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Global Biometrics Market Expected to Reach USD 40.5 Billion by 2026, Aided by the Rising Acceptance of the Technology Globally

According to a new report by EMR titled, 'Global Biometrics Market Report and Forecast 2021-2026', the global market for biometrics reached a value of USD 17.5 billion in 2020. The market is further expected to grow at a CAGR of 15% in the forecast period of 2021-2026 to reach a value of almost USD 40.5 billion by 2026.

The market for biometrics is propelled by the increasing acceptance of this technological authentication method across the globe. The market is being led by North America, which accounted for a significant portion of the global market share. Many government organisations use these technologies, particularly in e-passport and e-visa programs. Thus, accelerating the market growth. The Asia Pacific is expected to emerge as a major player in the industry due to the increasing proliferation of mobile biometric in countries such as China and India, especially with the rising trend of mobile transactions, which are expected to incorporate biometrics in their designs.

The growing penetration of the technology across both developed and developing regions is further propelling the market growth. BIO-Key International, Inc (NASDAQ: BKYI) is one of the major biometrics companies globally. In November 2019, the company introduced BIO-key Africa, an African subsidiary based in Nigeria, to facilitate the pursuit of large, high-growth biometric security opportunities across the continent. Such expansions by key players in the industry are likely to propel the market growth.

Market Analysis by Technology, Functionality, Component, Authentication, End Use, and Region:

  • The biometrics industry, on the basis of technology, is divided into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, AFIS, and non-AFIS, among others. 
  • By functionality, the market is divided into contact, non-contact, and combined.
  • Based on component, the industry is bifurcated into hardware and software.
  • By authentication, the biometrics industry is divided into single-factor authentication and multifactor authentication.
  • On the basis of end-use, the industry is divided into government, defence services, banking and finance, consumer electronics, healthcare, commercial safety and security, transport/visa/logistics, and others.
  • Regionally, the market is divided into North America, Europe, the Asia Pacific, Latin America, and the Middle East and Africa.

Key Findings of the Report:

  • The global market for biometrics is driven by the rising adoption rate of biometrics technologies across the globe. 
  • The market is further being accelerated by the fingerprint scanner feature being introduced in their devices to improve the overall user experience.
  • Several banking organisations are adopting biometric technologies to protect their users from illegal activities during online banking services or while making transactions on e-commerce websites.
  • In addition to this, several government organisations are employing these technologies, especially in e-passport and e-visa programs. Thereby, enhancing the market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the global market for biometrics for the periods (2016-2020) and (2021-2026).
  • The report also offers the historical (2016-2020) and forecast (2021-2026) market for the technologies, functionalities, components, authentications, end uses, and regional markets of biometrics. 
  • The report analyses the market dynamics, covering the key demand and price indicators in the market, along with providing an assessment of the SWOT and Porter’s Five Forces models.

Accu-Time Systems, Inc., BIO-Key International, Inc., Cognitec Systems, GmbH, Fujitsu Limited, NEC Corporation, and RCG Holdings Limited, among others, are the key players in the global biometrics market. The EMR report looks into the capacity, market share, and latest developments of these major players like plant turnarounds, mergers and acquisitions, and capacity expansions.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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