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Biometric System Market worth $84.5 billion by 2029 – Exclusive Report by MarketsandMarkets™

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CHICAGO, Aug. 7, 2024 /PRNewswire/ — The global biometric system market is expected to be valued at USD 47.2 billion in 2024 and is projected to reach USD 84.5 billion by 2029; it is expected to grow at a CAGR of 12.3% from 2024 to 2029 according to a new report by MarketsandMarkets™. Increasing integration of biometrics in consumer electronics is fuelling the growth of the biometric system market.

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Browse in-depth TOC on “Biometric System Market”
120 – Tables70 – Figures270 – Pages
Biometric System Market Report Scope:
Report Coverage
Details
Market Revenue in 2024
$ 47.2 billion
Estimated Value by 2029
$ 84.5 billion
Growth Rate
Poised to grow at a CAGR of 12.3%
Market Size Available for
2020–2029
Forecast Period
2024–2029
Forecast Units
Value (USD Million/Billion)
Report Coverage
Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By Authentication Type, Offering, Type, Mobility, Deployment and Region
Geographies Covered
North America, Europe, Asia Pacific, and Rest of World
Key Market Challenge
Data security and inadequate technical expertise
Key Market Opportunities
Increasing adoption of Biometric-as-a-Service (BaaS)
Key Market Drivers
Growing adoption rate of biometrics in consumer electronics
Single-factor authentication segment to hold largest share in the biometric system market
Single-factor authentication holds the largest market share in biometric systems market because of its wide acceptance, simplicity, and cost-effectiveness. Extensive applications of fingerprint, iris, face, and voice recognition technologies in smartphones, access control, and financial services make them easy and reliable for identity verification. The ease of integration and user convenience proved to be the main reasons single-factor authentication was among the preferred choices by many organizations and consumers. Improvements to these technologies in recent years have significantly improved their accuracy and speed, making them more popular. Broader applicability, established reliability, and lower complexity are why single-factor authentication solutions dominate the market.
Based on offering Software segment to hold the largest share of the biometric system market
The software segment is expected to hold the largest share of the biometric system market during the forecast period since software is critically complemented to enhance the functionality and accuracy of biometric hardware. Developing software algorithms improves recognition capabilities and enhances sophisticated features such as multi-modal biometrics. Flexibility, scalability, and ease of updating are the significant reasons behind the growing adoption rates of the software solution, which facilitates seamless integration with any existing system. Moreover, the expanding demand for cloud-based biometric services and remote access solutions shifts power increasingly to software. With an increasing requirement to enhance security and user experience in the most effective and cost-efficient manner possible, the reliance on robust biometric software is expected only continue to grow, thus sealing its lead in the market.
Contact-based biometric systems account for largest share in the biometric system market
Contact-based biometric systems hold the largest share in the biometric systems market due to the wide implementation and effectiveness. This includes technologies such as fingerprint and palm recognition, which find applications in many other industries, including access control, time, and attendance, and mobile device authentication applications. Such systems are preferred regarding accuracy, reliability, and ease of integration into any infrastructure. The tactile nature of contact-based biometrics is where the data captured is accurate, hence reducing the chances of error. This factor has been primarily responsible for its dominant position in the marketplace. Though the contactless systems are fast making inroads, past performance and cost-effectiveness have secured them a place as the preferred choice across many industries.
Healthcare to grow with higher CAGR in the biometric system market over the forecast period
The healthcare sector would be the fastest-growing sector in the biometric system market, with an increase in demand for a secure and efficient patient identification and data management method. Biometric solutions improve healthcare safety by reducing patient records errors and ensuring proper identification that prevents fraud. Biometric systems provide higher security and compliance with regulatory standards in access control to sensitive data, electronic health records, and medication-dispensing units. More importantly, as soon as the pandemic subsides, the increasing adoption of telemedicine and remote patient monitoring has accelerated the demand for biometric authentication to protect patient information. These factors drive rapid growth in the use of biometric systems in the healthcare sector.
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Asia Pacific region to exhibit high CAGR in the biometric system market during the forecast period
The Asia Pacific region is expected to witness the highest CAGR in the biometric system industry based on rapid technological change and wide adoption of biometric solutions across diversified sectors. Huge biometric initiatives, including national ID programs, e-passports, and border control, are the prerogative of the governance of countries such as India and China. This is also fueled by the increasing use of biometric systems in different banking, finance, healthcare, and consumer electronics applications. Other than this, the increase in the booming smartphone market and the demand for authentication methods have increased at a safe rate, as has the adoption rate of biometric technologies in this region. Economic growth in this region and an increase in investment in security infrastructure, helps the biometric system market expand robustly in Asia Pacific.
Key Players
The biometric system companies includes significant Tier I and II players like Thales (France), IDEMIA (France), NEC Corporation (Japan), ASSA ABLOY (Sweden), Fujitsu (Japan) Precise Biometrics (Sweden), secunet Security Networks AG (Germany), Anviz Global Inc. (US), Aware inc. (US), Cognitec Systems GmbH (Germany) and others. These players have a strong market presence in biometric systems across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).
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Browse Adjacent Market: Semiconductor and Electronics Market Research Reports &Consulting
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Access Control Market by Offering (Hardware-Card-based, Biometric, & Multi-technology Readers, Electronics Locks, Controllers; Software; Services), ACaaS (Hosted, Managed, Hybrid), Vertical and Region – Global Forecast to 2029
Mobile Biometrics Market by Component (Fingerprint Readers, Scanners, Cameras, Software), Authentication Mode (Single factor (Fingerprint, Voice, Face, Iris, Vein, & Retina Scan) and Multifactor), Industry, and Geography – Global Forecast to 2022
Automated Fingerprint Identification System Market by Component (Fingerprint Input Modules, Microprocessors/Microcontrollers, Displays, Matchers), Search Type (Tenprint Search, Latent Search), Application, and Geography – Global Forecast to 2020
About MarketsandMarkets™
MarketsandMarkets™ has been recognized as one of America’s best management consulting firms by Forbes, as per their recent report.
MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.
Earlier this year, we made a formal transformation into one of America’s best management consulting firms as per a survey conducted by Forbes.
The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines – TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.
Built on the ‘GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies – helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.
To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.
Contact: Mr. Rohan SalgarkarMarketsandMarkets™ INC. 630 Dundee RoadSuite 430Northbrook, IL 60062USA: +1-888-600-6441Email: [email protected] Our Web Site: https://www.marketsandmarkets.com/Research Insight: https://www.marketsandmarkets.com/ResearchInsight/next-generation-biometric-technologies-market.aspContent Source: https://www.marketsandmarkets.com/PressReleases/biometric-technologies.asp
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Artificial Intelligence

