Dublin, Dec. 06, 2021 (GLOBE NEWSWIRE) -- The "Biometric Authentication and Identification Market: Focus on End User, Function, Product Type, Deployment Model and Country - Analysis and Forecast, 2021-2026" report has been added to ResearchAndMarkets.com's offering.
The global biometric authentication and identification market is estimated to reach $8,798.9 million in 2026, at a compound annual growth rate (CAGR) of 16.30% during the forecast period 2021-2026.
How This Report Can Add Value
The product segment helps the readers in understanding the different types of biometric authentication and identification platforms and their market potential globally.
Moreover, the study provides the readers a detailed understanding of the end-user, function, product type, and deployment model on which they are integrated. Additionally, the cross segmentation of end-user by product type and deployment model is also provided.
Players operating in the global biometric authentication and identification market are developing innovative products to enhance the capabilities of their product offerings. Growth/marketing strategies will help the readers understand the revenue-generating strategies adopted by the players operating in the global biometric authentication and identification market.
For instance, in December 2020, Siemens AG announced its plans to integrate BioSec technology in its time and access platform. The integration will allow the company to scan approximately 5 million reference points under a second and support contactless scanning, hence improving their operational speed and accuracy.
Moreover, other strategies adopted by the market players will help the readers make strategic decisions, such as go-to-market strategies.
Global Biometric Authentication and Identification Market
The global biometric authentication and identification market will remain at the peak of its maturity over coming years and continue to proliferate through the new scope of applications, but the segments like fingerprint and facial recognition will witness a notable shift in consumer behavior due to COVID-19. Integration of several technologies like artificial intelligence (AI) and cloud computing within the biometric authentication system has notably increased the business opportunities of the market.
The latest trend is biometric authentication, and the identification market is offering authentication as a service instead of a turnkey solution. Companies are exploring possibilities of cloud computing and cloud storage to reduce the overall operation cost while offering consumers with desired security measures. Reduced reliability on hardware and increasing maturity, operational capability, and accuracy of software will define the growth areas of the market.
Global Biometric Authentication and Identification Industry Overview
The rise in the data breach, malware attacks, and other cybercrimes faced by several countries like the U.S., Canada, Russia, France, Germany, U.K., India, China, Japan, and Australia, among others, has forced government bodies and other organizations to increase their level of security and authentication system, generating notable demand for global biometric authentication and identification market.
This biometric authentication system is one of the most secure and reliable access management solutions that is adopted by nations across the globe. Several developed and developing economies have already established a mass identification program to identify their citizens and optimize their legal operations.
Increasing integration and usage of biometric authentication and identification ensure that safety and security are being elevated to a certain level but using it in public places has created a resistance stating the reason for breaching an individual's privacy without their consent. No regulatory body or landscape is adhering to such problems, which is one of the biggest challenges of the market.
Market Report Coverage - Biometric Authentication and Identification
End User: Government and Border Management Bodies, Defense Bodies, Banking and Financial Institutes, Commercial Organizations, Healthcare Institutes and Others
Function: Contact and Contactless
Product Type: Fingerprint, Face Recognition, Eye and Iris Scanner, Palm and Vein Reader, Voice Recognition, and Others
Deployment Model: On-Facility, Mobile and Tablets, Personal Computers, and Wearables
Market Growth Drivers
Data Breach and Cybersecurity Threats - Creating Demand for Secure Biometric Solution
Technology Advancement Toward Usage of Next-Gen Biometric Solutions (AI-Driven and Multi-Biometric Solutions)
Lack of Standardized Regulatory Framework Specific to Biometric Data Protection
Cost Concerns for End Users to Launch Biometric Solutions as Direct Paid Service
Move Toward Deployment of Digital and Contactless Identities Over Physical/Plastic Identity Credentials
Markets - Competitive Benchmarking & Company Profiles
Role in Biometric Authentication and Identification Market
Strength and Weakness
Fingerprint Cards AB
Precise Biometrics AB
Secunt Security Networks AG
For more information about this report visit https://www.researchandmarkets.com/r/1psq45
CONTACT: CONTACT: ResearchAndMarkets.com Laura Wood, Senior Press Manager firstname.lastname@example.org For E.S.T Office Hours Call 1-917-300-0470 For U.S./CAN Toll Free Call 1-800-526-8630 For GMT Office Hours Call +353-1-416-8900