USD 42.9 billion
Biometric Technology Market Size, Share, Growth Analysis, By Technology(Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition), By End-user(Government, Healthcare, BFSI, Commercial), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45N2091 |
Region:
Global |
Published Date: April, 2024
Pages:
197
|Tables:
67
|Figures:
75
Biometric Technology Market Insights
Global Biometric Technology Market size was valued at USD 42.9 billion in 2022 and is poised to grow from USD 48.95 billion in 2023 to USD 140.61 billion by 2031, at a CAGR of 14.1% during the forecast period (2024-2031).
The global biometric technology marketplace is witnessing robust growth due to growing concerns over safety and privateness. Biometric systems, consisting of fingerprint recognition, facial recognition, and iris scanning, are being extensively followed throughout industries which include finance, healthcare, and government.
The call for biometric authentication in cell devices and access control structures is driving marketplace growth. Additionally, advancements in AI and system learning are enhancing biometric accuracy and value. With the growing want for stable and handy authentication strategies, the biometric era marketplace is predicted to preserve its upward trajectory, offering innovative solutions for identification verification and get entry to manipulate.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Government
Fastest Growth
Commercial
Growth Rate
14.1% CAGR
Global Biometric Technology Market by region
Country Share for North America(%)
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Biometric Technology Market Segmental Analysis
The international biometric generation market is segmented primarily based on era type, end-person, and vicinity. In terms of generation, it consists of fingerprint popularity, facial reputation, iris popularity, voice popularity, and others. End-customers include authorities, healthcare, BFSI, retail, and others. Geographically, the marketplace is divided into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.
Analysis By Technology
The worldwide biometric generation market is predicted to grow from USD 66 in 2022 to USD 163.91 billion by 2032, at a CAGR of 13.6%. The boom of the market is driven through the increasing demand for safety and authentication answers, the growing adoption of biometrics in mobile devices and other customer electronics, and the growing authorities guidelines for biometrics in numerous applications.
The largest segment of the marketplace is physiological biometrics, observed by means of behavioral biometrics. The physiological biometrics phase is anticipated to dominate the market throughout the forecast duration, because of the high accuracy and reliability of those technologies. The behavioral biometrics phase is predicted to develop at the fastest rate in the course of the forecast duration, because of the increasing adoption of those technologies in applications in which safety is crucial.
Analysis By End-user
The government and law enforcement section is the most important end-person phase of the global biometric era market, accounting for the biggest percentage of the market in 2022. This is because of the increasing use of biometrics for identification and authentication functions in authorities programs which includes border manipulation, immigration, and crook research.
The business and retail section is anticipated to develop at the quickest CAGR in the course of the forecast duration. This is because of the increasing adoption of biometrics in programs along with access control, charge, and attendance control within the commercial and retail sectors. The healthcare segment is likewise predicted to develop at a huge fee in the course of the forecast length. This is because of the growing use of biometrics for identification and authentication functions in healthcare applications consisting of affected person registration, digital fitness records, and far off affected person monitoring.
Global Biometric Technology Market by End-user
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Biometric Technology Market Regional Insights
The largest section in the worldwide biometric era market is the physiological biometrics section, which accounted for the biggest share of the market in 2022. This segment is in addition segmented into fingerprint recognition, iris reputation, face popularity, and others. Fingerprint recognition is the most famous biometric authentication approach, followed by iris popularity and face reputation.
The quickest developing section in the worldwide biometric era marketplace is the behavioral biometrics phase, which is predicted to grow at a CAGR of 15.5%. This segment is further segmented into signature recognition, voice recognition, and others. Signature popularity is the maximum popular behavioral biometric authentication technique, observed by way of voice reputation.
Global Biometric Technology Market by Region
- Largest
- Fastest
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Biometric Technology Market Dynamics
Drivers
- Increasing Security Concerns: With the growing threats to personal and organizational safety, there's a rising call for more robust and dependable authentication methods. Biometric technology, along with fingerprint reputation, facial reputation, and iris scanning, offer a relatively secure method of verifying identities, that's riding their adoption in diverse sectors, along with finance, healthcare, and government.
- Government Initiatives: Many governments globally are actively selling the usage of biometric technology for identity verification, border management, and law enforcement. These projects power the adoption of biometric systems, developing an extensive market for biometric technology providers.
- Rising Need for Convenient Authentication: As customers more and more are seeking handy and seamless authentication strategies, biometrics offer a person-pleasant alternative to standard passwords and PINs. This convenience element is pushing the mixing of biometric authentication into smartphones, capsules, laptops, and other consumer devices.
