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Biometric Technologies Market: What is the Projected CAGR for 2024-2033?

The market size for biometric technologies has seen swift escalation in the past few years. The market value is projected to escalate from $52.65 billion in 2023 to $59.76 billion in 2024, exhibiting a compound annual growth rate (CAGR) of 13.5%. The notable growth during the historical era is linked to the increase in cybersecurity threats, heightened focus on security, implementation in the healthcare sector for patient identification, utilization in time and attendance systems, as well as in border control and immigration.

The market size of biometric technologies is set to experience a significant surge in the coming years, expanding to a whopping $100.26 billion by 2028, with a compound annual growth rate (CAGR) of 13.8%. Several factors are contributing to this expected growth in the forecast period, including the rise of wearable biometric devices, their incorporation into the concept of smart cities, a focus on enhancing user convenience, increased use of remote authentication and their application in the field of aviation and travel security. In the forecast period, trends like the incorporation of artificial intelligence (AI), growth in mobile biometrics, adopting multi-modal biometrics, solutions for remote authentication and integration of blockchain for heightened security, are predicted to gain traction in the biometric technologies market.

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What Are the Primary Drivers Supporting the Growth of the biometric technologies Market?

The biometric technology market is likely to be catalyzed by the expanding usage of biometric technologies in consumer electronics. These consumer electronics, created for non-commercial or daily use by end-users include mobile devices, security systems, access control door locks, automobiles, home automation, the Internet of Things (IoT), and gaming consoles. Implementing biometric technology is becoming increasingly popular in the consumer electronics space due to its security benefits and added functionalities. For instance, a report from Cisco Duo shows that in 2021, roughly 81% of phones (which fall under consumer electronics) had incorporated biometric features. Furthermore, the transactions incorporating Duo’s multi-factor authentication saw a surge of 38% from the past year. Hence, the augmentation of biometric technologies in consumer electronics is fostering the biometric technology market’s growth.

What Are the Core Segments of the Biometric Technologies Market?

1) By Offering: Hardware, Software

2) By Type: Contact-Based, Contact-Less, Hybrid

3) By Authentication Type: Single-Factor Authentication, Multi-Factor Authentication

4) By Application: Face, Hand Geometry, Voice, Signature, Iris, Automated Fingerprint Identification System (AFIS), Non-Automated Fingerprint Identification System (AFIS), Other Applications

5) By Vertical: Government, Consumer Electronics, Military And Defense, Healthcare, Banking And Finance, Travel And Immigration, Automotive, Security, Other Verticals

What Trends Are Paving the Way for Change in the Biometric Technologies Market?

In the biometric technologies market, the key trend gaining traction is technological advancements. Major corporations within this sphere are placing a high emphasis on inventing innovative solutions that employ artificial intelligence in order to consolidate their market position. For illustration, Touchless Biometric Systems (TBS), a specialist in biometrics and security systems based in Switzerland, launched 3D Fly, a novel sensor that provides instantaneous user recognition, in March 2022. The 3D Fly sensor takes a detailed image of the entire hand and deduces the biometric attributes of up to four fingers, ensuring heightened recognition functionality. Utilizing AI-driven hand recognition technology in conjunction with rapid data processing, it is capable of identifying an individual in a matter of seconds. The convenience factor lies in the ability of the users to display their hands for the process while moving close to the 3D Fly and past the speed gate without the need to halt or even decelerate.

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Which Regions Are Leading the Charge in Biometric Technologies Market Development?

Asia-Pacific was the largest region in the biometric technologies market share in 2023. The regions covered in the biometric technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa

The Biometric Technologies Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the biometric technologies market, its market share, and analyzes key competitors along with their market positions.

The Table Of Content For The Biometric Technologies Market Include

1. Biometric Technologies Market Executive Summary

2. Biometric Technologies Market Segments

3. Biometric Technologies Market Size And Template Market Growth Rate

4. Key Biometric Technologies Market Trends

5. Major Biometric Technologies Market Drivers

……

25. Key Mergers And Acquisitions In The Biometric Technologies Market

26. Top Biometric Technologies Companies

27. Biometric Technologies Market Opportunities And Strategies

28. Biometric Technologies Market, Conclusions And Recommendations

29. Appendix

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