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The global biometrics technologies market accounted for $14.6 billion in 2018 and is expected to grow at a CAGR of 16.2% over the forecast period 2019-2027, to account for $55.42 billion by 2027.
Presently, the implementation of biometrics systems is gaining momentum in almost every geography across the globe. The global biometrics technologies market is led by the Asia Pacific region as the biometric deployments for air passenger identification in the region are growing at a rapid pace.
The consumer devices industry is witnessing immense growth in both developed and developing countries majorly due to advancements and smart features offered by these devices. In the current scenario, consumer devices are being used by consumers for a plethora of tasks, ranging from banking tasks to online shopping. Consumer devices such as smartphones and tablets have become an integral part of today's' consumers' lives. All these devices are becoming smarter with the ongoing technological advancements and integration of advanced technologies such as artificial intelligence (AI) and internet of things (IoT).
In addition to all these factors, the market for consumer devices is continuously growing, owing to the fact that manufacturers are regularly coming up with advanced technologies and features such as biometric authentication such as fingerprint, face, iris, and voice recognition. The integration of biometric authentication in smartphones and other devices by large companies such as Google, Apple, Huawei, and Samsung is driving the demand for biometric sensors at an impressive rate.
The global market for biometrics technologies is growing at an exponential rate due to increasing penetration of biometric-enabled consumer devices such as smartphones, tablets, speakers, etc. among consumers worldwide. With the rising demand for digital services such as mobile banking, digital payments, and mobile wallets, the demand for advanced user authentication is growing at a fast pace to ensure security and convenience for customers.
The introduction of biometric capabilities in consumer devices have revolutionized user identification and credentialing in sectors such as banking and finance by reducing risks of payment fraud, identity theft, and other possible frauds. These advantages of mobile biometric-based authentication are expected to drive the growth of the global biometrics technologies market during the forecast period of 2019 to 2027.
The global biometrics technologies market is segmented on technology and application. Based on the technology, the biometrics technologies market is segmented into fingerprint recognition, palm recognition, face recognition, iris recognition, voice recognition, others. Based on application, the biometrics technologies market is bifurcated into the banking and finance, government, healthcare, military & defense, consumer electronics, others. Geographically, the biometrics technologies market is fragmented into five regions, including North America, Europe, Asia-Pacific, Middle East & Africa, and South America.
The well-established market players operating in the biometrics technologies market are Aware, Inc., BIO-key International, Inc., IDEMIA, ImageWare Systems, Inc., Fujitsu Limited, Gemalto NV, Precise Biometrics AB, NEC Corporation, Suprema Inc., and Secunet Security Networks AG.