Over the forecast timeline, the global biometrics market is predicted to witness robust expansion amid surging demand for effective monitoring systems. The extensive need for identity validation in public and private organizations shall further augment the worldwide demand for biometrics. Biometrics technology comprehensively recognizes human faces, voices, speech, gestures, and fingerprints to verify their identity. Online shopping, mobile banking, and e-commerce websites are leveraging biometrics to enhance their security posture and strengthen access controls. Such broad-ranging applications have coerced the market players to ramp up their R&D efforts in the biometrics domain and come up with more advanced solutions. The need for methods to track the elevation in crime, fraud and terrorist activity has also surged the demand for better monitoring and surveillance systems. Such positive trends are unlocking significant pathways for global market expansion.
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Surge in Continuous Biometric Authentication Use to Prolong Biometrics Market Growth
An incessant rise in cybercrimes and data breaches has boosted the application of biometric authentication. Perceptively, this technology utilizes facial and behavioral aspects including interactive gestures, finger pressure, face recognition, and voice authentication to valid access to organizational and personal assets. A well-established biometric authentication alleviates the chances of phishing and credential stuffing without intervening in users’ daily operations. Leveraging behavioral biometrics creates an impenetrable security shield, averting imposters, fraudsters, and bots access to systems. Considering the dire need to safeguard its critical asset and meet the high-security standards and compliance, BPO industry is actively incorporating this technology. This enables hassle-free identification of employees, contractors, and partners through continuous biometric authentications, creating headways for biometrics market growth.
Rampant Development in Biometric Technologies Facilitating Identification and Authentication to Bode Well for Biometrics Market
Rising penetration of gadgets, including computers and smartphones, and modernization of sensing technologies have facilitated in recording human physiological and behavioral characteristics. These details are further analyzed to be authenticated via biometrics. Biometric technologies based on machine learning and artificial intelligence helps in identifying anomalous activities. In case of mission-critical assets, it assists with addition of an extra layer of authentication. In addition, multi-factor authentication biometric solutions help in warding off potential data breaches. To this end, the biometrics market is likely to stay lucrative throughout the forecast period amid soaring R&D operations apropos to the increase of advanced biometric systems. Surging demand for contactless systems and extensive applications is further.
Asia Pacific to Forge Ahead in Biometrics Market amid Soaring Mobile Payment Transactions
With consistent uptick in mobile payment transactions, Asia Pacific is set to dominate the global biometrics market. Robust initiatives undertaken by government and private sector organizations promoting implementation of biometric authentication technologies. Cutting-edge developments, minimum costs of devices on these technologies, and growing public awareness of usage of biometric systems for security are further accelerating the pace of market expansion. Being the hub of leading biometric system manufacturers, nations such as India, China, South Korea, and Japan are anticipated to witness significant economic growth.
Prominent Market Players
Some of the most competent players in the global biometrics market include Thales Group(Paris), Papillon Systems (Russia), Idemia (France), NEC Corporation(Japan), Precise Biometrics (Sweden), Fujitsu(Japan), ASSA ABLOY (Sweden), Aware Inc (US), Secunet Security Networks AG (Germany), M2SYS Technology (US), SUPREMA (South Korea), Innovatrics(slovakia), Integrated Biometrics (US), Leidos (US), Sonda (Chile), and Qualcomm Technologies, Inc. ( US).
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