[Redding, California, 14-02-2024] – Meticulous Research®, a top company in global market research, has released a new report called “Biometrics 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.” This detailed study predicts that the global biometric systems market will grow at a rate of 12.4% every year from 2022 to 2029, reaching a value of $51.6 billion by the end of this period.
Biometric Systems Market Set to Soar to $51.6 Billion by 2029 Finds Meticulous Research Team.
The growth of this market is driven by several factors, such as the increasing demand for biometric devices in mobile phones, government efforts to promote biometric technology, more uses of biometrics in electronics for security and identification, and the greater need for security in the military and law enforcement sectors. Despite these positive trends, challenges like the high costs of biometric systems and misunderstandings about how to use them can slow down market growth. However, the rising demand for biometric solutions in both developed and developing regions offers significant opportunities for growth.
Meticulous Research® has divided the market into different segments based on what they offer (hardware and software), the type of biometrics used (like fingerprint or voice recognition), how the biometric data is collected (contact-based, contactless, or a mix), where it’s used (like on-site or on mobile devices), what it’s used for (like identification or security), who uses it (like IT companies or government bodies), and where it’s used (like in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa).
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In 2022, the hardware part of the market is expected to be the biggest, driven by the growing popularity of biometric devices in mobile phones and the increased focus on security features in hardware. Fingerprint recognition is also expected to be the most common type of biometric, especially in law enforcement, government, and electronics. The Asia-Pacific region is likely to lead the market because it has many key manufacturers and is experiencing rapid economic growth.
Key companies that are leading the way in biometric systems 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.).
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