Biometrics Technology Market to Generate USD 127.32 Billion by 2030 – Key Drivers of Market Hyper Growth

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biometric technology market

Growing demand for authentication, identification, security and surveillance solutions in various application areas is driving the growth of the market.

PORTLAND, PORTLAND, OR, USA, September 15, 2022 /EINPresswire.com/ — Allied Market Research has released a new report titled “Biometric Technology Market to Generate $127.32 Billion by 2030 – Key Drivers Behind Market Hyper Growth”. The report offers an in-depth analysis of key growth strategies, drivers, opportunities, key segment, Porter’s Five Forces Analysis, and competitive landscape. This study is a useful source of information for market players, investors, VPs, stakeholders and new entrants to gain an in-depth understanding of the industry and determine the steps to be taken to obtain a competitive advantage.

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The report offers key drivers propelling the growth of the global biometrics technology market. This information helps market players design strategies to gain market presence. The research also highlighted market constraints. Opportunity insights are mentioned to help market players take further steps by determining the potential in untapped regions.

The global biometric technology market was worth $34.95 billion in 2020 and is projected to reach $127.32 billion by 2030, growing at a CAGR of 14.1% from 2021 to 2030.

Access the full summary at: https://www.alliedmarketresearch.com/biometric-technology-market

Rising rate of crime and privacy intrusion has raised concerns among individuals and organizations about securing their assets and personal data, which in turn is driving the global market for biometric technology. On the other hand, high installation costs are hampering growth to some extent. However, huge R&D activities and market competition have paved the way for lucrative opportunities in the industry.

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Based on type, the physiological biometrics segment held the highest share in 2020, generating around three-quarters of the global biometrics technology industry. The fact that it is considered highly reliable, as the characteristics of people are unique and cannot be compromised by the influence of the psycho-emotional phase, drives the growth of the segment. The behavioral biometrics segment, on the other hand, would cite the fastest CAGR of 16.8% from 2021 to 2030. This is because it is based on the unique and measurable patterns of human activities such as voice, keystroke, handwriting, middleware, signature, and scent for identification or authentication.

Based on components, the hardware segment held the major share in 2020, generating almost two-thirds of half of the global biometric technology market. This is because these hardware scans are checked against the registered database to approve or deny access to the respective system. The software segment, however, is expected to quote the fastest CAGR of 15.4% during the forecast period. This is because it allows different application software on different operating systems to be compatible.

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Based on region, the market across North America accounted for the major share in 2020, contributing more than two-thirds of the global biometric technology industry. This is attributed to the growing use of web applications and the internet has increased the demand for security and verification due to the increased threat of cyberattacks and data theft. Asia-Pacific, simultaneously, is expected to quote the fastest CAGR of 17.3% throughout the forecast period. Growing usage of internet, online payments, immigration and initiatives like “Digital India” and “Adhar” by Indian government are likely to expand the growth of biometrics market at the fastest pace of the region.

Key players profiled in Biometrics Technology Market analysis are 3M Company (Congent Systems, Inc.), Fujitsu Frontech Limited, Imageware Systems, Inc., Suprema, Inc., Safran SA (IDEMIA), secunet Security Networks AG , Thales SA, BIO-key International, NEC Corporation and Precise Biometrics. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.

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Covid-19 scenario

• Most biometric devices such as fingerprint readers, vein recognition and others involve touching surfaces and as a result there has been a sharp drop in demand for these maneuvers from multiple verticals, in especially during the initial phase.

• In addition, the majority of government agencies have suspended the use of biometric attendance for all its employees, as a precautionary measure to control the spread of the coronavirus.

• However, other biometric devices such as iris scanner, facial recognition and others have seen higher demand as they do not involve any touch points and provide decent authentication results.

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Finally, this report provides market insights in the most comprehensive manner. The structure of the report has been kept to provide maximum business value. It provides essential insights into the market dynamics and will enable strategic decision-making for the existing market players as well as those looking to enter the market.

Other trend report:

1. Behavioral Biometrics Market

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