Global Biometrics Market at a CAGR of 19.21% 2027
KEY FINDINGS
Global Biometrics market accounted for $XX billion in 2018 & would witness a CAGR
of 19.21% over the forecast period to reach $72.66 billion by 2027. The
market growth is being driven by advances in mobile biometric systems,
increasing incidences of identity theft, and growing applications of
biometrics.
MARKET INSIGHTS
The
awareness and importance of the biometrics are spreading rapidly, and its
adoption in several sectors has become integral as their incorporation has
proven helpful to many organizations. Government end-user sector is currently
leading the market. The increased demand for developed security and border
control because of the rise in the perils of terrorist attacks, and evolution
in the schemes related to a national ID, visa, and E-passport for competent
tourist check are the primary drivers that are augmenting the growth of the
biometrics market amid the forecast period. Lack of standardization and easy
availability of inexpensive alternate technologies are some of the factors that
are restricting the growth of the market.
REGIONAL INSIGHTS
Region-wise, the market
is divided into North America, Europe, Asia-Pacific, Latin America and the Middle East and Africa. The Asia-Pacific market is racing ahead due to
advancements in several of its economies and growing incidences of security and
identity thefts. In North America, the
biometrics market has witnessed strong growth over the years, especially in law
enforcement, forensics, and government activities.
COMPETITIVE
INSIGHTS
Noted players in this
market are Crossmatch Technologies, Inc. (acquired by Hid Global), Bio-Key
International Inc., OT-Morpho (Safran Identity & Security SAS), Precise
Biometrics AB, Imageware Systems, M2SYS Technologies, Inc, Siemens AG,
Fingerprint Cards AB, NEC Corporation, Gemalto N.V., HID Global Corporation,
Fulcrum Biometrics LLC, Nuance Communications, Inc., Iris ID Systems, Inc.,
Aware Inc., and Fujitsu Limited. All these companies try to satisfy new customers and
to fulfil their fast-shifting requirements.
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