Dublin, 01 Dec. 2022 (GLOBE NEWSWIRE) — The “Global Biometric Systems Market with Impact Analysis of COVID-19 by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multifactor), Type (Contact-Based , Contactless, Hybrid), Offer Type, Mobility, Vertical and Region – Forecast to 2027” has been added to the report from ResearchAndMarkets.com offer.
The global biometric systems market is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, growing at a CAGR of 14.1%. The market has promising growth potential owing to several factors including increasing advancements in biometric technology in various industries and increasing demand for authentication & identification solutions as well as security & surveillance solutions in various application fields such as consumer electronics, government in APAC and other regions.
One of the major factors restraining the growth of the biometric systems market is the increase in hygiene concerns and the high risk of coronavirus transmission posed by touchscreen biometric solutions. Since the advent of the biometric system, market players have been offering contact biometric solutions for authentication and security purposes. However, over the past two years, growing hygiene concerns and the growing risk of community spread of the coronavirus posed by touch biometric solutions have forced manufacturers to focus more on contactless biometric technologies. According to many experts, COVID-19 is likely to become an endemic disease. No study proves the zero presence of the virus in the near future. To curb the spread of this infectious disease, market players are focusing more on building biometric systems based on contactless technologies such as face, iris, vein and voice recognition to maintain their position in the biometric systems market.
The market declined slightly in 2020, mainly due to the impact of COVID-19. Supply chains were disrupted in March and April 2020 due to lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the biometric systems market. Although the market was impacted in 2020, it is expected to fully recover by mid-2022.
Contactless: The Fastest Growing Segment of the Biometric Systems Market, by Type
The contactless biometric systems segment is expected to grow at the highest CAGR during the forecast period. Rising demand for smartphones with facial recognition software to increase security is driving the growth of the market. Furthermore, the integration of disruptive digital technologies, including AI and automation, has increased the demand for contactless solutions in the biometric domain. Additionally, growing concerns over the spread of coronavirus through contact-based biometric solutions have seen the transition of end customers to contactless technologies and the trend will continue throughout the forecast period.
Market dynamics
Drivers
- Increasing use of biometric technology in consumer electronics for authentication and identification applications
- Growing focus by governments around the world on improving governance and delivering social benefits to the needy, and preventing false beneficiary entries using biometrics
- Growing need for surveillance and security solutions based on biometric technology due to increased threat of terrorist attacks
- Growing adoption of biometric technologies in automotive applications to provide improved security and safety
Constraints
- Substantial costs associated with biometric systems
- Heightened hygiene concerns and high risk of coronavirus transmission posed by touchscreen biometric solutions
Opportunities
- Significant advances in biometric solutions designed for authentication and identification applications
- Strategic collaborations between supply chain participants
- Improved/direct availability of biometrics as a service
Challenges
- Data security issues and lack of technical know-how
- Failed to detect authorized and unauthorized users
| Report attribute | Details |
| Number of pages | 311 |
| Forecast period | 2022 – 2027 |
| Estimated market value (USD) in 2022 | $42.9 billion |
| Expected market value (USD) by 2027 | $82.9 billion |
| Compound annual growth rate | 14.1% |
| Regions covered | Global |
Main topics covered:
1. Introduction
2 Research methodology
3 Executive summary
4 premium previews
5 Market Overview
6 Biometric System Market, By Authentication Type
7 Biometric System Market, By Type of Offering
8 Biometric System Market, By Type
9 Biometric System Market, By Mobility
10 Biometric System Market, By Vertical
11 Geographical analysis
12 Competitive landscape
13 company profiles
14 Appendix
Companies cited
- ASSA ABLOY
- Aware, Inc.
- Bio-Key International
- Cognitec Systems GmbH
- Daon, Inc.
- David Link Manila Corporation
- Dermalog Identifications Systems GmbH
- Facetec, Inc.
- Fujitsu
- Fulcrum Biometrics, Inc.
- ID R&D, Inc.
- IDEMIA (Saffron)
- Imageware
- Innovatrics
- Integrated biometrics
- iProov
- You
- Leidos
- M2Sys technology
- Megvii (Beijing Kuangshi Technology Co. Ltd.)
- NEC Corporation
- Neurotechnology
- Nuance Communications, Inc.
- Onespan
- Onfido
- Butterfly Systems
- Precise biometrics
- Qualcomm
- Secunet Security Networks SA
- Securiport
- Sensetime
- At the end
- Stanley Black & Decker, Inc.
- supreme
- Thales Group
- Veridos GmbH
- Zetes
For more information about this report visit https://www.researchandmarkets.com/r/6leyb7
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Global biometric systems market
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