Restraints
- Biometric facts are exceptionally sensitive and raise sizable privateness worries. The collection, garage, and use of biometric statistics may be concerned with regulatory and legal regulations. Ensuring statistics protection and complying with privacy regulations may be difficult for companies and governments, which can also gradual down adoption.
- Implementing biometric generation may be high-priced, regarding the purchase of specialized hardware and software programs, as well as integration into current structures. The preliminary funding and ongoing upkeep charges may be a barrier for a few organizations, mainly smaller ones.
- While biometric technology has superior considerably, they may now not be infallible. Factors like lighting conditions, picture first-rate, and versions in individual biometric traits can have an effect on accuracy and reliability. False positives and false negatives will have severe results in programs like airport security or get right of entry to manipulate.
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Biometric Technology Market Competitive Landscape
The international biometric generation market features extreme competition among key players, along with corporations including NEC Corporation, Fingerprint Cards AB, IDEMIA, Thales Group, and BIO-key International. These corporations are usually innovating to offer superior biometric answers, including facial popularity, fingerprint scanning, and iris popularity, across numerous industries consisting of finance, healthcare, and government sectors. Partnerships, acquisitions, and product tendencies are commonplace techniques hired to gain an aggressive part.Rising concerns over security and the increasing adoption of biometrics for identity verification drive market growth, prompting companies to invest heavily in research and development to maintain their competitive positions in this dynamic industry.
Top Player’s Company Profiles
- NEC Corporation - Japan
- HID Global Corporation - United States
- Fujitsu Ltd. - Japan
- Gemalto (Thales Group) - France
- Suprema Inc. - South Korea
- Crossmatch (now part of HID Global) - United States
- Aware, Inc. - United States
- Morpho (Safran Identity & Security) - France
- ZKTeco Inc. - China
- IDEMIA (formerly OT-Morpho) - France
- Green Bit S.p.A. - Italy
- SecuGen Corporation - United States
- BioEnable Technologies Pvt. Ltd. - India
- Iris ID Systems, Inc. - United States
- IDEX ASA - Norway
- Nuance Communications, Inc. - United States
- Daon - United States
- Fingerprints Cards AB - Sweden
- Face++ (Megvii Technology) - China
- Cognitec Systems GmbH - Germany
Recent Developments
- In March 2024, Ingenium Biometric Laboratories, a prominent leader in biometric technology research and testing, joins hands with the University of Southampton's School of Electronics and Computer Science (ECS) in a notable partnership for biometric research endeavors. This collaboration signifies a substantial opportunity to enhance research and development capabilities, fostering advancements to bolster the global biometric technology industry.
- In February 2024, Reperio Health, the sole provider of comprehensive health screenings with instant results conducted at home and on-site, unveiled the launch of Reperio Professional (Reperio Pro). This introduction broadens the utilization of the company's proprietary technology, enhancing a streamlined and user-friendly biometric health screening process. The new product complements the self-directed version employed for at-home biometric health screenings.
- In February 2024, Fingerprint Cards AB (Fingerprints™) revealed that the company's biometric Match-on-Chip PC solution is now integrated into the Asus Expertbook B5 laptop. This marks the debut of an Asus Windows PC product incorporating Fingerprints' Match-on-Chip solution, which is included on Microsoft's approved vendor list (AVL) for Windows Hello Enhanced Sign-in Security.
Biometric Technology Key Market Trends
- Integration of Biometrics in Everyday Life: Biometric era has been increasingly more integrated into everyday lifestyles, specially inside the areas of security and identification verification. This fashion was expected to maintain as biometrics are utilized in smartphones, get right of entry to control structures, and even price systems. The use of biometrics, which include fingerprint and facial popularity, for unlocking gadgets and authorizing digital bills became more full-size.
- Multi-Modal Biometrics: Multi-modal biometrics, which contain the usage of multiple biometric identifiers for stronger security, have been gaining traction. For instance, combining fingerprint popularity with facial reputation or iris scanning for admission to manipulate provided a higher authentication system. This technique was seen as a way to overcome some of the limitations of unmarried-modal biometrics, along with spoofing and false positives.
- AI and Machine Learning Integration: AI and devices gaining knowledge of have been being increasingly integrated into biometric generation. This allowed for more superior and correct recognition algorithms, making biometrics even more reliable. AI-driven facial reputation, voice reputation, and behavioral biometrics were emerging as massive traits. These technologies promised to enhance not only protection however also user convenience and gadget efficiency.
