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The Business Research Company’s Biometric Technologies Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
— The Business Research Company
LANDON, GREATER LANDON, UNITED KINGDOM, September 30, 2024 /EINPresswire.com/ — The biometric technologies market has experienced robust growth in recent years, expanding from $52.65 billion in 2023 to $59.76 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth in the historic period can be attributed to increasing cybersecurity threats, rising concerns about security, adoption in healthcare for patient identification, use in time and attendance systems, use in border control and immigration.
What Is The Estimated Market Size Of The Global Biometric Technologies Market And Its Annual Growth Rate?
The biometric technologies market is projected to continue its strong growth, reaching $100.26 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The growth in the forecast period can be attributed to emergence of wearable biometric devices, integration with smart cities initiatives, focus on user convenience, growth in remote authentication, use in aviation and travel security.
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Growth Driver Of The Biometric Technologies Market
The growing adoption of biometric technologies in consumer electronics is expected to boost the growth of the biometric technology market going forward. Consumer electronics are any electronic devices designed to be purchased and used by end users, or consumers, for daily and non-commercial or professional purposes. Biometrics-based consumer electronic devices are standalone products that include mobile devices, security systems, access control door locks, automotive, home automation, the internet of things (IoT), and game consoles. The consumer electronics are increasingly incorporating biometric technology for safety and additional features.
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Who Are The Key Players Shaping The Biometric Technologies Market Trends?
Key players in the market include Fujitsu Frontech Limited, Imageware Systems Inc., Suprema HQ Inc., IDEMIA Group, Secunet Security Networks AG, Thales S.A., BIO-key International, Nippon Electric Company Limited Corporation, Precise Biometrics, Aware Inc., Cognitec Systems GmbH, Daon Inc., M2SYS Technology, 3M Company, DERMALOG Identification Systems GmbH, Assa Abloy AB, Fulcrum Biometrics LLC, Facebanx Ltd., Integrated Biometrics LLC, Accu-Time Systems, East Shore Technology, EveVerify, Suprema Inc., Hitachi, FaceFirst, Nuance Communications, BI2 Technologies, Biometix Pty Ltd., Fingerprint Cards, BTBL Co. Ltd.
What Are The Dominant Trends In Biometric Technologies Market Growth?
Major companies operating in the biometrics technologies market are adopting new technological products, such as handheld palm vein biometrics scanner, to advance their position in the market. A handheld palm vein biometrics scanner is a portable device that captures and analyzes the unique vein patterns in an individual’s palm for biometric identification and authentication.
How Is The Global Biometric Technologies Market Segmented?
1) By Offering: Hardware, Software
2) By Type: Contact-Based, Contact-Less, Hybrid
3) By Authentication Type: Single-Factor Authentication, Multi-Factor Authentication
4) By Application: Face, Hand Geometry, Voice, Signature, Iris, Automated Fingerprint Identification System (AFIS), Non-Automated Fingerprint Identification System (AFIS), Other Applications
5) By Vertical: Government, Consumer Electronics, Military And Defense, Healthcare, Banking And Finance, Travel And Immigration, Automotive, Security, Other Verticals
Geographical Insights: Asia-Pacific Leading The Biometric Technologies Market
Asia-Pacific was the largest region in the market in 2023. The regions covered in the report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.
Biometric Technologies Market Definition
Biometric technology is an automated or computerized process that is essential for the security and identification of a person based on some aspect of their biology. It offers enhanced recognition or authentication methods in comparison to conventional techniques like passwords and pin codes. It helps keep information safe from any fraudulent activity and offers secure and long-lasting security benefits to the person or organization.
Biometric Technologies Global Market Report 2024 from TBRC covers the following information:
• Market size data for the forecast period: Historical and Future
•Macroeconomic factors affecting the market in the short and long run
•Analysis of the macro and micro economic factors that have affected the market in the past five years
• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.
• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
An overview of the global biometric technologies market report covering trends, opportunities, strategies, and more
The Biometric Technologies Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on biometric technologies market size, biometric technologies market drivers and trends, biometric technologies market major players and biometric technologies market growth across geographies. This report helps you gain in-depth insights into opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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Oliver Guirdham
The Business Research Company
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