Global Biometrics Technology Market: Industry Analysis and Forecast (2019-2026)
Posted by manoj jagtap on March 22nd, 2021
Global Biometrics Technology Market is estimated to grow from US$ XX Bn in 2018 to US$ 62.3 Bn by 2026; it is expected to grow at a CAGR of XX% during the forecast period.
To know about the Research Methodology :-
Fingerprint recognition is one of the first and original biometric technologies that have been grouped lightly under digital forensics.
The report study has analyzed revenue impact of covid-19 pandemic on the sales revenue of market leaders, market followers and disrupters in the report and same is reflected in our analysis.
The report estimates the growth rate and the biometrics technology market value based on market dynamics, development of inducing factors. The complete information is based on the latest industry updates, opportunities and trends. Biometrics technology is being increasingly acknowledged for E-passport plans and to keep a check on illegal migrations.
Government organizations and defense services are further likely to experience a sharp increase in the demand for the technology. Additionally, it is used in banking and finance to increase efficiency and to prevent fraud. This is further likely to positively impact the growth of the biometrics technology market globally.
However, the major factor hindering the growth of the global market for biometrics technology is high capital investment. A recent trend observed in the market is the growing adoption of multimodal or multi-factor authentication biometrics devices. This factor is projected to further drive the growth of the target biometrics technology market during the forecast period.
Biometric technologies scan biological patterns that are unique to a specific to identify them. They are so accurate and individual that law implementation agencies and judicial systems around the globe have used them for over a century.
The report covers the segments in the biometrics technology market such as type and end-user. Face recognition is expected to account for the largest XX% market share by 2026 because of its high adoption in retail, defense and law enforcement, and consumer electronics sectors. The demand for face recognition is observed especially in smartphone applications & social networking integration purposes.
Providing Security with Comfort: There are various techniques used for biometric identification, so they can be used in diverse applications such as identity management, access control and authentication, and forensic identification. Apart from being very difficult, if not impossible, to replicate or forge as of now, they are extremely correct & convenient for both the individual and from a technology execution standpoint.
Cloud-Based Biometric Technology: Cloud-based biometric technology is the newest innovation for secure authentication which proposal all the benefits of biometric technology while growing security and addressing identity theft. The biometric information is not transmitted or stored in a central server.
North America accounted for the highest XX% market share in terms of revenue in the biometrics technology market and is expected to expand at a CAGR of XX% during the forecast period. This growth can be attributed to the growing adoption of biometric technology in many departments like defense, homeland security, etc. The market in APAC is expected to witness significant growth and is expected to register a CAGR of XX% over upcoming years, because of the presence of key biometric sensor companies in economies such as Japan and China.
The objective of the report is to present comprehensive analysis of Global Biometrics Technology Market including all the stakeholders of the industry.The past and current status of the industry with forecasted market size and trends are presented in the report with the analysis of complicated data in simple language.
The report covers the all the aspects of industry with dedicated study of key players that includes market leaders, followers and new entrants by region. PORTER, SVOR, PESTEL analysis with the potential impact of micro-economic factors by region on the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give clear futuristic view of the industry to the decision makers.
The report also helps in understanding Global Biometrics Technology Market dynamics, structure by analyzing the market segments, and project the Global Biometrics Technology Market size. Clear representation of competitive analysis of key players by type, price, financial position, product portfolio, growth strategies, and regional presence in the Global Biometrics Technology Market make the report investor’s guide.
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Global Biometrics Technology Market, By Type
• Based on physical characteristics
• Public sector
• North America
• Accu-Time Systems, Inc.
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About the Authormanoj jagtap
Joined: January 22nd, 2020
Articles Posted: 83
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