Consumer Biometrics Market Size to Grow by USD 2.31 Billion| Evolving Opportunities with ASSA ABLOY AB and NEC Corp. |Technavio

NEW YORK, Feb. 16, 2022 /PRNewswire/ -- The Consumer Biometrics market is segmented into two categories based on the segmentation by application (mobile, PC, payments, and access) and geography (APAC, North America, Europe, South America, and MEA). The market share is expected to increase by USD 2.31 billion from 2021 to 2026, and the market's growth momentum will decelerate at a CAGR of 14.48%.

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Parent Market Analysis

Technavio categorizes the global Consumer Biometrics Market as a part of the global information technology spending market within the global information technology market.

Technavio uses the total revenue generated by manufacturers to estimate the global consumer biometrics market size. External factors influencing the parent market's growth potential in the coming years have been thoroughly investigated in our research analysis, to know more about the levels of growth of the consumer biometrics market throughout the forecast period, Download a free sample.

Consumer Biometrics Market Value Chain Analysis

To maximize profit margins and evaluate business plans, an end-to-end understanding of consumer biometrics is required. The report will help vendors drive costs and enhance customer services during the forecast period.

• Research and development
• Developers or manufacturers
• Sales and distribution
• End-users

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Vendor Insights 

The consumer biometrics market is fragmented, and the vendors are deploying various organic and inorganic growth strategies to compete in the market.  To make the best of the opportunity, the market vendors should focus more on the fast-growing segment's growth prospect while maintaining their positions in the slow-growing segments.

We provide a detailed analysis of vendors operating in the consumer biometrics market, including some of the vendors such as Apple Inc., ASSA ABLOY AB, Aware Inc., IDEX Biometrics ASA, NEC Corp., Princeton Identity, Qualcomm Inc., Semiconductor Components Industries LLC, Shenzhen Goodix Technology Co. Ltd., STMicroelectronics NV.

Backed with competitive intelligence and benchmarking, our research reports on the consumer biometrics market are designed to provide entry support, customer profile, and M&As as well as go-to-market strategy support.

Product Insights and News

• ASSA ABLOY AB - Offers consumer biometrics products such as fingerprint technology, facial recognition, vein, voice and multimodal biometric systems. 
• Aware Inc. - Offers consumer biometrics products such as AwareABIS Automated Biometric Identification System. 
• NEC Corp. - Offers consumer biometrics products such as Multimodal biometric authentication terminal.

Consumer Biometrics market forecast report offers in-depth insights into key vendor profiles and offerings – Download Free Sample Report

Geographical Highlights

The consumer biometrics market share growth in APAC will be significant during the forecast period. China and India are the key markets for the consumer biometrics market in APAC. Market growth in this region will be slower than the growth of the market in other regions. 

The growing adoption of smartphones are the primary drivers expected to drive the consumer biometrics market in APAC during the projected period.

Consumers in APAC's rising economies, such as China, India, and Indonesia, are increasingly purchasing luxury and high-priced electronic products such as smartphones, tablets, and personal computers, as their disposable incomes rise. In these countries, for example, there is a growing demand for smartphones made by companies like Samsung, Xiaomi, Apple, and Vivo Communication Technology Co. These phones have touch ID hardware, which allows you to unlock many features by simply touching them with your finger. During the projected period, demand for mobile biometrics is expected to rise due to an increase in smartphone sales in these nations.

Moreover, countries like Indonesia, the US, China, India, Germany, and UK are the key market for the consumer biometrics market in APAC.

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Key Market Dynamics-

•  Consumer Biometrics Key Market Drivers: 
• Emergence of biometric-enabled payment cards

The fingerprint data acquired by the biometric sensor is safely stored on the card's secure chip. Because fingerprint data is not captured by the bank's computers or the card issuer, there are fewer security risks associated with using such cards. In growing economies like India, these cards are also being made available. In June 2021, the Reserve Bank of India reported that the country had 906 million debit cards and 62 million credit cards in circulation. As a result, contactless and digital payments are rapidly expanding in India. Thus, there is high scope of combining these payment cards with biometric systems. During the forecast period, such industry trends will fuel market expansion.

•  Consumer Biometrics Key Market Trends:
• Data security and privacy concerns

Many customers object to their personal information being used for marketing purposes when they utilize a payment service. Mobile-based payment involves real-time monetary transactions via payment gateways. As a result, financial data theft on such platforms can result in significant losses for individuals. In the meantime, various mobile biometric apps may result in unintentional data leakage because users grant them broad permissions but fail to read the privacy policies. As a result, the data security and privacy risks associated with mobile wallets and biometric apps could limit market growth throughout the projection period.

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Table of Contents

Executive Summary

Market Landscape

• Market ecosystem
• Value chain analysis

Market Sizing

• Market definition
• Market segment analysis
• Market size 2021
• Market outlook: Forecast for 2021 - 2026

Five Forces Analysis

• Bargaining power of buyers
• Bargaining power of suppliers
• Threat of new entrants
• Threat of substitutes
• Threat of rivalry
• Market condition

Market Segmentation by Application

• Market segments
• Comparison by Application
• Mobile - Market size and forecast 2021-2026
• PC - Market size and forecast 2021-2026
• Payments - Market size and forecast 2021-2026
• Access - Market size and forecast 2021-2026
• Market opportunity by Application

Customer landscape

Geographic Landscape

• Geographic segmentation
• Geographic comparison
• APAC - Market size and forecast 2021-2026
• North America - Market size and forecast 2021-2026
• Europe - Market size and forecast 2021-2026
• South America - Market size and forecast 2021-2026
• MEA - Market size and forecast 2021-2026
• Key leading countries
• Market opportunity by geography
• Market drivers
• Market challenges
• Market trends

Vendor Landscape

• Vendor Landscape
• Landscape disruption

Vendor Analysis

• Vendors covered
• Market positioning of vendors
• Apple Inc.
• ASSA ABLOY AB
• Aware Inc.
• IDEX Biometrics ASA
• NEC Corp.
• Princeton Identity
• Qualcomm Inc.
• Semiconductor Components Industries LLC
• Shenzhen Goodix Technology Co. Ltd.
• STMicroelectronics NV

Appendix

• Scope of the report
• Currency conversion rates for US$
• Research methodology
• List of abbreviations

About Us: 

Technavio is a leading global technology research and advisory company. Their research and analysis focus on emerging market trends and provides actionable insights to help businesses identify market opportunities and develop effective strategies to optimize their market positions. With over 500 specialized analysts, Technavio's report library consists of more than 17,000 reports and counting, covering 800 technologies, spanning across 50 countries. Their client base consists of enterprises of all sizes, including more than 100 Fortune 500 companies. This growing client base relies on Technavio's comprehensive coverage, extensive research, and actionable market insights to identify opportunities in existing and potential markets and assess their competitive positions within changing market scenarios. 

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