Biometric Systems Market on Track to Reach $51.6 Billion by 2029

Biometric Systems Market Projected to Reach $51.6 Billion by 2029

Biometric System Market - 2022-2029 Meticulous Research leading global market research company published a research report titled Biometric Systems Market by Offering, Biometric Type (Fingerprint Recognition, Voice Recognition), Contact Type, Authentication Type, Platform, Application, End User (Government, Military & Law Enforcement, and Other End Users) Global Forecast to 2029 . Download Free Sample Report@ https://www.meticulousresearch.com/download-sample- report/cp_id=5309?utm_source=blog&utm_medium=social&utm_campaign=product&utm_co ntent=13-09-2024 According to the latest report from Meticulous Research , the global biometric systems market is projected to reach $51.6 billion by 2029, growing at a CAGR of 12.4% from 2022 to 2029. The market's expansion is driven by the increasing demand for mobile biometric devices, government initiatives promoting biometric technology adoption, the rising use of biometric solutions in consumer electronics for authentication and identification, and the growing need for enhanced security measures in military and law enforcement sectors. Despite these factors, high costs associated with biometric systems and prevalent misconceptions about these technologies could temper market growth. Nevertheless, the escalating demand for biometric solutions across both developed and emerging regions is expected to provide significant growth opportunities. Meticulous Research has segmented the market by offering (hardware and software), biometric type (fingerprint, face, voice, iris, signature, vein, palm print, and other types), authentication type (single-factor and multi-factor), contact type (contact-based, contactless, and hybrid), platform (on- site, mobile devices, PCs, and wearable devices), application (digital identification, access control and authentication, security and surveillance, and other applications), end user (IT and telecom, government, finance and insurance, retail, military and law enforcement, healthcare, recreation, education, transportation and warehousing, and other sectors), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The report also provides a detailed analysis of industry competitors and regional markets. In 2022, the hardware segment is expected to hold the largest share of the biometric systems market, due to the rising demand for mobile biometric devices, increased focus on hardware-based security, and the growing application of biometric technology in electronic devices. Benefits such as accurate identification, high performance, reliability, and enhanced security are further boosting the hardware segment. Among biometric types, fingerprint recognition is anticipated to capture the largest market share in 2022. This dominance is attributed to the widespread adoption of fingerprint sensors by law enforcement and government agencies, the growing prevalence of identity threats, and the integration of fingerprint sensors in smartphones and IoT devices. The fingerprint recognition market is also supported by the adoption of biometric time and attendance systems in corporate and government sectors. However, the face recognition segment is expected to experience the highest growth rate during the forecast period, driven by advancements such as 3D recognition systems and increased use of cloud-based facial recognition technology. By platform, the on-site segment is predicted to hold the largest market share in 2022, due to the growing use of biometric technology in consumer electronics and the need for improved authentication and security. However, the mobile devices segment is expected to grow at the fastest Page 1 of 2 Meticulous Research| sales@meticulousresearch.com

Biometric System Market - 2022-2029 rate, fueled by the increasing trend of mobile transactions, the adoption of biometric features in smartphones, and the rise of mobile biometrics in e-commerce and online gaming. Geographically, the Asia-Pacific region is forecasted to hold the largest market share in 2022, driven by the presence of major biometric system manufacturers such as Fujitsu Ltd. and NEC Corporation, and the rapid economic growth in countries like China, Japan, India, and South Korea. Technological advancements and heightened awareness regarding biometric security are also contributing to the region s strong market position. Key players in the biometric systems market include NEC Corporation (Japan), CardLogix Corporation (U.S.), Fujitsu Limited (Japan), Thales (France), Integrated Biometrics, LLC (U.S.), Iris ID, Inc. (U.S.), Suprema Inc. (South Korea), HID Global Corporation (U.S.), Precise Biometrics (Sweden), Aware, Inc. (U.S.), Daon, Inc. (U.S.), M2SYS Technology (U.S.), BIO-key International (U.S.), Cognitec Systems GmbH (Germany), BioRugged (South Africa), DERMALOG Identification Systems GmbH (Germany), IDEMIA (France), and ImageWare Systems, Inc. (U.S.). Buy Now@ https://www.meticulousresearch.com/Checkout/92304910?utm_source=blog&utm_medium=so cial&utm_campaign=product&utm_content=26-08-2024 About Meticulous Research : Meticulous Research was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. The name of our company defines our services, strengths, and values. Since the inception, we have only thrived to research, analyze, and present the critical market data with great attention to details. With the meticulous primary and secondary research techniques, we have built strong capabilities in data collection, interpretation, and analysis of data including qualitative and quantitative research with the finest team of analysts. We design our meticulously analyzed intelligent and value-driven syndicate market research reports, custom studies, quick turnaround research, and consulting solutions to address business challenges of sustainable growth. Contact Us: Meticulous Research Email- sales@meticulousresearch.com Contact Sales- +1-646-781-8004 Connect with us on LinkedIn- https://www.linkedin.com/company/meticulous-research Page 2 of 2 Meticulous Research| sales@meticulousresearch.com