Biometrics Technologies market in global is expected to grow from US$ 14.60 Bn in 2018 to US$ 55.42 Bn by the year 2027. This represents a CAGR of 16.2% from the year 2019 to 2027.
North America was the leading geographic market, and it is anticipated to be the highest revenue contributor throughout the forecast period. In 2018, Asia Pacific held the leadership position in the global biometrics technologies market with more than 30% share of the overall biometrics technologies market. Europe and North America held the second and third position in terms of biometrics technologies revenue.
With the increasing need for security among enterprises, the demand for enhanced identification technologies is growing at an exponential rate. In addition to this, continuous advancements and mass penetration of biometric technologies in consumer devices are two factors driving the growth of biometric technologies market. Biometrics Technologies are widely implemented in industries such as banking and finance, government, healthcare, military & defense, and consumer electronics for both single-factor and multi-factor authentication to provide enhanced security and accuracy. Large-scale government biometrics programs for national IDs & border control applications and employee access monitoring in public and private buildings are boosting the revenue growth of biometrics technologies worldwide.
Key Players Influencing the Market
Some of the leading players in biometrics technology market are 3M Cogent, Inc., Fujitsu Ltd., Bio-Key International, Inc., ImageWare Systems, Inc., Safran S.A., Thales S.A., Suprema, Inc., NEC Corporation, Secunet Security Networks Ag and Precise Biometrics Ab.
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