Los Angeles, March 11, 2020 -In the latest report, titled “Global Biometric Technology Market Size, Status and Forecast 2020-2026”, analysts have done a comprehensive analysis of the global biometric technology industry. In 2019, the market size for Biometric Technology was valued at US$ 5489.7 Mn and it is anticipated to attain a value of US$ 11490 Mn by 2026 end, registering a CAGR of 11.0% from 2020 to 2026.
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Growing Concerns over Security to Boost Demand for Biometric Technology
Growing concerns over security are likely to increase the application of Biometric Technology across varied sectors. Research and development in this field may offer growth opportunities for the Biometric Technology market in coming years. Also, government initiatives to mandate the usage of biometric technology are positively influencing the growth of the market. Nevertheless, high cost of the technology may hamper the growth of the market.
Fujitsu Launches AuthConductor V2 Security Solution
The report has mapped the complete profiling of the key players involved in the Biometric Technology market including 3M Company (Cogent Systems, Inc.), ImageWare Systems, Inc., Fujitsu Frontech Limited, Suprema, Inc., secunet Security Networks AG, Safran S.A., Thales S.A., NEC Corporation, BIO-key International, Inc., and Precise Biometrics.
For instance, in 2019, Fujitsu launched the "AuthConductor V2", which is a security solution that makes use of various authentication methods, comprising palm vein authentication. It can offer comprehensive biometric authentication support for the customers. The company is also planning to expand the availability of the solution across the globe by the end of fiscal year 2020.
Biometric Technology to help Public Sector Address Data Security and Privacy Concerns
As far as the application is concerned, the market for Biometric Technology is segregated into Public sector, Banking & financial sector, Healthcare, IT & telecommunication, and others (hospitality, retail, automotive). Biometric Technology is gaining traction in the public sector as the technology helps the sector in handling data security and privacy issues. Moreover, with the help of Biometric Technology, the sector can ensure fair distribution of services and resources.
Biometric Technology Based on Physical Characteristics to Gain Traction
Based on the type, the Biometric Technology market is segregated into Based on physical characteristics, Based on behavioral characteristics, and others. Increasing adoption of face recognition and fingerprint recognition across varied end-use industries is driving the Based on physical characteristics segment.
Awareness Regarding Biometric Technology to Aid Market Growth in APAC
The APAC region might prove rewarding for the companies associated with Biometric Technology. The reason being growing awareness and surge in the initiatives among the developing nations like India. Early adoption of advanced technology may boost the growth of the Biometric Technology market in North America. Moreover, widespread usage of biometric technology across varied sectors in the US could also stimulate the market growth in this region.
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