Most market research companies today depict that biometric technology is the step towards adopting and walking with machine learning and artificial intelligence hand in hand in our daily lives. Biometrics involves the use of physical or behavioral characteristics such as voice patterns or fingerprints as a medium to verify one’s personal identity. At present, we may find ourselves surrounded by multiple biometrics formats such as heart-rate sensors. Iris recognition, facial recognition, voice recognition, and fingerprint scanning. Earlier, biometrics were only used across the business sector but now with better integration of technology into our daily lives and their success rate, biometrics are now used across personal, residential, banking, commercial, and industrial sectors respectively, thereby creating multiple revenue generation opportunities for the biometrics market.
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The increasing advancements in biometric technology throughout various sectors are considered the prime factors promoting the sales growth of the biometrics market. Additionally, the growing adoption of identification and authentication solutions as well as security and surveillance solutions in multiple fields and application areas will also promote growth. Furthermore, increasing biometric system adoption in rapidly growing sectors such as BFSI, consumer electronics, and automotive verticals is further projected to create lucrative opportunities for biometric technology in the near future.
Rapidly boosting the E-commerce Industry will Promote Growth
The popularization of biometrics in the e-commerce and retail industries is expected to propel the biometrics market in the coming years. This rise in e-commerce adoption is attributed to the growing need for large retailers to understand in-store consumer behavior. Leading players in the biometric market primarily incorporate analytics with face detection software and provide customized services based on individual preferences to accomplish this. Collaborative partnerships and joint ventures are other strategies adopted by players in this market to gain an edge in the overly fragmented and highly competitive market. For instance, Haventec and Baxe collaborated to enter into a strategic partnership with IDEMIA in January 2021 for managing and securely storing digital identities with the help of a biometric authentication solution. Such efforts are likely to bode well for the overall growth of the biometric market in the near future.
Some of the key players in the global biometrics market include IDEMIA, NEC Corporation, BioEnable Technologies Pvt. Ltd., HID Global Corporation, Voice Biometrics ASA, Innovatrics, Precise Biometrics, Next Biometrics Group ASA, Realtime Biometrics, Fulcrum Biometrics, SUPREMA Inc., Aware Inc., Thales Group, and others.
The rising popularity of E-Passport is Setting New Trends leading to a Wider Adoption Rate of Biometrics
The use of the e-passport for voter registration in ration card registration, low-literacy economy, and identifying persons of interest has resulted in the widespread adoption of biometrics all across the government sector. Furthermore, fingerprints are becoming more widely utilized in the commercial and educational sectors to retain current enrollment, time, and tasks, resulting in their wider adoption. Fingerprint technology is also used in cashless vending machines to identify students and employees. This wide use across educational as well as industrial sectors is expected to drive the global biometrics market in the foreseeable future.
Regionally, the global biometrics market is widespread in the regions such as North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa. Each of these regions is further classified based on nations and their contributions to the market in the form of innovations and product launches. Among all regions, Asia Pacific emerged as the largest revenue generator for the biometrics market followed closely by Europe. Factors supporting the dominance of Asia Pacific include rapid industrialization and urbanization, coupled with the rising adoption of digitalization across multiple industries. India, China, and South Korea are currently the top contributors of revenue to the regional market for biometrics and are further projected to continue so in the near future as well. The advent and rising adoption of biometrics across consumer electronics will further help this region continue dominating the market in the coming years as well. On the other side, North America observes a mature market on account of the early introduction and early adoption of these technologies and their wide implementation across multiple sectors.