Global Biometrics Technology Market Size, Share & Trends Forecast to 2030
- VynZ Research
- Sep 8, 2023
- 2 min read
The global biometrics technology market is projected to reach USD 62.14 billion by 2030, experiencing a CAGR of 20.1% during 2023-2030.
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Biometrics technology is used for identification, authentication, and recognition of individuals based on their physical or behavioral traits. The increasing demand for biometrics in various applications, such as government, healthcare, banking, and financial services, is driving the growth of the market.
The following are the key trends driving the growth of the global biometrics technology market:
Increasing demand for biometrics in government and defense applications
Growing adoption of biometrics in the healthcare industry
Rising need for security and safety in the banking and financial services sector
Increasing use of biometrics in the retail industry
Growing popularity of mobile biometrics
The following are the major players in the global biometrics technology market:
NEC Corporation
3M Co.
Fujitsu Ltd.
Thales Group
Suprema Inc.
Fingerprint Cards AB
HID Global Corporation
Safran Identity & Security
Idemia
M2SYS Technology Inc.
Crossmatch Technologies Inc.
By technology, the market is segmented into fingerprint recognition, facial recognition, iris recognition, voice recognition, and others. Fingerprint recognition is the most widely used technology in the biometrics market, followed by facial recognition.
By application, the market is segmented into government, healthcare, banking and financial services, retail, and others. Government is the largest application segment, followed by healthcare.
By region, the market is segmented into North America, Europe, Asia Pacific, Middle East & Africa, and South America. North America is the largest market for biometrics, followed by Europe.
The growth of the global biometrics technology market is being hindered by the following challenges:
High cost of biometrics systems
Lack of awareness about biometrics technology
Privacy concerns
Security issues
Despite these challenges, the global biometrics technology market is expected to grow at a significant pace in the coming years. The increasing demand for biometrics in various applications and the growing adoption of biometrics technology in emerging economies are expected to drive the growth of the market.
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