Global Biometric Technology Market Outlook : 2025
Biometric Technology Market size is estimated to reach USD 59.43 billion by 2025, growing at a CAGR of 19.42 percent from 2018 to 2025. Individuals are identified and authenticated using biometrics technology, which measures and analyses their personal attributes such as fingerprints, iris, hand geometry, voice, face, vascular pattern, palm print, or behavioural characteristics such as signature, typing pattern, and gait. It is a large industry that accounts for a large portion of the biometric market.
When compared to traditional security systems that rely on passwords, PINs, or smart cards, biometric technology are thought to be more rapid, convenient, and secure. International terrorism, organised crime, and illegal migration linked to identity theft and document fraud have all been facilitated by these systems. Furthermore, biometric systems are simple to set up and do not require highly skilled skills to operate.
Global Biometric Technology Market
Some prominent players in the global biometric technology market are :
3M, Fujitsu Frontech, Imageware Systems, Suprema, Safran, Secunet Security Networks, Thales, Bio-Key International, NEC Corporation, and Precise Biometrics.
Because of the growing threat of terrorism around the world, biometrics technology is being progressively utilised to meet safety and security concerns. During the forecast period, North America is expected to be the largest revenue contributor in the market. Biometrics are widely employed in different agencies in the United States, including commerce, defence, homeland security, justice, and state.
Due to increased awareness of the technology, the market in Asia Pacific is expected to grow at the fastest rate. China and India, for example, are experiencing rapid development rates in the region. Initiatives that use face, fingerprints, and eye biometrics, such as Indonesia’s e-KTP electronic ID effort and India’s UIDAI project, are likely to open up new commercial prospects.
Biometric Technology Market’s Key Benefits:
- This biometrics market study gives in-depth understanding of the biometric technology market in order to identify market opportunities.
- Current trends and projections for the future have been detailed in order to estimate the overall market potential and to identify profitable trends in order to obtain a stronger foothold.
- To emphasise the financial competency of the biometric technology market, a quantitative study of current market trends and forecasts from 2016 to 2022 has been offered.
- Porter’s five forces study of the sector demonstrates the market’s potency of buyers and suppliers.
Value chain analysis clarifies the roles of the many parties involved.