Increasing adoption of the technology in the e-commerce industry for secure payments is expected to propel the market during the forecast period.
PORTLAND, OR, UNITED STATES, December 16, 2021 /EINPresswire.com/ — Rising concerns regarding internal and external securities are likely to drive the market during the same period. Additionally, increasing use of the technology in government and private sectors for employee identification and attendance is projected to fuel the overall demand over the coming years.
The global Biometric Technology Industry is expected to garner $10.72 billion by 2022, registering a CAGR of 19.4% during the period 2016-2022.
The physical biometric segment dominated the market with around 81% share, owing to the increasing adoption of fingerprint recognition and face recognition biometric solutions across various end-user verticals, in 2015. The iris recognition segment is projected to expand at the highest CAGR of around 22%, owing to widening applications of iris recognition biometric solutions at vehicle checkpoints, airport security, and employee identification.
In the year 2015, North America was the highest revenue-generating region, owing to the increasing adoption of advanced security and authentic solutions and service in the government and commercial sector. Furthermore, the region is projected to continue its dominance throughout the forecast period due to the increasing need for multilevel biometric solutions and services in various end-user verticals. Europe was the second-largest market, in terms of revenue generation, followed by Asia-Pacific. Major factors that boost the Biometric Technology Industry worldwide include increasing security & privacy concerns and rising standard of living.
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The global Biometric Technology Industry is classified based on geography into North America, Europe, Asia-Pacific, and LAMEA. North America generated the largest revenue in 2015, followed by Europe. Asia-Pacific is projected to expand at the highest CAGR of around 22% during the forecast period.
The banking & financial sector led the market, followed by the public sector, both collectively accounting for around 60% of the market revenue in 2015.
Highlights of the report:
1. Comprehensive assessment of all opportunities and risks in the global market.
2. Biometric Technology Industry recent innovations and major events.
3. Detailed study of business strategies for growth of the Biometric Technology Industry-leading players.
4. Conclusive study about the growth plot of Biometric Technology Industry for forthcoming years.
5. In-depth understanding of Biometric Technology Industry-particular drivers, constraints, and major micro markets.
6. Favourable impression inside vital technological and market latest trends striking the Biometric Technology Industry.
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