Biometric System Market is anticipated to expand rapidly at a CAGR of 14.10% and reach a market value of USD 92.56 Billion 2022-2030
Research Reports
May 16, 2023
The global biometric system market is expected to grow significantly during the forecast period from 2022 to 2030.
Biometric System Market Insights
According to the latest market research report by Market Research Future (MRFR), the global biometric system market is expected to grow significantly during the forecast period from 2022 to 2030. The report provides comprehensive insights into the biometric system market, including market size, growth rate, market segmentation, regional analysis, industry trends, and key players.
Key Players
The prominent players in the biometric system market are-
- NEC Corporation,
- 3M Cogent,
- Crossmatch Technologies Inc.,
- Fujitsu Limited,
- Safran S.A.,
- Suprema Inc.,
- BIO-key International Inc.,
- Aware Inc.,
- Precise Biometrics AB,
- SecuGen Corporation.
These players are focusing on various growth strategies, such as product launches, partnerships, and collaborations, to expand their market presence and increase their market share.
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Market Segmentation
Based on technology, the biometric system market is segmented into fingerprint recognition, facial recognition, iris recognition, voice recognition, and others. Among these, the fingerprint recognition segment is expected to dominate the market during the forecast period due to its high reliability, accuracy, and widespread adoption across various industries, such as banking and finance, healthcare, and government.
Based on component, the market is segmented into hardware, software, and services. The hardware segment is expected to dominate the market during the forecast period due to the increasing adoption of biometric sensors, cameras, and other hardware components in various industries.
Based on application, the biometric system market is segmented into government, military and defense, healthcare, banking and finance, consumer electronics, and others. Among these, the government segment is expected to dominate the market during the forecast period due to the increasing adoption of biometric systems in border control, national ID programs, and law enforcement applications.
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Regional Analysis
Geographically, the biometric system market is segmented into North America, Europe, Asia-Pacific, and the Rest of the World. North America is expected to dominate the market during the forecast period due to the increasing adoption of biometric systems in various industries, such as government, military and defense, and healthcare. The presence of major biometric system vendors, such as NEC Corporation, 3M Cogent, and Crossmatch Technologies Inc., is also driving the growth of the market in the region.
Industry Trends
The biometric system market is witnessing several industry trends, including the following:
Increasing adoption of biometric systems in the healthcare industry for patient identification, access control, and fraud prevention
Growing demand for biometric systems in the banking and finance industry for secure authentication and fraud prevention
Rising adoption of biometric systems in consumer electronics, such as smartphones and tablets, for user authentication and access control
Increasing use of biometric systems in the transportation industry for border control, passport verification, and employee identification
Growing demand for cloud-based biometric systems for remote authentication and identity verification
Rising adoption of biometric systems in the military and defense industry for access control, surveillance, and intelligence gathering
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Conclusion
The biometric system market is expected to witness significant growth during the forecast period, driven by the increasing adoption of biometric systems in various industries, such as government, healthcare, and banking and finance. The market is also witnessing several industry trends, such as the growing demand for biometric systems in consumer electronics and the rising adoption of cloud-based biometric systems. The key players in the market are focusing on various growth strategies, such as product launches and partnerships, to expand their market presence and increase their market share
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