Next Generation Biometric Market Industry Outlook, Growth Factors, and Forecast 2029

Next Generation Biometric Market

Next Generation Biometric Market was valued at US$ 42.28 Bn. in 2022 and expected to grow at a CAGR of 11.2% during the forecast period (2023-2029).

Next Generation Biometric Market Overview

The report includes Next Generation Biometric market overview, definition, and structure, as well as preventative and pre-planned management. It aids in determining the future potential of the Next Generation Biometric Market in the forecast years. The report presents a market overview through common subjects that are highlighted with unique data based on the need, which aids in making decisions about how to approach the Next Generation Biometric industry.

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Next Generation Biometric Market Report Scope and Research Methodology

The report provides a comprehensive analysis of the global Next Generation Biometric market, including revenue growth forecasts at global, regional, and country levels. It also provides a detailed analysis of the latest trends in each of the segments of the Next Generation Biometric market. The report offers a qualitative and quantitative analysis with a comprehensive review of the key Next Generation Biometric market drivers, restraints, opportunities, and challenges. The report consists of an analysis of the value chain, PESTLE analysis, Porter’s Five Forces model, competitive landscape, key players benchmarking, market dynamics, market forecasts in terms of value, and future trends in the Next Generation Biometric market. SWOT analysis was used to identify the strengths and weaknesses of the key Next Generation Biometric competitors in the industry.

Next Generation Biometric Market Regional Insights

Geographically, the report is segmented into several key countries with detailed analysis including market size, growth rate, import and export, which covers North America, U.S., Canada, Mexico, Europe, UK, Germany, France, Spain, Italy, Rest of Europe, Asia Pacific, China, India, Japan, Australia, South Korea, ASEAN Countries, Rest of APAC, South America, Brazil, and Middle East and Africa.

Next Generation Biometric Market Segmentation

The single-factor and multi-factor authentication segments of the Next-Generation Biometric market are based on type segmentation. With a 62% market share in 2022, the single factor authentication sector is the largest in the world. The primary characteristics driving demand for the single-factor authentication market are its ease of use, affordability, and quick response time. They include face, iris, and fingerprint recognition. There is a lot of demand in the market due to its growing use in government-initiated programmes, financial applications, and the healthcare sector.

The Next Generation Biometric market is divided into three segments based on technology: contact-based, contactless, and hybrid. Leading the global market, the hybrid category was estimated to be worth US$12.2 billion in 2022. A hybrid biometric system combines facial, iris, voice, and fingerprint authentication into a multimodal system. In addition to increasing its use in building access, law enforcement, airport security, and public transportation, the hybrid section also lowers the false acceptance and rejection rates. The market has seen a rise in demand for the hybrid sector due to its broad variety of applications.

The Next Generation Biometric market is divided into four sub-segments: Government, Military & Defence, Healthcare, and Banking & Finance, based on the Application Segment. With a 50% market share in 2022, the Banking and Finance segment is the dominant player in the industry. Growing advancements in online identity verification, remote account opening, and other areas are propelling the market’s expansion. Increasingly, smartphones are replacing desktops for accessing account details, money transfers, and online payments.

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Next Generation Biometric Key Players

1. Safran SA
2. NEC Corporation
3. 3M Cogent Inc.
4. Fujitsu Ltd.
5. Suprema Inc.
6. Cross Match Technologies
7. Fulcrum Biometrics
8. Thales SA
9. Bio-Key International Inc.
10.Precise Biometrics AB
11.Secunet Security Networks AF
12.RCG Holdings Limited
13.Fingerprint Cards AB
14.Siemens AG

Key Questions answered in the Next Generation Biometric Market Report are:

  • What is the expected CAGR of the Next Generation Biometric market during the forecast period?
  • Which segment held the largest share in the Next Generation Biometric market?
  • Which are the key factors driving the Next Generation Biometric market growth?
  • What are the global trends in the Next Generation Biometric market?
  • Which region holds the maximum share in the Next Generation Biometric market?
  • What is the expected CAGR of the Next Generation Biometric market during the forecast period?
  • Who are the prominent players in the Next Generation Biometric market?

Key Offerings:

  • Past Market Size and Competitive Landscape (2018 to 2021)
  • Past Pricing and price curve by region (2018 to 2021)
  • Market Size, Share, Size & Forecast by different segment | 2023−2029
  • Market Dynamics – Growth Drivers, Restraints, Opportunities, and Key Trends by region
  • Market Segmentation – A detailed analysis by segments with their sub-segments and region
  • Competitive Landscape – Profiles of selected key players by region from a strategic perspective
    • Competitive landscape – Market Leaders, Market Followers, Regional player
    • Competitive benchmarking of key players by region
  • PESTLE Analysis
  • PORTER’s analysis
  • Value chain and supply chain analysis
  • Legal Aspects of business by region
  • Lucrative business opportunities with SWOT analysis
  • Recommendations

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