Global biometrics market size was valued at USD 39.34 billion in 2021, and it is expected to reach a value of USD 95.52 billion by 2028, at a CAGR of more than 13.51% over the forecast period (2022–2028).
Westford, USA, Oct. 04, 2022 (GLOBE NEWSWIRE) -- As the world becomes increasingly digitized, the need for reliable security measures grows. Biometric products offer a unique solution that can verify a person's identity with great accuracy. This makes them ideal for use in sensitive situations, such as accessing financial accounts or medical records. Also, there is a growing trend in the global of consumers biometrics market using biometric products to secure their personal data and devices.
One of the most common biometric identifiers is fingerprint recognition. This technology has been used extensively in law enforcement for years and is now making its way into consumer devices such as smartphones and laptops. Other popular biometric identifiers include iris recognition and facial recognition.
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One of the prominent reasons for the growing popularity of biometrics market is the increasing number of data breaches. In the past, companies have been able to rely on passwords to protect customer data. However, as data breaches have become more common, it has become clear that passwords are not enough to keep data safe. Biometric authentication is seen as a more secure solution because it is much harder to fake someone's fingerprint or iris scan than it is to guess a password. As such, biometric products are becoming more popular with consumers who are concerned about security.
Another reason for the growing popularity of biometrics market is the convenience factor. Passwords can be forgotten or lost, but biometrics can't. This means that consumers can always access their data and devices with biometrics, even if they can't remember their passwords. The trend of consumers using biometrics is likely to continue as more companies adopt this type of authentication and as concerns about data security increase.
SkyQuest’s report on the global biometric market would cover an overview of the market, key players, and recent developments. It could also delve into specific areas of interest, such as fingerprint recognition or iris scanning. With a comprehensive understanding of the market, businesses can make informed decisions about their biometric strategies.
Biometrics Market to Witness a Strong Influx of Startups
Startups are always looking for the next big thing, and the biometrics market is certainly heating up. According to SkyQuest, the biometrics market is set to grow by a whopping 13.51% between 2022 and 2028. This growth is being fueled by an influx of startups who are eager to get a piece of the pie. In fact, our study predicts that by 2021, 50% of all biometrics vendors will be startups.
There has been a large influx of startups entering the biometric space in recent years. For instance, over 151 biometric startups are listed on CrunchBase. The competition in the biometrics market is likely to intensify, as more startups enter the fray with innovative solutions. We can expect to see a wider range of biometric technologies being used for authentication, including palm prints, iris scans and facial recognition.
With the applications of biometrics expanding beyond just security, there is a growing need for these solutions to be more user-friendly and affordable. Startups that can address these challenges stand to gain a significant foothold in the market. There are a few reasons. First, the global shift to digital banking and payments is creating a need for more secure authentication methods in the global biometrics market. Biometrics offer a much more secure way to authenticate users than traditional methods like passwords and PINs.
Second, the increasing use of mobile devices is driving demand for biometrics-based authentication methods that are convenient and easy to use. Startups are well positioned to capitalize on this trend with innovative solutions that meet the needs of modern consumers.
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Finally, the expanding use of biometrics for law enforcement and border control is creating new opportunities for startups in biometrics market. Governments around the world are investing heavily in biometric technologies
However, the use of biometrics is not without its challenges, however. There are concerns about privacy and the potential for abuse if biometric data falls into the wrong hands. There are also technical issues that need to be addressed, such as false positives and negatives. Despite these challenges, it is clear that biometrics are here to stay and that they will play an important role in our lives in the future.
Cloud-based Biometrics and Multi-Modal Authentication to Gain Huge Demand
As organizations move more of their data and applications to the cloud, they are increasingly turning to biometrics and multi-modal authentication to protect their information. Cloud-based biometrics, which use facial recognition, fingerprint scanning, or iris recognition to identify users, are becoming more commonplace as companies seek to secure their data in the cloud. Multi-modal authentication, which combines two or more authentication methods, is also gaining popularity as a way to add an extra layer of security in the biometrics market.
Both biometrics and multi-modal authentication are expected to see significant growth in the coming years, as organizations continue to adopt cloud-based solutions and look for ways to improve security.
There is a growing interest among investors in cloud-based biometrics and multi-modal authentication technologies in the global biometrics market. These technologies offer a number of advantages over traditional authentication methods, including improved security, lower costs, and greater convenience. Multi-modal authentication, which combines two or more independent methods of verification (such as a fingerprint and a password), is particularly attractive to investors because it provides an additional layer of security. In addition, cloud-based solutions offer the advantage of being able to be quickly deployed and scaled as needed.
Cloud-based biometrics and multi-modal authentication can provide a higher level of security than traditional authentication methods. They can also be more convenient for users, as they do not require the same level of cooperation from the user. In addition, these technologies can be more cost-effective for businesses, as they can be deployed without the need for expensive hardware or infrastructure.
As the demand for these technologies grows in the biometrics market, we are seeing an increase in investment in companies that develop and provide these solutions. This is a trend that is likely to continue as businesses seek to improve their security and efficiency while reducing their costs.
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Major Competitors in Global Biometric Market
Gemalto NV (Thales Group) (Netherlands)
BioEnable Technologies Pvt. Ltd (India)
S.I.C. Biometrics Global Inc. (US)
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