Biometric Technology Market To Reach USD 173.7 Billion By 2032 | DataHorizzon Research
The biometrics technology market size was valued at USD 50.3 Billion in 2023 and is expected to reach a market size of USD 173.7 Billion by 2032 at a CAGR of 14.8%.
Fort Collins, Colorado, April 10, 2024 (GLOBE NEWSWIRE) --*Need for Identification and Authentication to Propel Industry Growth*
The growing imperative for secure identification and authentication across diverse industries is a pivotal driving force for the *biometrics technology market.* As digital transactions proliferate and the specter of identity theft and fraud looms, businesses and governments increasingly turn to biometrics as a reliable and efficient solution. The rising incidence of data breaches underscores this shift, as the National Center for Education Statistics reported, with a 14% increase in such violations in the United States in 2021 compared to the previous year.
Biometric technologies, including fingerprint and facial recognition, offer a unique and inherently difficult-to-forge means of verifying an individual's identity. This attribute makes them appealing for bolstering security measures in various domains. By leveraging biometrics, organizations can enhance the accuracy and integrity of authentication processes, mitigating the risks associated with unauthorized access and fraudulent activities.
Furthermore, adopting biometric technologies aligns with broader trends toward digital transformation and the advancement of secure digital ecosystems. As businesses and governments seek to fortify their cybersecurity posture and safeguard sensitive information, biometrics emerge as a pivotal enabler of robust identity verification and access control mechanisms.
The growing demand for biometrics technology is driven by the imperative to combat identity-related risks and fortify security measures in an increasingly digitized world. As organizations prioritize protecting sensitive data and preventing unauthorized access, biometrics technology emerges as a vital component of comprehensive security strategies, poised to witness sustained growth and adoption across diverse sectors and applications.
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*Segmentation Overview:*
*The biometric technology market has been segmented into component, type, end-user, and region.*
*Hardware registered staggering growth in 2023 and will likely influence the global market.*
· Based on the market segmentation by component, the biometrics technology market can be divided into hardware and software segments. In 2023, the hardware segment is expected to hold the largest market share, accounting for over 60% of the total market revenue.
*The public sector is the largest end-user of biometric technologies*
· In the biometrics technology market, the end-user segmentation comprises the public sector, BFSI, healthcare, IT and telecommunications, and others. The public sector is expected to be the largest end-user segment, accounting for around 35% of the market share. This can be attributed to government agencies' increasing adoption of biometric solutions for various purposes, such as border control, national ID programs, and law enforcement.
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*Biometric Technology Market Report Highlights:*
· The biometric technology market growth is anticipated at a *CAGR of 14.8% by 2032.*
· Integrating biometrics with emerging technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain, presents significant opportunities for the biometrics technology market.
· North America is a leading region for biometric technology and is projected to retain a dominant position in the coming years.
· Some prominent players in the biometric technology market report include Thales Group, NEC Corporation, IDEMIA, Fujitsu Limited, Precise Biometrics AB, Aware Inc., Secunet Security Networks AG, Cognitec Systems GmbH, ASSA ABLOY AB, Daon Inc., Suprema Inc., and Innovatrics.
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*About DataHorizzon Research:*
DataHorizzon is a market research and advisory company that assists organizations across the globe in formulating growth strategies for changing business dynamics. Its offerings include consulting services across enterprises and business insights to make actionable decisions. DHR’s comprehensive research methodology for predicting long-term and sustainable trends in the market facilitates complex decisions for organizations.
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