GEEKOM releases a perfect mini PCs with dual 2.5Gbps Ethernet ports – GEEKOM GT1 MEGA

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September 20, 2024

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TAIPEI, Sept. 20, 2024 /PRNewswire/ — GEEKOM, a Taiwanese tech company also known as the Green Mini PC Global Leader, recently released a strong lineup of flagship mini PCs with Intel Core Ultra processors and dual Ethernet ports, making it possible for users to enjoy impeccable performance and superb networking functionalities at the same time.

One of these mini PCs is the GEEKOM GT1 Mega, which employs a beautiful aluminum chassis with plenty of I/O, including two full-function 40Gbps USB4 Type-C, six USB Type-A, 2 HDMI2.0, a 3.5mm audio jack, an SD card reader and dual Ethernet ports. The two Ethernet jacks are both of 2.5Gbps standard, which not only delivers high-speed and reliable internet connection for people’s daily computing chores, but also enables the mini PC to serve more sophisticated networking functionalities as a soft router, a virtual machines, a hardware firewall, or even a home server. Besides, dual Ethernet ports can separate internal and external network connections, providing logical and physical separation of trusted and untrusted network traffic and keeping data safe from potential cyber-attacks.
The GT1 Mega is powered by Intel’s latest and smartest Core™ Ultra processor (up to CoreTM U9-185H) and dual-channel DDR5-5600MHz RAM. Thanks to the new CPU, GPU, and NPU three tier multi-processing architecture, the mini PC is ready to harness the superpowers of Artificial Intelligence. It is compatible with more than 500 AI models across 20+ categories and supports high-performance low-power processing in a wide range of computing scenarios, which include enhancing facial features and blurring the background during video calls, removing the vocals from songs to create karaoke tracks, and generating large-scale images based on texts or voice commands. Basically, the GT1 Mega allows users to finish tasks that used to take hours or even days through only a few keystrokes!
The GEEKOM GT1 Mega,is now available on GEEKOM’s official website.
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Lucinity Partners with Sift for Unified Fraud and AML Case Management

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September 19, 2024

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SAN FRANCISCO, Sept. 19, 2024 /PRNewswire/ — Lucinity and Sift have announced a partnership, unifying fraud and Anti-Money Laundering (AML) into Lucinity’s integrated FinCrime compliance platform for case management, agent-enabled workflow automation, and Generative AI.

