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The global biometrics market was valued at US$ 27.97 Billion in 2021.
We expect the global biometrics market to exhibit a CAGR of 17.5% during 2022-2027.
The advent of multimodal biometrics, which uses more than one physiological or behavioral characteristic for authentication to provide improved recognition and security performance, is primarily catalyzing the global biometrics market.
Sudden outbreak of the COVID-19 pandemic has led to a changing consumer inclination from touch-based biometrics towards contactless biometrics systems, based on facial recognition, sensors, voice stimulation, etc., for mitigating the risks of coronavirus infection.
Based on the technology, the global biometrics market can be segmented into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, AFIS, non-AFIS, and others. Among these, non-AFIS currently holds the majority of the total market share.
Based on the functionality, the global biometrics market has been divided into contact, non-contact, and combined, where contact-based functionality exhibits a clear dominance in the market.
Based on the authentication, the global biometrics market can be categorized into single-factor authentication and multifactor authentication. Currently, single-factor authentication accounts for the largest market share.
On a regional level, the market has been classified into North America, Asia Pacific, Europe, Latin America, and Middle East and Africa, where North America currently dominates the global market.
Some of the major players in the global biometrics market include Accu-Time Systems, BIO-Key International, Inc., Cognitec Systems, GmbH, Fujitsu Limited, 3M Cogent, Inc., IDTECK, NEC Corporation, Siemens AG, RCG Holdings, Ltd., Suprema, Inc., Lumidigm, Inc., IrisGuard, Inc., Daon, Inc., DigitalPersona, Inc., and Morpho SA (Safran).
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