Increasing penetration of smart phones and extensive use in criminal identification are significant factor driving the growth of the global biometrics market in the forecast period of 2023-2028.
According to TechSci research report, “Global Biometrics Market – Industry Size, Share, Trends, Competition, Opportunity And Forecast, 2018-2028F”. The global biometrics market is projected to expand in the coming years. The use of biometrics is increasing significantly in both the public and private sectors as, biometrics have a wide variety of application which requires reliable personal recognition schemes to either confirm or determine the identity of an individual requesting their services. For instance, in March 2018, British Airways enabled new biometric boarding gates at Orlando International Airport, to board almost 240 customers in around 10 minutes.
The global biometrics market is segmented into by solution type, by functionality type, by application, by end-use industry and by region.
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On the basis of type, fingerprint recognition segment is expected to account the leading revenue share during the forecast period owing to the growing demand for simpler, more secure, and quicker methods of user identification verification. The method of identifying someone using their distinctive fingerprints is known as fingerprint recognition. Additionally, the growing need for fingerprints that are highly accurate, convenient, and difficult to copy helps to lower the danger of cyberattacks, which is likely to boost this segment’s revenue growth.
Due to the growing demand for time savings and reducing physical interaction, the non-contact based category is anticipated to experience extremely quick growth during the projection period. A few examples of non-contact based biometrics are speech recognition, ear identification, gait identification, palm vein capture, integrated risk information system (IRIS) identification scanner, and facial recognition. In order to function independently without human interaction, non-contact based biometrics systems are currently outfitted with cutting-edge internet of things (IoT), artificial intelligence (AI), and global positioning system (GPS) technology. Going forward, it is anticipated that a rise in private investment for the implementation of failsafe technology would increase demand for non-contact based biometrics systems. In addition, increasing need to improve security, operational efficiency and speed for employees to clock in and out at workplaces are the factors expected to drive revenue growth of the segment.
Due to the significant presence of top corporations like Fujitsu limited and NEC Electronics Corporation among others, in the countries of the area, Asia-Pacific is predicted to generate a disproportionately big amount of income during the projection period. Additionally, technical improvements, raising public awareness of the benefits of biometric security systems and lowering the cost of devices using such technologies can be attributed for the market’s rapid revenue growth.
Revenue was significantly boosted in 2021 by the facial recognition market. As facial recognition algorithms get better at authorizing, facial recognition technology is being used for more and more things. Social media sites use face recognition technology to organize photos, airports to speed up security screening, smartphones to log in, and law enforcement to solve crimes. Amazon, MasterCard, and Alibaba are a few companies that have introduced facial recognition payment systems popularly known as “selfie pay,” which are some of the most prominent facial recognition examples. Face-to-face comparison between a natural person’s faceprint and a portrait’s faceprint is made by the Google Arts & Culture app to detect museum impersonators.
North America‘s largest market share is expected to grow fastest during the forecast period due to significant product developments and innovations.
Some of the partnerships and innovations are:
- In 2018, Lufthansa Group introduced facial recognition-based one-step biometric boarding at Los Angeles International Airport. The airline claims that, Lufthansa boarded an A380 with about 350 passengers in just under 20 minutes, during the initial trial.
- In March 2018, Concourse E, the federal inspection facility for international arrivals, was launched at Miami International Airport (MIA) following U.S. CBP. The facility uses facial recognition technology to speed up and secure the passport inspection process.
- Delta Air Lines partnered with U.S. Customs and Border Protection, Transportation Security Administration, and Hartsfield-Jackson Atlanta International Airport to launch the first curb-to-gate biometric terminal in the U.S. at Atlanta’s Terminal F.
Major market players operating in the global biometrics market are:
- NEC Electronics Corporation
- Thales Group
- BIO-Key International, Inc.
- Assa Abloy AB
- IDEMIA France SAS
- DERMALOG Identification Systems GmbH
- Cognitec Systems, GmbH
- Fujitsu Limited
- IDEX Biometrics ASA
- Next Biometrics Group ASA
- SecuGen Corporation
- Aware Inc.
- Precise Biometrics
- Fingerprint Cards AB
- M2SYS Technology
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“Global biometrics market is expected to grow at a robust pace on account of technological advancements. Factors like the growing expenditure capacity of consumers and rapid urbanization, globalization, and digitalization are making the users aware of the advancements in technology to live a quality life., This anticipates to propel the demand for biometrics across the country over the next five years.”, said Mr. Karan Chechi, research director with TechSci research, a research-based global management consulting firm.
“Biometrics Market – Global Industry Size, Share, Trends, Opportunity, and Forecast, 2018-2028 Segmented By Solution Type (Fingerprint Recognition, Facial Recognition, Iris Scanner, Hand/Palm Recognition, Voice Recognition, Vein Scanners, Others), By Functionality Type (Contact Based, Contact Less, Hybrid), By Application (Spying, Demining, Patrolling & Surveillance, Firefighting, Others), By End Use Industry (Government and Defense, BFSI, Consumer Electronics, IT and Telecom, Healthcare and Lifesciences, Retail and E-commerce, Others) By Region, By Competition”, has evaluated the future growth potential of global biometrics market and provides statistics & information on market size, structure, and future market growth. The report intends to provide cutting-edge market intelligence and help decision makers take sound investment decisions. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges, and opportunities in global biometrics market.
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