Sift is an AI-powered fraud platform securing digital trust for leading global businesses. Its Global Data Network analyzes more than 1 trillion events and identity signals per year to prevent fraud across the entire consumer journey. Lucinity and Sift formed this new partnership to address the challenges of fragmented fraud and AML systems, aiming to centralize and enhance financial crime investigations.
Sift’s AI-powered solution will now be integrated into Lucinity’s platform. This collaboration enhances Lucinity’s ability to provide a seamless and efficient compliance solution. It allows teams to review and manage fraud alerts more effectively through Lucinity’s unified Case Management system, thanks to the native integration between the systems. Key benefits to Lucinity’s users include:
Real-Time Fraud Screening: Payments are screened for potential fraud in real time, utilizing Sift’s fraud detection capabilities.Automatic Payment Holds: Payments suspected of fraud are temporarily held, ensuring verification before processing.Streamlined Reviews: Compliance teams can conduct thorough reviews of flagged payments within Lucinity’s Case Management solution.Risk Level Adjustments: Fraud detection parameters can be customized to adjust sensitivity levels, adapting to emerging fraud trends and risk appetites.This partnership also enables users to leverage Lucinity’s Generative AI capabilities through the Luci copilot to investigate fraud cases more efficiently.
Udi Nessimyan, President and Chief Revenue Officer of Lucinity, comments, “One of the greatest challenges in fighting financial crime is fragmented systems and data. Our partnership with Sift helps address this challenge by providing a centralized platform for various case types, including AML, fraud, sanctions, and ad hoc cases. Our collaboration significantly enhances the productivity of investigation teams, reducing the time spent on cases from hours to minutes.”
Sift’s Chief Marketing Officer, Armen Najarian, emphasizes the collaborative effort to enhance financial crime prevention, stating, “Cybercriminals are increasingly leveraging AI to bypass traditional anti-money laundering and fraud controls, creating sophisticated and dynamic threats. To combat these evolving risks, companies must adopt a ‘fight fire with fire’ approach by leveraging AI-powered solutions. Through Sift’s partnership with Lucinity, businesses can stay ahead of fraudsters, ensuring robust protection against abuse and enabling fearless growth.”
About Sift: https://sift.com About Lucinity: https://lucinity.com
Media contact:Celina [email protected] +354 792 4321

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Employee Background Check Software Market Size to Grow USD 828.8 Million by 2030 at a CAGR of 4.9% | Valuates Reports

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September 19, 2024

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BANGALORE, India, Sept. 19, 2024 /PRNewswire/ — Employee Background Check Software Market is Segmented by Type (Cloud-Based, On Premises), by Application (SMEs, Large Enterprises): Global Opportunity Analysis and Industry Forecast, 2024-2030.

