According to a new report, published by KBV research, The Global Biometric Technology Market size is expected to reach $85 billion by 2027, rising at a market growth of 14.1% CAGR during the forecast period.
The Behavioral Biometrics segment has shown high growth rate of 14.7% during (2021 - 2027). These systems create a user profile based on a number of data from the user's habits and work environment, such as mouse and keyboard movements, how they write, how they handle objects, how they do gesture, and how they walk, as well as other physiological parameters.
The Hardware segment acquired maximum revenue share in the Global Biometric Technology Market by Component 2020, thereby, achieving a market value of $53.7 billion by 2027. There are many different types of biometric hardware available in the market. Biometric scanners, for example, are gear that captures biometrics for identification verification. These scans are compared to the saved database to authorize or deny system access.
The BFSI segment is showcasing a CAGR of 14.4% during (2021 - 2027). With many financial institutions accepting and actively adopting biometric identification technologies, the banking industry has succeeded to replace traditional systems with biometric systems over time. The continuous requirement to deploy rigorous staff and customer identification measures to combat fraud and identity theft has prepared the framework for biometric identification to become a critical, fundamental feature of banking secure systems around the world.
North America is the fastest growing region in the Global Biometric Technology Market by Region 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $28.6 billion by 2027. The Europe market is estimated to grow at a CAGR of 13.3% during (2021 - 2027). Additionally, The Asia Pacific market would experience a CAGR of 16% during (2021 - 2027).
Full Report: https://www.kbvresearch.com/biometric-technology-market/
The market research report has exhaustive quantitative insights providing a clear picture of the market potential in various segments across the globe with country wise analysis in each discussed region. The key impacting factors of the market have been discussed in the report with the elaborated company profiles of NEC Corporation, Thales Group S.A., Fujitsu Limited, ImageWare Systems, Inc., Precise Biometrics AB, BIO-key International, Inc., Secunet Security Networks AG, Suprema, Inc., IDEMIA SAS, and HID Global Corporation.
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