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The global biometrics market reached a value of US$ 23.5 Billion in 2020.
The market is primarily driven by the affordability and easy usage of biometrics technologies, along with the emerging partnerships to expand operations and the introduction of multimodal biometrics that uses more than one behavioral or physiological characteristic for authentication.
The leading biometrics manufacturers are Accu-Time Systems, Inc., BIO-Key International, Inc., Cognitec Systems GmbH, Fujitsu Limited, 3M Cogent, Inc., IDTECK Co. Ltd., NEC Corporation, Siemens AG, RCG Holdings Limited, Suprema, Inc., Lumidigm, Inc., IrisGuard, Inc., Daon, Inc., DigitalPersona, Inc. and Morpho SA (Safran).
At present, Non-AFIS represents the most widely used biometrics technology across the globe.
The biometrics market to exhibit strong growth during 2021-2026.
On the basis of the functionality, contact represents the largest segment, dominating the market.
Based on the component, the market has been bifurcated into hardware and software.
Single-factor authentication currently accounts for the majority of the total market share.
Region-wise, North America holds the leading position in the market.
The coronavirus disease (COVID-19) outbreak is projected to lead a significant shift toward contactless biometrics solutions, such as iris, facial and voice recognition, for identity authentication, as well as replacing conventional security measures.
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