The Global Employee Background Check Software Market was valued at USD 587 Million in 2023 and is anticipated to reach USD 828.8 Million by 2030, witnessing a CAGR of 4.9% during the forecast period 2024-2030.
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Major Factors Driving the Growth of Employee Background Check Software Market:
The employee background check software market is growing due to increasing demands for secure hiring processes and regulatory compliance, especially in industries such as finance, healthcare, and IT. As companies look to reduce risks associated with fraud, legal liabilities, and workplace safety, background checks are becoming a critical part of recruitment processes. The rise of remote work has further accelerated the need for digital solutions. However, challenges include concerns over data privacy and varying legal frameworks across regions, which may slow adoption in some areas.
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TRENDS INFLUENCING THE GROWTH OF THE GLOBAL EMPLOYEE BACKGROUND CHECK SOFTWARE MARKET:
Cloud-based background check software is gaining traction due to its scalability, remote access, and cost-effectiveness. With cloud-based systems, businesses can streamline their hiring processes, particularly when operating across multiple locations. The ability to access data and conduct checks in real-time is highly valuable for organizations managing large workforces or remote employees. The flexibility and lower upfront investment of cloud-based solutions make them popular among businesses seeking efficient and adaptable systems for their recruitment processes.
On-premises solutions remain important for organizations with strict security and data control requirements, such as those in government, defense, or finance. These companies often need complete ownership of their data, which on-premises software offers, reducing the risk of external breaches. Although it requires significant upfront investment and maintenance, on-premises software provides a high level of customization and security. It’s especially useful for businesses dealing with sensitive information and industries where compliance with local data protection laws is critical.
Large enterprises, particularly those operating in regulated industries like banking and healthcare, are the major adopters of employee background check software. These organizations deal with large volumes of hires, making streamlined background checks essential for compliance and operational efficiency. The ability to integrate background check systems with existing HR tools, such as applicant tracking systems, allows large companies to manage their recruitment processes more effectively. The need for comprehensive and accurate background checks is crucial for mitigating risk and ensuring legal compliance.
The rise in remote working has increased the demand for background check software that allows companies to vet employees regardless of their location. Digital background checks, particularly cloud-based ones, make it easier for organizations to screen remote workers efficiently. This trend is expected to continue as more companies adopt hybrid or fully remote work models, where geographical barriers no longer restrict talent acquisition but require thorough and remote-friendly verification processes.
As regulatory frameworks for employment practices become more stringent globally, businesses are increasingly relying on background check software to ensure compliance. Laws like the General Data Protection Regulation (GDPR) in Europe and the Fair Credit Reporting Act (FCRA) in the U.S. have made it mandatory for companies to conduct background checks within specific legal parameters. This has led to increased demand for software solutions that can automate these processes while maintaining compliance with regional and international laws.
A major trend in the employee background check software market is the integration of these solutions with human resources management systems (HRMS). Integrating background checks with HR software streamlines the hiring process by consolidating background checks, employee records, and onboarding into one system. This improves operational efficiency for businesses, particularly large enterprises that handle significant recruitment volumes. Integration with HRMS allows for real-time updates, making background screening an even more integral part of the hiring process.
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EMPLOYEE BACKGROUND CHECK SOFTWARE MARKET SHARE
North America dominates the market due to stringent employment regulations and widespread adoption across industries. Europe is another key region, driven by GDPR compliance and demand in finance and healthcare. The Asia-Pacific region is experiencing rapid growth due to increasing awareness of the importance of background checks, especially in countries like China and India, where digital hiring platforms are becoming more popular. The market is also expanding in the Middle East and Africa as businesses prioritize secure hiring practices.
Key Companies:
HireRightGoodHireCheckrSterlingHireologyINTELIFIGood EggPeopleG2VitayCertnGlobal HR ResearchVeritable ScreeningXrefZincPaycomADPVICTIGIntelliCorp (Cisive)SpringVerifyAsurintUniversalAssureHireVerified FirstHireSafePurchase Chapters: https://reports.valuates.com/request/chaptercost/QYRE-Auto-2A10579/Global_Employee_Background_Check_Software 
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DISCOVER MORE INSIGHTS: EXPLORE SIMILAR REPORTS!
–  Employer of Record Services market was valued at USD 128.2 Million in 2023 and is anticipated to reach USD 196 Million by 2030, witnessing a CAGR of 6.8% during the forecast period 2024-2030.
–  Employee Engagement Platform market was valued at USD 805 Million in 2023 and is anticipated to reach USD 2217.4 Million by 2030, witnessing a CAGR of 15.5% during the forecast period 2024-2030.
–  Employee Advocacy Platforms market was valued at USD 533 Million in 2023 and is anticipated to reach USD 1020.8 Million by 2030, witnessing a CAGR of 9.7% during the forecast period 2024-2030.
–  Employee Feedback Software market is projected to grow from USD 499.5 Million in 2024 to USD 1287.8 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
–  Employee Productivity Tracking Software market is projected to reach USD 311.8 Million in 2029, increasing from USD 219 Million in 2022, with the CAGR of 5.2% during the period of 2023 to 2029.
–  Employee Feedback Software market is projected to grow from USD 499.5 Million in 2024 to USD 1287.8 Million by 2030, at a Compound Annual Growth Rate (CAGR) of 17.1% during the forecast period.
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