Global Biometrics Market to reach $82.3 Billion by 2026

  • Face recognition segment held the largest share in 2026 and however Iris Recognition segment is projected to grow at the highest CAGR from 2019 to 2026.
  • Biometrics market in Asia Pacific is expected to grow at the highest CAGR between 2019 and 2026.
  • Growing illegal immigration and prevention of frauds is expected to boost the biometrics market.

The global Biometrics Market Forecast is anticipated to grow at a CAGR of 14.19% from 2019 to 2026 (forecast period). The global market for biometrics is estimated to generate revenue of $28.39 billion in 2018 and is projected to reach $82.30 billion by 2026.

The market is primarily driven by growing use of biometrics in consumer electronics devices such as mobile phones, laptops and tabs among others to provide easy and secure access. Rise in demand from government departments for e-passport, e-driving licenses, and border management for surveillance and security due to the threats of terrorist attacks is propelling the growth of the market.

Request sample copy of the report

On the basis of component, the market is segmented into technology, functionality, authentication, and end-users. However, market growth is expected to be hindered by high deployment costs along with privacy issues.

The multifactor authentication segment is projected to grow at the highest CAGR during the coming years.

On the basis of technology, the global market for biometrics is segmented into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, AFIS, and non AFIS among others. The AFIS segment was estimated to hold the largest market share, and is projected to grow to USD 17.69 billion by 2026. The Iris Recognition segment was estimated to grow at the highest CAGR  during the coming years.

On the basis of functionality, the global market for biometrics is segmented into contact, noncontact, and combined. The combined segment is estimated to grow at the highest CAGR from 2019 to 2026.

Get access to the full report

On the basis of component, the global market for biometrics is segmented into hardware and software. The software segment is estimated to grow at the highest CAGR during the forecast period. However, the Hardware segment is expected to occupy the largest market share in terms of revenue.

The global Biometrics Market Forecast is anticipated to grow at a CAGR of 14.19% from 2019 to 2026.

On the basis of authentication, global biometrics market is segmented into single-factor authentication, and multifactor authentication. The single-factor authentication segment was estimated to hold the largest market share in terms of revenue during the forecast period. However, the multifactor authentication segment is projected to grow at the highest CAGR during the coming years.

The global biometrics market is segmented on the basis of end users into defense services, banking and finance, consumer electronics, healthcare, commercial safety and security, and transport/visa/logistics among others. The consumer electronics segment was estimated to hold the largest market share in terms of revenue during the forecast period. The defensive segment is also expected to hold a significant market share during the coming years.

The North American region for biometrics is expected to dominate the global market. The Middle East & African region is projected to grow at the highest CAGR during the forecast period.

Only $1/click

Submit Your Ad Here

YASH JAIN

Global Market Estimates Research & Consultants is a market research & business consultancy firm having a proven track record of serving Fortune 1000 companies. We have been collaborating with various industry professionals to leverage their expertise on global ultra-niche high growth markets to provide our clients with exceptional quantitative forecasts and statistics suitable for their business needs.
http://Global%20Market%20Estimates%20Research%20&%20Consultants

Leave a Reply