Biometrics Market Future Growth Explored In Latest Research Report With Top Key Players Fujitsu Limited, NEC Corporation
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Increasing need for convenient, fast mode of authentication, and increasing need for easy to operate and user-friendly security systems are some key factors
VANCOUVER, BC, CANADA, September 21, 2022 /EINPresswire.com/ -- The global biometrics market size reached USD 43.54 Billion in 2021 and is expected to register a revenue CAGR of 14.8% during the forecast period, according to latest analysis by Emergen Research. Increasing need for more convenient and fast authentication mode and increasing need for easy-to-operate and user-friendly security systems are some key factors projected to support market revenue growth between 2022 and 2030. In addition, increasing need for high level of security in banking and finance and defense sectors is expected to continue to drive revenue growth of market going ahead. Biometrics provides increased levels of security to providers whether a person is real by verifying identity using several methods such as face recognition, voice recognition, signature recognition, iris recognition, fingerprint recognition, and hand geometry recognition, among others.
The Biometrics report offers precise information about pricing, capacity, value, gross revenue, and profit of the market. The primary aim of the report is to offer in depth details about market size, revenue growth and overall market dynamics to readers, stakeholders, companies to strengthen their share in the global Biometrics market. It also provides in depth information about key factors, restraints, limitations, challenges along with various market segmentations such as product type, application and regional bifurcation.
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However, data safety and security concerns are expected to hamper market revenue growth to some extent during the forecast period. Biometrics are inherently public so that someone may imitate some traits of another person. For example, a criminal could lift a person’s fingerprint from a glass tabletop. The detail further can be used to access a device or account. In addition, hackers can now target biometric databases, increasing risk of identity-based attacks. Furthermore, organizations may share or sell biometric data to other organizations, potentially increasing biometric risks such as tracking someone with or without their knowledge using biometric data from public surveillance. This is a key factor likely to restrain preference, which is also expected to hamper market revenue growth.
Key Highlights of Report
Multi-factor authentication segment is expected to register a substantially rapid revenue CAGR during the forecast period due to increasing need to reduce risks associated with key logger activity
Hardware segment is expected to register a significantly robust revenue growth rate over the forecast period, owing to increasing need to operate security systems in various organizations
Asia Pacific market is expected to account for larger revenue share due to robust presence of major market players providing biometrics solutions such as Fujitsu Limited and NEC Corporation, among others, in countries in the region
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The report offers a comprehensive overview of the competitive landscape and covers company profiles, production and manufacturing capacity, product portfolio, expansion strategies, and business initiatives such as mergers and acquisitions, joint ventures, collaborations, partnerships, and product launches and brand promotions among others.
Prominent Players Analyzed in the Report:
Fujitsu Limited, NEC Corporation, Thales SA, Assa Abloy AB, IDEMIA Identity and Security France SAS, M2SYS, Inc., DERMALOG Identification Systems GmbH, Aware, Inc., SecuGen Corporation, and BIO-Key International, Inc.
Furthermore, the report divides the Biometrics market into key segments and sub-segments to offer an analysis of the product type and application spectrum of the industry. It also offers predictions about the segments expected to show significant growth during the projected timeline.
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Emergen Research has segmented global biometrics market on the basis of authentication type, component, functionality, technology, application, end-use, and region:
Authentication Type Outlook (Revenue, USD Billion; 2019–2030)
Single-Factor Authentication
Multi-Factor Authentication
Component Outlook (Revenue, USD Billion; 2019–2030)
Hardware
Software
Functionality Outlook (Revenue, USD Billion; 2019–2030)
Contact Based
Non-Contact Based
Combined
Technology Outlook (Revenue, USD Billion; 2019–2030)
Face Recognition
Voice Recognition
Signature Recognition
IRIS Recognition
Fingerprint Recognition
Hand Geometry Recognition
Others
Application Outlook (Revenue, USD Billion; 2019–2030)
Site Access Control
Time Recording
Mobile Application
Workplace
Others
End-use Outlook (Revenue, USD Billion; 2019–2030)
Banking, Financial Services, and Insurance (BFSI)
Government and Defense Services
Consumer Electronics
Healthcare
Commercial Safety and Security
Transport/Logistics
Retail and E-commerce
IT and Telecommunication
Others
The report offers a comprehensive breakdown of the regional analysis of the market and subsequent country-wise analysis. The regional analysis of the market comprises of production volume information, consumption volume and patterns, revenue, and growth rate for the forecast period of 2022-2030. According to the regional analysis, the market is primarily spread over key geographical regions as follows:
North America (U.S., Canada)
Europe (U.K., Italy, Germany, France, Rest of EU)
Asia Pacific (India, Japan, China, South Korea, Australia, Rest of APAC)
Latin America (Chile, Brazil, Argentina, Rest of Latin America)
Middle East & Africa (Saudi Arabia, U.A.E., South Africa, Rest of MEA)
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The report covers key points of the market, including the standards, regulations, and policy changes applied by the government on the industry for the coming years. The report encompasses thorough research carried out by the application of advanced analytical tools such as SWOT analysis and Porter’s Five Forces analysis to pinpoint the growth trends and patterns. Factors likely to influence the growth of the market, current trends, opportunities, restraining factors, and business landscape are discussed in-depth in the market study.
How will this Report Benefit you?
A 250-page report from Emergen Research includes 194 tables and 189 charts and graphics. Anyone in need of commercial, in-depth assessments for the global Biometrics market, as well as comprehensive market segment analysis, can benefit from our new study. You can assess the whole regional and global market for Biometrics with the aid of our recent study. To increase market share, obtain financial analysis of the whole market and its various segments. We think there are significant prospects in this industry for rapidly expanding energy storage technology. Look at how you may utilise the current and potential revenue-generating prospects in this sector. The research will also assist you in making better strategic decisions, enabling you to build growth strategies, strengthen competitor analysis, and increase business productivity.
Overview of the Biometrics Market Report:
Introduction, Product Scope, Market Overview, and Opportunities
Analysis of the Manufacturers with sales, revenue, and price analysis
Comprehensive analysis of the competitive landscape
Extensive profiling of the key competitors along with their business strategies and market size
Regional analysis of the market along with sales, revenue, market share, and global position
Country-wise analysis of the market along with types, applications, and manufacturing
Strategic recommendations to established players as well as new entrants
In-depth analysis of the risks, restraints, and limitations in the Biometrics industry
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Biometrics Market Size Worth USD 150.59 Billion in 2030
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