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Biometric Authentication and Identification Market - A Global and Regional Analysis

Focus on End User, Function, Product Type, Deployment Model and Country - Analysis and Forecast, 2021-2026

 
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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.

The key players are ASSA ABLOY, Fingerprint Cards AB, Fujitsu Limited, IDEMIA, NEC Corporation, Precise Biometrics AB, Secunt Security Networks AG, Siemens, Thales Group.

The main opportunity in the market is to move toward deployment of digital and contactless identities over physical/plastic identity credentials.

Some of the challenges in the market are lack of standardized regulatory framework specific to biometric data protection and cost concerns for end users to launch biometric solutions as direct paid service.

The growth drivers incorporate data breach and cybersecurity threats - creating demand for secure biometric solution and technology advancement toward usage of next-gen biometric solutions.

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