45% of the market in 2023.
by Type
Physiological Biometrics
Behavioral Biometrics
Physiological biometrics and behavioral biometrics are the two market segments for biometric technologies. In 2023, Physiological Biometrics will hold a massive 89% market share for Biometric Technologies. The physiological biometrics that are most frequently employed in both the private and public sectors are face recognition, iris recognition, fingerprint (AFIS and Non-AFIS) recognition, and hand geometry. Due to its growing use in criminal and civil matters, fingerprint recognition alone currently commands a 57% market share. The fingerprint biometric technology, which is utilized for employee attendance and background checks, is widely used in the private sector. Iris-based surveillance is anticipated to grow more prevalent as it is used in government programs, ATMs, financial institutions, transaction securities, and military intelligence.
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Biometric Technologies Market Key Players
1. Thales Group (Paris)
2. Idemia (France)
3. ASSA ABLOY (Sweden)
4. NEC Corporation (Japan)
5. Fujitsu (Japan)
6. Precise Biometrics (Sweden)
7. Secunet Security Networks AG (Germany)
8. Stanley Black & Decker Inc. (France)
9. Aware Inc (US)
10. Cognitec Systems GmbH (Germany),
11. Daon, Inc. (US)
12. DERMALOG Identification Systems GmbH (Germany)
13. Neurotechnology (Lithuania)
14. Innovatrics (Slovakia)
15. Veridos GmbH (Germany)
Key questions answered in the Biometric Technologies Market are:
Which are the factors expected to drive the Biometric Technologies Market growth?
What are the factors restraining the growth of the Biometric Technologies Market ?
What is the demand pattern of the Biometric Technologies Market ?
What major challenges could the Biometric Technologies Market face in the future?
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Key Offerings:
Past Market Size and Competitive Landscape (2023 to 2029)
Past Pricing and price curve by region (2023 to 2029)
Market Size, Share, Size & Forecast by different segment | 2023−2029
Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by Region
Market Segmentation – A detailed analysis by segment with their sub-segments and Region
Competitive Landscape – Profiles of selected key players by region from a strategic perspective
Competitive landscape – Market Leaders, Market Followers, Regional player
Competitive benchmarking of key players by region
PESTLE Analysis
PORTER’s analysis
Value chain and supply chain analysis
Legal Aspects of Business by Region
Lucrative business opportunities with SWOT analysis
Recommendations
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