Global Biometrics Market Report 2022

New York, Sept. 12, 2022 (GLOBE NEWSWIRE) — announces the release of the “Biometrics Global Market Report 2022” –

The global biometrics market is expected to grow from $27.88 billion in 2021 to $32.48 billion in 2022 at a compound annual growth rate (CAGR) of 16.50%. The biometrics market is expected to reach $59.32 billion in 2026 at a compound annual growth rate (CAGR) of 16.25%.

The biometrics market consists of the sale of biometric data by entities (organizations, sole proprietorships and partnerships) that refer to biological instruments used to identify individuals based on various parameters such as fingerprints, facial recognition and other attributes. The technology is primarily used for identification and access control and to identify monitored individuals.

The idea behind biometric authentication is that each individual can be reliably recognized based on physical or behavioral characteristics.

The main types of biometrics include IRIS recognition, hand geometry, facial recognition, signature verification, fingerprint, voice recognition, and palm vein. IRIS recognition devices refer to devices that capture unique patterns in the colored circle of the eye to verify and authenticate identity.

Biometrics, including contact, contactless, and combination devices, are used by government, military, banking, finance, consumer electronics, healthcare, commercial safety and security, and logistics.

North America was the largest biometrics market region in 2021. Asia-Pacific is expected to be the fastest growing region during the forecast period.

Regions covered in the Biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and South America. ‘Africa.

The Biometrics Market research report is one of a series of new reports that provides Biometrics market statistics, including global Biometrics industry market size, regional shares, competitors holding biometrics market share, detailed biometrics market segments, market trends and opportunities, and any other data. you may need to thrive in the biometrics industry. This Biometrics Market research report provides a comprehensive perspective of everything you need, with an in-depth analysis of current and future industry scenarios.

The increasing use of biometrics technology in consumer electronics for authentication and identification applications is driving the biometrics market. Biometric sensors are becoming a more common security feature in smartphones and other gadgets, and the low cost of biometric technology allows manufacturers to incorporate them into a wider range of products.

Consumer electronics such as access door locks, security devices, home automation, IoT, cars, game consoles and mobile devices are increasingly using biometric technology to improve security machines. Fingerprint, face and voice recognition are becoming increasingly popular methods. to authenticate a person for access and payments.

They are faster, simpler and more secure than standard credentials or PIN codes, which are difficult to remember and easy to steal. According to a survey conducted by Visa in May 2022, 86% of consumers are interested in using biometrics to authenticate their identity. to make payments, 70% of consumers said biometrics are easier to use and 46% think they are more secure than passwords or PINs.

Hence, the growing use of biometrics technology in consumer electronics for authentication and identification applications is expected to drive the biometrics market over the forecast period.

Strategic partnership is a key trend that is gaining popularity in the biometrics market. Companies operating in the biometrics market are focusing on entering into a strategic partnership with the technology to expand their product development activities and market reach.

In August 2021, NEXT Biometrics, a Norway-based company that provides high-security fingerprint sensors to device and product manufacturers, entered into a partnership agreement with Paravision to provide two-factor authentication techniques to customers who have need for facial and fingerprint biometric solutions. Paravision is an American computer vision company specializing in facial recognition.

In March 2022, LexisNexis Risk Solutions, a data and analytics company that serves various industries with data and technology services, acquired BehavioSec for an undisclosed amount. With this acquisition, LexisNexis will integrate BehavioSec’s solutions into the commercial risk solution services, enhancing enterprise capabilities focused on devices and digital identity, such as LexisNexis ThreatMetrix.

BehavioSec is a Sweden-based behavioral biometrics company that uses end-user activities with online and mobile applications to provide continuous authentication.

The countries covered in the Biometrics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, United Kingdom and the United States.
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