Biometric Technology Market Recorded Hyper Growth in the Future

Allied Market Research - Logo

Allied Market Research - Logo

Biometric Technology Market size is expected to garner $10.72 billion by 2022, registering a CAGR of 19.4% during the forecast period 2016-2022.

PORTLAND, PORTLAND, OR, UNITED STATE, February 9, 2022 / -- In the year 2015, North America was the highest revenue-generating region, owing to increasing adoption of advanced security and authentic solutions and service in the government and commercial sector. Furthermore, the region is projected to continue its dominance throughout the forecast period due to increasing need for multilevel biometric solutions and services in various end-user verticals. Europe was the second largest market, in terms of revenue generation, followed by Asia-Pacific. Major factors that boost the biometric technology market worldwide include increasing security & privacy concerns and rising standard of living.

Download Sample Report:

The physical biometric segment dominated the market with around 81% share, owing to increasing adoption of fingerprint recognition and face recognition biometric solutions across various end-user verticals, in 2015. The iris recognition segment is projected to expand at the highest CAGR of around 22%, owing to widening applications of iris recognition biometric solutions at vehicle checkpoints, airport security, and for employee identification.

The banking & financial sector led the market, followed by the public sector, both collectively accounting for around 60% of the market revenue in 2015.

The global biometric technology market is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America generated the largest revenue in 2015, followed by Europe. Asia-Pacific is projected to expand at the highest CAGR of around 22% during the forecast period.

Key Findings of the Study:

• Major driving forces for the growth of the biometric technology market are increasing severity & privacy concerns and continuous technological advancements.

• Fingerprint recognition segment dominated the biometric technology market in 2015; however, the iris segment is expected to grow at the highest CAGR.

• North America dominated in 2015, whereas Asia-Pacific is expected to register the fastest growth.

The report features a competitive scenario of the global biometric technology market and provides a comprehensive analysis of key growth strategies adopted by major players. Key players adopt product launches, and mergers & acquisitions as their key growth strategies to expand their presence and gain a competitive edge. Companies profiled in the report include 3M Company (Cogent Systems, Inc.), Fujitsu Frontech Limited, ImageWare Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, Inc., NEC Corporation, and Precise Biometrics.

For Purchase Inquiry:

Thanks for reading this article; you can also get an individual chapter-wise section or region-wise report versions like North America, Europe, or Asia.

If you have any special requirements, please let us know and we will offer you the report as per your requirements.

Similar Reports -

1. Biometric Market

2. Biometrics-as-a-Service Market

About Us

Allied Market Research (AMR) is a market research and business-consulting firm of Allied Analytics LLP, based in Portland, Oregon. AMR offers market research reports, business solutions, consulting services, and insights on markets across 11 industry verticals. Adopting extensive research methodologies, AMR is instrumental in helping its clients to make strategic business decisions and achieve sustainable growth in their market domains. We are equipped with skilled analysts and experts, and have a wide experience of working with many Fortune 500 companies and small & medium enterprises.

David Correa
Allied Analytics LLP
email us here
Visit us on social media: