Biometric System Market eexpected to hit US$ 115.59 billion by 2030 - Business Market Insights

The biometric system market crossed US$ 43.32 billion mark in 2022 and is expected to hit US$ 115.59 billion by 2030, recording a CAGR of 13.1% during the forecast period.

Adoption of multimodal authentication driven by technological advancements is likely to surge the biometric system market growth. Technology advancement in various sectors, including the BFSI, healthcare, and others, is speeding up the adoption of biometric systems as a secondary layer of protection in businesses. Modern biometric systems have cutting-edge anti-spoofing virtually impossible. Installing biometric systems improves flexibility and accuracy since they have more security features, greater security that is specific to each individual, and increased threshold recognition capabilities. Thus, the market's expansion is being driven by the growing developments in biometric systems.

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As there is a global shift towards cloud-based solutions from device-based systems, there is an increase in the use of mobile biometric technologies. The user's biometric data gets logged and stored in the cloud, which reduces the time which would have been required to process and store data manually. Cloud-based biometric aids in parallel processing, letting multiple people work on the data without many challenges. In addition, developing biometric identification is parallel to cloud services development.

Major key players covered in this Biometric System Market report:

Assa Abloy AB
Iris ID, Inc.
NEC Corporation
Secunet Security Networks AG
Thales Group

Offering:
Hardware
Software

Type:
Contact-based
Contactless
Hybrid

Authentication Type:
Single-Factor Authentication
Multi-Factor Authentication

End-User:
BFSI
Government
Defense & Security
Consumer Electronics
Travel & Immigration
Healthcare
Automotive
Others

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Biometric System Market: Competitive Landscape
This section of the report identifies various key manufacturers of the market. It helps the reader understand the strategies and collaborations that players are focusing on combat competition in the market. The comprehensive report provides a significant microscopic look at the market. The reader can identify the footprints of the manufacturers by knowing about the global revenue of manufacturers, during the forecast period of 2022 to 2030.

Major Key Points of Biometric System Market
• Biometric System Market Overview
• Biometric System Market Competition
• Biometric System Market, Revenue and Price Trend
• Biometric System Market Analysis by Application
• Company Profiles and Key Figures in Biometric System Market
• Market Dynamics
• Methodology and Data Source

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Leading market players and manufacturers are studied to help give a brief idea about them in the report. The challenges faced by them and the reasons they are on that position is explained to help make a well informed decision. Competitive landscape Biometric System Market is given presenting detailed insights into the company profiles, developments, merges, acquisitions, economic status and best SWOT analysis.

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