Traditionally, Identity verification has been done through direct social contact and physical inspection of official documents. The market for biometric identity solutions is anticipated to grow during the projected period due to this solution's substantial advantages for both people and companies. The fact that many firms have sizable staffs and corresponding networking infrastructure susceptible to identity-related risks makes them good candidates for biometric identity solutions. Companies are urged to adopt these solutions for their employees via real-time data access because they have offices worldwide.
According to Data Bridge Market Research, the ` witnessed a healthy CAGR of 13.60% from 2022 to 2029.
"Growing integration of the biometrics into smartphones is expected to drive the market growth"
Rapid technological advancements have led to increased smartphone usage worldwide, making the world more linked than ever. Historically, using a password key system was the sole secure means of authentication. With the development of technology, these password security mechanisms are becoming more vulnerable. Passwords are less safe than digital identity-based security measures like biometrics and multi-factor authentication. Most smartphones on the market come equipped with cameras and security tools like fingerprint and face recognition. Many smartphone makers are integrating face and fingerprint recognition technologies into their products.
What restraints the growth of the biometric identity solutions market?
"Increased cost of implementing biometric identity solutions"
Businesses in all sectors are concerned about the rising threats of identity-related fraud and theft as well as cyberattacks. Organizations have begun implementing identity management solutions for identification and authentication to address these security issues. The cost of implementing such solutions is one of the barriers preventing the market growth for online identification solutions. Biometric identity solutions implementation involves high up-front costs and expenses. SMEs typically focus on security after a violation occurs because of low resources. Businesses only defend important servers, ignoring the data stored in databases, which are vulnerable to cyberattacks.
Segmentation: Global Biometric Identity Solutions Market
The biometric identity solutions market is segmented based on type and application.
- Based on type, the biometric identity solutions market is segmented into fingerprint identification, voice identification, face identification, iris identification, gait identification, and others.
- Based on application, the biometric identity solutions market is segmented into business use, government and public sector, retail, BFSI, education, healthcare, and others.
Regional Insights: North America is expected to dominate the biometric identity solutions market
North America is expected to dominate the market and grow significantly because of the growing implementation of biometrics technology by government agencies and security in this region. Moreover, the high adoption of biometric identity solutions due to increasing authentication and identification will further boost the growth of this region's biometric identity solutions market.
In addition, the Asia-Pacific region is likely to register the highest growth rate during the forecast period of 2022 to 2029 because of its implementation for security purposes for protecting national heritage in this region. Furthermore, the strong presence of significant suppliers will further boost the market growth in this region.
To know more about the study, visit https://www.databridgemarketresearch.com/pt/reports/global-biometric-identity-solutions-market
The Prominent Key Players Operating in the Biometric Identity Solutions Market Include:
- Safran (France)
- NEC Technologies India Private Limited (India)
- FUJITSU (Japan)
- Aware, Inc. (U.S.)
- Gemalto Cogent, Inc. (U.S.)
- BIO-key International, Inc. (U.S.)
- Precise Biometrics AB (Sweden)
- secunet Security Networks AG. (Germany)
- Thales Group (France)
- Cognitec Systems GmbH (Germany)
- Crossmatch. (U.S.)
- Fulcrum Biometrics, LLC. (U.S.)
- Daon (Ireland)
- Facebanx (U.S.)
- HID Global Corporation/ASSA ABLOY AB. (U.S.)
- SUPREMA. (South Korea)
- IRITECH, INC. (U.S.)
- M2SYS Technology (U.S.)
Above are the key players covered in the report, to know about more and exhaustive list of biometric identity solutions market companies, contact: https://www.databridgemarketresearch.com/pt/contact
Research Methodology: Global Biometric Identity Solutions Market
Data collection and base year analysis are done using data collection modules with large sample sizes. The market data is analyzed and estimated using market statistical and coherent models. In addition, market share analysis and key trend analysis are the major success factors in the market report. The key research methodology used by DBMR research team is data triangulation which involves data mining, analysis of the impact of data variables on the market, and primary (industry expert) validation. Apart from this, data models include Vendor Positioning Grid, Market Time Line Analysis, Market Overview and Guide, Company Positioning Grid, Company Market Share Analysis, Standards of Measurement, global vs Regional and Vendor Share Analysis. Please request analyst call in case of further inquiry.
