Biometrics Market worth over $45bn by 2027
Published Date: September 2, 2021 Authors: Preeti Wadhwani, Saloni Gankar
Biometrics Market Size is set to surpass USD 45 billion by 2027, according to a new research report by Global Market Insights Inc.
The increasing usage of smart cards will support the market growth. Players operating in the market are introducing advanced biometric smart cards to ensure user convenience and precise authentication. They are exploring the advantages of biometric technology integration into smart cards to ensure enhanced security. Fingerprint identification ensures that the smart card is used by the authorized person, in turn, improving confidentiality. Biometric smart cards are already in use in the U.S. and Europe.
The coronavirus (COVID-19) pandemic negatively impacted the biometrics market in 2020 due to the strict lockdowns imposed by government administrations. There were disruptions in supply chains, resulting in delays in the manufacturing and international shipments of biometrics hardware. The temporary closure of industrial activities hampered the demand from several end-use verticals including aerospace & defense, automotive, consumer electronics, and retail. The market will regain traction in 2021, following relaxations in lockdown measures in the second half of 2020. The industry will witness growth with the reopening of malls, commercial buildings, and manufacturing facilities. Market leaders are focusing on developing contactless biometrics to reduce the spread of the virus in the wake of the pandemic.
Voice-based biometrics will gain popularity owing to their high accuracy and convenience
Advancements in technologies, such as AI and Natural Language Processing (NLP), are encouraging several industries to replace their traditional authentication methods with voice-based biometrics to improve the verification of user identity. Several market participants are focusing on launching innovative voice-based biometrics in response to the high demand from several end-use verticals.
Browse key industry insights spread across 250 pages with 185 market data tables and 32 figures & charts from the report, “Biometrics Market Size By Technology (Face, Fingerprint, Palmprint, Iris, Voice, Signature), By End-Use (BFSI, Government & Defense, Aerospace, Automotive, Consumer Electronics, Healthcare, Retail & E-Commerce), COVID-19 Impact Analysis, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
The expanding retail & e-commerce industry uses facial recognition systems to analyze customer preferences will fuel the biometrics market value
Get more details on this report - Request Free Sample PDF
Large retail stores are deploying facial recognition systems to analyze consumer behavior through an AI-based platform to boost profitability and enhance marketing strategies. Retailers are focusing on improving marketing effectiveness through facial behavioral analytics with AI-enabled cameras on digital signage, detecting customer location in the store, sending personalized promotions on mobile devices, and using interactive kiosks & digital displays.
For a personalized shopping experience, facial recognition plays a vital role in identifying the shoppers based on demographics such as gender, location, and age. The data can be used to offer customized content to shoppers as per preferences. Facial recognition technology is also used by retailers to track the amount of time spent by a customer in a particular section of a store and individual choices. The expanding retail sector is integrating analytics & AI to improve the in-store shopping experience, which will propel the industry expansion.
The developed automotive sector in European region will offer growth opportunities to the biometrics market
The robust automotive industry in Europe, such as Germany, France & Italy, will augment the demand for high-performance biometrics for success control. Driver monitoring and security are emerging as vital biometrics application areas. AI-based facial recognition systems are used to detect in-car drunk driving and analyze the driver’s facial expressions. The expanding Advanced Driver Assistance System (ADAS) market will support the demand for biometrics. By offering intuitive access control & secure remote start-up, in-car payments, driver ID & hands-free features, a connected car with strong identification technology maximizes the potential of connected automobiles. The rising demand for voice-enabled access control solutions will influence the industry progression.
Strategic collaborations & acquisitions to develop innovative solutions and expand market reach form key strategies among companies
Key players operating in the biometrics market are Aware Inc., Accenture PLC, ASSA ABLOY AB, Fujitsu Ltd., Idemia, NEC Corporation, Nuance Communications Inc., Thales Group, Stanley Convergent Security Solutions Inc., Leidos Holdings, and Megvi (Face++). The market is characterized by several strategic collaborations and acquisitions that help participants to extend their reach and boost their product portfolio.