Forecast Period: Biometric System Market Predicted to Reach USD 116.76 Billion by 2029

Biometric systems have become increasingly popular in recent years. The latest report from ResearchAndMarkets.com suggests that the biometric system market is expected to reach USD 116.76 billion by 2029. This forecast period comprises excellent growth opportunities for the market players. The Compounded Annual Growth Rate (CAGR) has been predicted to be 13.4%. This forecast is indeed good news for all those who are associated with the biometric system market. In this article, we will discuss various aspects that are responsible for such a market surge.

Market Analysis

The biometric system market has seen exponential growth in recent years, primarily due to the ever-increasing concerns over data accuracy and security. The use of biometric systems in every industry sector, including healthcare, banking, telecommunications, and government, has undoubtedly helped the market’s growth. A recent report by Verified Market Research tells us that the market size for biometric systems was USD 18.19 billion in 2019. However, the market size has increased significantly in the past few years and is expected to grow exponentially over the forecast period.

Drivers of Market Growth

The main drivers of this unprecedented growth are undoubtedly the increasing cases of identity theft/fraud, data breaches, and cyberattacks. The biometric system provides highly secure and accurate authentication services that can help in combating such issues. Moreover, biometric systems use a person’s physical or behavioral attributes, including fingerprints, iris patterns, facial recognition, and voice samples, ensuring higher accuracy in access control and identification than traditional methods like PINs or passwords.

Market Segmentation

The biometric system market can be classified into various segments, including hardware, software, and services. The hardware market consists of scanning devices or sensors that are usually fitted in biometric systems for effective identification. Software programs include all biometric algorithms, protocols, and interfaces that enable authentication. Services offered are primarily consultation, system maintenance, and installation. These three segments differ in the scope of work and may vary in size during the forecast period.

Geographical Analysis

Geographically, the biometric system market can be classified into five regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. North America is the largest market for biometric systems, followed by Europe and the Asia Pacific. The high prevalence of cybercrime in the countries of North America, especially in the United States and Canada, has led to the increased adoption of biometric security measures. At the same time, countries such as China, India, and Japan in Asia-Pacific have witnessed a significant surge in biometric system adoption due to the high demand for tech-based security solutions.

Summary:

The biometric system market is predicted to grow rapidly, and market size is expected to reach USD 116.76 billion by 2029. Identity theft/fraud, data breaches, and cyberattacks are the main drivers of this growth, and the market can be classified into hardware, software, and services. North America is the largest market for biometric systems, followed by Europe and the Asia Pacific. #BUSINESS