The Global Biometric Technology Market is Predict to reach $85 Billion by 2027, at a CAGR of 14.1%

Published Date: 30-Apr-22

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Biometric Technology Market Growth, Trends and Report Highlights

According to a new report, published by KBV research, The Global Biometric Technology Market size is expected to reach $85 billion by 2027, rising at a market growth of 14.1% CAGR during the forecast period.

The Behavioral Biometrics segment has shown high growth rate of 14.7% during (2021 - 2027). These systems create a user profile based on a number of data from the user's habits and work environment, such as mouse and keyboard movements, how they write, how they handle objects, how they do gesture, and how they walk, as well as other physiological parameters.

The Hardware segment acquired maximum revenue share in the Global Biometric Technology Market by Component 2020, thereby, achieving a market value of $53.7 billion by 2027. There are many different types of biometric hardware available in the market. Biometric scanners, for example, are gear that captures biometrics for identification verification. These scans are compared to the saved database to authorize or deny system access.

The BFSI segment is showcasing a CAGR of 14.4% during (2021 - 2027). With many financial institutions accepting and actively adopting biometric identification technologies, the banking industry has succeeded to replace traditional systems with biometric systems over time. The continuous requirement to deploy rigorous staff and customer identification measures to combat fraud and identity theft has prepared the framework for biometric identification to become a critical, fundamental feature of banking secure systems around the world.

North America is the fastest growing region in the Global Biometric Technology Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $28.6 billion by 2027. The Europe market is estimated to grow at a CAGR of 13.3% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 16% during (2021 - 2027).

Full Report: https://www.kbvresearch.com/biometric-technology-market/

The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of NEC Corporation, Thales Group S.A., Fujitsu Limited, ImageWare Systems, Inc., Precise Biometrics AB, BIO-key International, Inc., Secunet Security Networks AG, Suprema, Inc., IDEMIA SAS, and HID Global Corporation.

Global Biometric Technology Market Segmentation

By Type

  • Physiological Biometrics
    • Face Recognition
    • Fingerprint Recognition
    • Iris Recognition
    • Hand Geometry
    • Others
  • Behavioral Biometrics
    • Signature Recognition
    • Voice Recognition
    • Others

By Component

  • Hardware
  • Software

By End User

  • Public Sector
  • BFSI
  • Healthcare
  • IT & Telecom
  • Others

By Geography

  • North America
    • US
    • Canada
    • Mexico
    • Rest of North America
  • Europe
    • Germany
    • UK
    • France
    • Russia
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • South Korea
    • Singapore
    • Malaysia
    • Rest of Asia Pacific
  • LAMEA
    • Brazil
    • Argentina
    • UAE
    • Saudi Arabia
    • South Africa
    • Nigeria
    • Rest of LAMEA

Companies Profiled

  • NEC Corporation
  • Thales Group S.A.
  • Fujitsu Limited
  • ImageWare Systems, Inc.
  • Precise Biometrics AB
  • BIO-key International, Inc.
  • Secunet Security Networks AG
  • Suprema, Inc.
  • IDEMIA SAS
  • HID Global Corporation

Unique Offerings from KBV Research

  • Exhaustive coverage
  • The highest number of market tables and figures
  • Subscription-based model available
  • Guaranteed best price
  • Assured post sales research support with 10% customization free

Related Reports:

North America Biometric Technology Market, Future Scope & Opportunities 2021-2027

Europe Biometric Technology Market, Size & Growth Forecast 2021-2027

Asia Pacific Biometric Technology Market, Size, Share & Industry Outlook to 2027

LAMEA Biometric Technology Market, Growth, Trends and Forecasts 2021-2027

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