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DUBLIN--(BUSINESS WIRE)--Dec 7, 2022--
The "Global Biometric Systems Market with COVID-19 Impact Analysis by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contact-based, Contactless, Hybrid), Offering Type, Mobility, Vertical, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global biometric system market is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. The market has a promising growth potential due to several factors, including increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas such as in consumer electronics, the government in APAC and other regions.
One of the major factors restraining the growth of the biometric system market is increased hygiene concerns and high risk of transmission of coronavirus posed by touch-based biometric solutions. Since the inception of the biometric system, the market players have been offering contact-based biometric solutions for authentication and security purposes. However, over the past two years, the rising hygiene concerns and the increasing risk of the communal spread of coronavirus posed by touch-based biometric solutions have forced manufacturers to focus more on contactless biometrics technologies. According to many experts, COVID-19 is likely to become an endemic disease. There are no studies substantiating the zero presence of the virus in the near future. To curb the spread of this infectious disease, market players are focusing more on building biometric systems based on touchless technologies such as the face, iris, vein, and voice recognition to sustain their position in the biometric system market.
The market slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains were disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the biometric system market. Though the market was impacted in 2020, it is expected to fully recover by mid-2022.
Contactless: The fastest-growing segment of the biometric system market, by Type
The contactless biometric system segment is expected to grow at the highest CAGR during the forecast period. The surging demand for smartphones with face recognition software to increase security drives the market growth. Furthermore, the integration of digital disruptive technologies including AI and automation has uplifted the demand for contactless solutions in the biometric arena. In addition, the rising concerns of the spread of coronavirus through contact-based biometric solutions have contemplated the end-customers to transition toward contactless technologies and the trend shall continue throughout the forecast period.
Market Dynamics
Drivers
Restraints
Opportunities
Challenges
Key Topics Covered:
1 Introduction
2 Research Methodology
3 Executive Summary
4 Premium Insights
5 Market Overview
6 Biometric System Market, by Authentication Type
7 Biometric System Market, by Offering Type
8 Biometric System Market, by Type
9 Biometric System Market, by Mobility
10 Biometric System Market, by Vertical
11 Geographic Analysis
12 Competitive Landscape
13 Company Profiles
14 Appendix
Companies Mentioned
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SOURCE: Research and Markets
Copyright Business Wire 2022.
PUB: 12/07/2022 09:43 AM/DISC: 12/07/2022 09:43 AM
http://www.businesswire.com/news/home/20221207005586/en