Infinium Global Research’s recent report on the “Global Biometrics Technology Market ((By Component (Hardware, and Software), By Application (Identification & Access Control, Security & Surveillance, Payments, Image Database Investigation, and Others), By End-use (Government, Commercial centers and buildings, Medical and research labs, Banking, Financial services sector, and Defense and Security)) Global Industry Analysis, Trends, Market Size & Forecasts to 2028” provides a comprehensive outline of the factors responsible for the growth of the market. The Global Biometrics Technology Market was valued at around USD 40 Billion in 2022 and is expected to reach nearly USD 95 Billion in 2028, with a CAGR of 15% during the forecast period.
To Know More Request a Sample of this Report: https://www.infiniumglobalresearch.com/reports/sample-request/878
"We are Now Including the Impact Analysis of COVID-19 on this Premium Report and the Forecast Period of this Report shall be Revised to 2023-2030."
The Section on the Impact of COVID-19 on this Market is Included in the Report for Free
Cybercrimes or Password Breach of Secrete Data is Propelling the Demand for Biometrics Software and Solutions
Biometrics technology is an electronic device that recognizes, the growing adoption of machine learning and artificial intelligence in various applications enhanced the utilization of biometrics technology. The technological revolution is introducing robust, numerous, innovative security solutions where biometric verification plays a significant role. Use of the contactless biometric technology in banking and finance, healthcare, logistics, transport, and consumer electronics will majorly increase the demand for the technology during the forecast period. Biometric verification technology is highly used in several industries for observing unauthorized access, identity theft, or fraud documentary. The capability to or reducing the risk of monetary losses due to cybercrimes or password breach of secret data is propelling the demand for biometrics software and solutions within the forecast period.
The outbreak of covid-19 had negative and positive effects on the Biometrics Technology Market during the forecast period. Increasing utilization of the technology for identity surveillance in various sectors such as manufacturing, healthcare, and government sector enhances the growth of the market. High security of transactions and decreased risk of contagion increased demand in the market during the forecast period. However, delay in the development of new technology and decreased demand for the technology due to lockdown restriction restrained the growth of the market during the forecast period.
The Government Sector Segment is Expected to Dominate the Market
The Global Biometrics Technology Market is bifurcated By Component, Application, and End-use. By End-use, the segment is further bifurcated into Government, Commercial centers and buildings, Medical and research labs, Banking, Financial services sector, and Defense and security. The government sector segment is anticipated to dominate the market growth during the forecast period.
The technology is widely used to counter issues such as identity theft and illegal migration. Its demand is projected to stay strong in the defense & security segments throughout the forecast period. For instance, the Indian government has approved the utilization of unique biometric identification technology named ‘Adharcard’, for the privacy and identification of citizen’s biometric data. Hence, the support of the government sector is significantly encouraging the growth biometric technology market during the forecast period.
Enquire Here Get Customization & Check a Discount for the Report @ https://www.infiniumglobalresearch.com/reports/customization/878
The Asia Pacific Region is to be Expected the Fastest-growing Region in Global Biometrics Technology Market
The Global Biometrics Technology Market is segmented into the Asia Pacific, North America, Europe, the Middle East & Africa, and South America. Furthermore, the Asia Pacific region is anticipated to grow at the fastest rate in the Biometrics Technology Market during the forecast period. Governments, law enforcement agencies, BFSI, and healthcare are some of the major users of automated biometric identification technology in the Asia Pacific region. The increasing crime rate in developing countries such as India and China has boosted the utilization of biometrics technology within the Asian region. The increasing utilization of biometric technology by governments to maintain law and order will fuel market growth in the Asia Pacific region.
Key Players Focus to Increase the Production Capacity by Collaborating with Other Companies
The Global Biometrics Technology Market is intensely competitive with several multinational and local players. The major players are NEC Corporation, EyeVerify, Inc., David-Link, Suprema, Inc., Accu-Time Systems, Inc., 3M Cogent, Precise Biometrics AB, Bio-Key International, Inc., Thales S.A, Fujitsu Frontech Limited, and several others are constantly focusing on developing products to gain a competitive edge in the market. The companies are applying various market strategies to sustain in the market such as advancements in the software, new software launch, and partnership during the forecast period.
For instance, In January 2022, IDEMIA collaborated with Microsoft to deliver next-generation eSIM and connectivity solutions for consumer and M2M/IoT devices. In July 2021, Thales Group launched a new voice biometric solution, a part of the Trusted Digital Identity Service Platform, for onboarding and authentication. Infinium Global Research’s recent report on the Global Biometrics Technology Market is an encompassment of such recent developments in the marketplace. The report delivers insights into the recent developments by leading players that have contributed to the growth of the Global Biometrics Technology Market and also estimates the impact of recent developments in the market.
Place a Purchase Order to Buy a Complete Copy of this Report Enquire Here: https://www.infiniumglobalresearch.com/reports/enquiry/878
Reasons to Buy this Report:
=> Comprehensive analysis of global as well as regional markets of the Biometrics Technology.
=> Complete coverage of all the product types and application segments to analyze the trends, developments, and forecast of market size up to 2028.
=> Comprehensive analysis of the companies operating in this market. The company profile includes an analysis of the product portfolio, revenue, SWOT analysis, and the latest developments of the company.
=> Infinium Global Research- Growth Matrix presents an analysis of the product segments and geographies that market players should focus on to invest, consolidate, expand and/or diversify.
No comments:
Post a Comment