Biometrics Technologies Market to Witness Robust Expansion Throughout the Forecast Period 2019-2027

Biometrics technologies market in global is expected to reach US$ 55.42 Bn by the year 2027. This represents a CAGR of 16.2% from the year 2019 to 2027.

PUNE, INDIA, December 12, 2019 /EINPresswire.com/ -- According to the new research report published by The Insight Partners, titled "Biometrics Technologies Market - Global Analysis and Forecast to 2027", the global biometrics technologies market is expected to reach US$ 27.66 Bn by 2027, registering a CAGR of 16.4% during the forecast period 2019-2027.

With the increasing trend of digitization across industries, the demand for data security and safety among consumers as well as enterprises is growing at an unprecedented rate. This trend is further augmented by the rising number of smart and mobile devices in both consumer and enterprise market. The demand for enhanced security solutions equipped with new technology tools is rising due to various advantages offered by these solutions over traditional access controls. Owing to all these factors, biometric authentication is gaining traction over other forms of security solutions. Biometric technologies refer to various methods that are used to identify, authenticate, and verify users based on their physical or behavioral characteristics. Due to growing incidents of security breaches, the demand for biometric-based identification solution is rising at a fast pace. Presently, fingerprint and facial recognition are two of most popular biometric applications in the consumer and enterprise segments and other applications such as iris scan are also expected to register high growth in the future digital world. Both private, as well as government organizations, are widely investing in biometrics for a number of applications including attendance, access control, timekeeping, security, and verification, among others. There are countries such as India that are using biometrics such as fingerprint and retina scan as national ID for its citizens.

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Growing awareness regarding the advantages offered by biometric-based identification over traditional methods is expected further fuel the demand of biometrics devices, applications, and services among industries such as banking, financial services, insurance, healthcare, government, and travel among others. In addition to this, the advent of cloud computing technology is driving the market growth of biometric as a service. Some of the major reasons for the rising adoption of various cloud-based solutions are on-demand environment, low initial investment, sophisticated cloud & hosting models, advanced features, and fast integration & customizations. With investment in cloud-based solutions, enterprises are anticipated to reduce their operational costs, decrease human errors, and thus increasing the overall productivity. Governments in both developing and developed regions are taking various initiatives to boost the adoption of digital & cloud-based services among consumers and industries. Owing to all these positive developments, the adoption of cloud-based solutions such as biometric as a service is expected to grow at an impressive rate during the forecast period from 2019 to 2027.

The adoption of biometrics technologies is expected to expand at a fast pace across industries, especially government, banking, consumer electronics, and healthcare, owing to increasing demand for secure transactions and effective identity verification solutions. With increasing penetration of mobile phones in customers’ lives and rising trend of digitization among sectors, smart phone makers such as Apple, Google, Samsung, Huawei and others have integrated various types of biometric technologies including fingerprint, face, and iris scan in their smartphones to increase security and enhance the customer experience.

Some of the key players operating in the global biometrics technologies market include Aware, Inc., BIO-key International, Inc., IDEMIA, ImageWare Systems, Inc., Fujitsu Limited, Gemalto NV, Precise Biometrics AB, NEC Corporation, Suprema Inc., and Secunet Security Networks AG among others.

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Table of Content:

1. Introduction
1.1 Scope of the Study
1.2 The Insight Partners Research Report Guidance
1.3 Market Segmentation
1.3.1 Global Biometrics Technologies Market - By Technology
1.3.2 Global Biometrics Technologies Market - By Application
1.3.3 Global Biometrics Technologies Market - By Geography

2. Key Takeaways

3. Research Methodology
3.1 Coverage
3.2 Secondary Research
3.3 Primary Research

4. Biometrics Technologies- Market Landscape
4.1 Market Overview
4.2 Ecosystem Analysis
4.3 PEST Analysis
4.3.1 Biometrics Technologies Market - North America PEST Analysis
4.3.2 Biometrics Technologies Market - Europe PEST Analysis
4.3.3 Biometrics Technologies Market - Asia-Pacific PEST Analysis
4.3.4 Biometrics Technologies Market - Middle East and Africa PEST Analysis
4.3.5 Biometrics Technologies Market - South America PEST Analysis

5. Biometrics Technologies Market - Key Industry Dynamics
5.1 Key Market Drivers
5.1.1 Increasing implementation of biometric technologies for enhanced security and convenience
5.1.2 Rising demand of biometric enabled consumer devices or mobile biometrics
5.2 Key Market Restraints
5.2.1 Data security and privacy issues related to the use biometrics technology
5.3 Key Market Opportunities
5.3.1 Rising adoption of biometrics technologies in large scale government projects
5.4 Future Trends
5.4.1 Growing popularity of Biometrics-as-a-service (BaaS) solutions
5.5 Impact Analysis of Drivers and Restraints

Continue…..

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