The global biometrics technology market is expected to witness a CAGR of 20.1% during the forecast period 2021-2027. Owing to its unique identification technique and high security, biometrics technology is used for various applications in industries such as defense, government, healthcare, banking, commercial security, and others (gaming, automobile, retail, and hospitality).

This is estimate to propel the growth of the market. The COVID-19 pandemic is the major factor for the development and acceptance of contactless biometric technologies. i.e. verifying personal identities without and physical with the security infrastructure. Furthermore, governments across the globe are taking measures to adopt contactless biometric technologies and to respond quickly to the crisis of COVID-19. Thus, will propel the demand for biometrics technologies among government agencies for public safety surveillance.

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Based on vertical, the market is segmented into consumer electronics, government, military & defense, healthcare, banking & finance, travel and immigration, and others. The government sector has a sizeable share in the market during the forecast period. The adoption of fingerprint recognition technology is eminent in the government vertical. The use of biometric technology in elections to solve the problem of voter fraud and restore political stability in the country. Thus, biometric systems are widely used for a counter issues such as identity theft and illegal migration.

Geographically, APAC is expected to contribute significantly to the global market because of the rise in the use of biometrics technology in countries such as India, China, and Indonesia. Technological developments, a rise in awareness about the use of biometric systems for security purposes, and low-cost devices based on these technologies will lead to the growth of the market in the Asia-Pacific region. Initiatives such as the UIDAI project in India, e-KTP electronic ID initiatives in Indonesia will provide new business opportunities for the growth of the biometrics market.

In April 2020, FUJITSU FRTONTECH LIMITED acquired Fulcrum Biometrics, the Texas-based biometric hardware, software, and solutions provider. The companies aimed to develop the In May 2020, NEC Corporation launched NeoFace Thermal Express to provide touchless screening. The NeoFace Thermal combined elevated body temperature (EBT) detection, detection of personal protective equipment, such as face masks, and NeoFace biometrics on a scalable and modular platform with video and thermal analytics. NeoFace Thermal Express runs on NEC's cloud-based Digital Services Platform, which provides sensor management, algorithm orchestration, scalability, and interoperability.

Some of the leading players operating in the global biometrics technology market Thales Group, Safran S.A., NEC Corporation, FUJITSU FRONTECH LIMITED, 3M Company, SUPREMA, BIO-key International, Precise Biometrics, FaceFirst, Inc., and Assa Abloy AB.

Source: VynZ Research