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Report Overview
2023
Base Year
2018-2023
Historical Year
2024-2032
Forecast Year
Global Biometrics Technology Market Outlook
The global biometrics technology market stood at a value of around USD 25.21 billion in 2023. The market is further expected to grow in the forecast period of 2024-2032 at a CAGR of 10.2% to reach USD 60.18 billion by 2032.
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Increased Deployment of Automated Fingerprint Identification System (AFIS) to Facilitate Biometric Identification to Aid the Biometrics Technology Industry
Based on type, the AFIS segment accounts for a significant share in the market owing to the rising utilisation of AFIS in law enforcement and defence applications. This can be attributed to the highly efficient and reliable nature of AFIS methodology to obtain, store, and analyse fingerprint data. In addition to this, AFIS is subject to upgradation and is easy to maintain. Moreover, the growing acceptance of AFIS in rehabilitation centres, district stations, hospitals, law enforcement agencies, and government offices dealing with the identification of citizens is expected to aid the industry in the forecast period.
The Asia Pacific Accounts for a Significant Share in the Market
The market in the Asia Pacific is driven by the growing government emphasis on adopting advanced technologies to enhance security in industries like banking and defence. For instance, the rapid digitalisation in India has propelled the adoption of biometrics technology in various sectors. Furthermore, the growing urbanisation in emerging economies of the continent is anticipated to provide impetus to the market in the forecast period.
Biometrics Technology: Market Segmentation
The term biometric is made up of two words, ‘bio’- which means life and ‘metric’- which refers to calculation and measurement. Biometrics technology involves the use of technology to identify individuals based on some aspect of their biology, such as fingerprints. Biometrics technology facilitates the identification and surveillance in a society.
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Based on type, the market can be segmented into:
- Face
- Hand Geometry
- Voice
- Signature
- Iris
- AFIS
- Non-AFIS
- Others
The major end uses of biometrics technology include:
- Government
- Banking and Finances
- Consumer Electronics
- Healthcare
- Transport/Logistics
- Defence and Security
- Others
The regional markets for the product include North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.
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Rising Application of Biometrics Technology in the Banking Sector to Boost the Growth of the Biometrics Technology Industry
The rising application of biometrics technology in the banking sector is driving the market growth. The primary factors propelling the adoption of this technology across the baking sector are the accuracy, assistance, and increased safety against fraudulent processes. The growing cases of extortion, misidentification, and identity theft are likely to augment the market in the forecast period. In addition to this, the database of clients and customers becomes easily accessible after deploying biometrics technology, which bolsters the convenience, thereby driving its demand. Over the forecast period, the rapid advancements in technology are expected to bode well for the market.
Key Industry Players in the Global Biometrics Technology Market
The report gives a detailed analysis of the following key players in the global biometrics technology market, covering their competitive landscape, capacity, and latest developments like mergers, acquisitions, and investments, expansions of capacity, and plant turnarounds:
- Accu-Time Systems, Inc.
- BIO-key International, Inc.
- DERMALOG Identification Systems GmbH
- Fujitsu Limited
- HID Global
- Others
The comprehensive EMR report provides an in-depth assessment of the market based on the Porter's five forces model along with giving a SWOT analysis.
Key Highlights of the Report
| REPORT FEATURES | DETAILS |
| Base Year | 2023 |
| Historical Period | 2018-2023 |
| Forecast Period | 2024-2032 |
| Scope of the Report |
Historical and Forecast Trends, Industry Drivers and Constraints, Historical and Forecast Market Analysis by Segment:
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| Breakup by Type |
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| Breakup by End Use |
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| Breakup by Region |
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| Market Dynamics |
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| Competitive Landscape |
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| Companies Covered |
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| Report Price and Purchase Option | Explore our purchase options that are best suited to your resources and industry needs. |
| Delivery Format | Delivered as an attached PDF and Excel through email, with an option of receiving an editable PPT, according to the purchase option. |
*While we strive to always give you current and accurate information, the numbers depicted on the website are indicative and may differ from the actual numbers in the main report. At Expert Market Research, we aim to bring you the latest insights and trends in the market. Using our analyses and forecasts, stakeholders can understand the market dynamics, navigate challenges, and capitalize on opportunities to make data-driven strategic decisions.*
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Key Questions Answered in the Report
In 2023, the global biometrics technology market attained a value of nearly USD 25.21 billion.
The market is estimated to grow at a CAGR of 10.2% between 2024 and 2032.
The market is estimated to witness a healthy growth in the forecast period of 2024-2032 to reach USD 60.18 billion by 2032.
The major regions in the industry are North America, Latin America, the Middle East and Africa, Europe, and the Asia Pacific.
The major drivers of the industry, such as the rising application of biometrics technology in various industries including banking and finance, healthcare, defence, and others, the growing need to improve security and surveillance, and rapid digitalisation, are expected to aid the market growth.
The key market trends guiding the growth of the industry include the rapid technological advancements.
Face, hand geometry, voice, signature, iris, AFIS, and non-AFIS, among others are the major types included in the market report.
Government, banking and finances, consumer electronics, healthcare, transport/logistics, and defence and security, among others are the different end uses of the product.
The major players in the industry are Accu-Time Systems, Inc., BIO-key International, Inc., DERMALOG Identification Systems GmbH, Fujitsu Limited, and HID Global, among others.
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