Biometric Technology Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Product types of teams that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analysis, the worldwide biometric generation marketplace is poised for vast growth in the future. Advancements in biometrics, inclusive of facial reputation, fingerprint scanning, and iris reputation, are driving adoption throughout diverse industries, consisting of finance, healthcare, and security. Rising concerns about information protection and the need for convenient authentication techniques are fueling demand. Additionally, the combination of biometrics into cell gadgets and the Internet of Things (IoT) is expanding its reach. As technology keeps adapting, the marketplace is predicted to thrive, offering promising potentialities for businesses and buyers, with a focus on enhancing safety, comfort, and efficiency in diverse packages.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 42.9 billion |
| Market size value in 2031 | USD 140.61 billion |
| Growth Rate | 14.1% |
| Base year | 2023 |
| Forecast period | 2024-2031 |
| Forecast Unit (Value) | USD Billion |
| Segments covered |
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| Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
| Companies covered |
|
| Customization scope | Free report customization with purchase. Customization includes:-
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Table Of Content
Executive Summary
Market overview
- Exhibit: Executive Summary – Chart on Market Overview
- Exhibit: Executive Summary – Data Table on Market Overview
- Exhibit: Executive Summary – Chart on Biometric Technology Market Characteristics
- Exhibit: Executive Summary – Chart on Market by Geography
- Exhibit: Executive Summary – Chart on Market Segmentation
- Exhibit: Executive Summary – Chart on Incremental Growth
- Exhibit: Executive Summary – Data Table on Incremental Growth
- Exhibit: Executive Summary – Chart on Vendor Market Positioning
Parent Market Analysis
Market overview
Market size
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- SWOT Analysis
KEY MARKET INSIGHTS
- Technology Analysis
- (Exhibit: Data Table: Name of technology and details)
- Pricing Analysis
- (Exhibit: Data Table: Name of technology and pricing details)
- Supply Chain Analysis
- (Exhibit: Detailed Supply Chain Presentation)
- Value Chain Analysis
- (Exhibit: Detailed Value Chain Presentation)
- Ecosystem Of the Market
- Exhibit: Parent Market Ecosystem Market Analysis
- Exhibit: Market Characteristics of Parent Market
- IP Analysis
- (Exhibit: Data Table: Name of product/technology, patents filed, inventor/company name, acquiring firm)
- Trade Analysis
- (Exhibit: Data Table: Import and Export data details)
- Startup Analysis
- (Exhibit: Data Table: Emerging startups details)
- Raw Material Analysis
- (Exhibit: Data Table: Mapping of key raw materials)
- Innovation Matrix
- (Exhibit: Positioning Matrix: Mapping of new and existing technologies)
- Pipeline product Analysis
- (Exhibit: Data Table: Name of companies and pipeline products, regional mapping)
- Macroeconomic Indicators
COVID IMPACT
- Introduction
- Impact On Economy—scenario Assessment
- Exhibit: Data on GDP - Year-over-year growth 2016-2022 (%)
- Revised Market Size
- Exhibit: Data Table on Biometric Technology Market size and forecast 2021-2027 ($ million)
- Impact Of COVID On Key Segments
- Exhibit: Data Table on Segment Market size and forecast 2021-2027 ($ million)
- COVID Strategies By Company
- Exhibit: Analysis on key strategies adopted by companies
MARKET DYNAMICS & OUTLOOK
- Market Dynamics
- Exhibit: Impact analysis of DROC, 2021
- Drivers
- Opportunities
- Restraints
- Challenges
- Exhibit: Impact analysis of DROC, 2021
- Regulatory Landscape
- Exhibit: Data Table on regulation from different region
- SWOT Analysis
- Porters Analysis
- Competitive rivalry
- Exhibit: Competitive rivalry Impact of key factors, 2021
- Threat of substitute products
- Exhibit: Threat of Substitute Products Impact of key factors, 2021
- Bargaining power of buyers
- Exhibit: buyers bargaining power Impact of key factors, 2021
- Threat of new entrants
- Exhibit: Threat of new entrants Impact of key factors, 2021
- Bargaining power of suppliers
- Exhibit: Threat of suppliers bargaining power Impact of key factors, 2021
- Competitive rivalry
- Skyquest special insights on future disruptions
- Political Impact
- Economic impact
- Social Impact
- Technical Impact
- Environmental Impact
- Legal Impact
Market Size by Region
- Chart on Market share by geography 2021-2027 (%)
- Data Table on Market share by geography 2021-2027(%)
- North America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- USA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Canada
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Europe
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Germany
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Spain
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- France
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- UK
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Europe
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Asia Pacific
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- China
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- India
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Japan
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Korea
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of Asia Pacific
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Latin America
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- Brazil
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of South America
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Middle East & Africa (MEA)
- Chart on Market share by country 2021-2027 (%)
- Data Table on Market share by country 2021-2027(%)
- GCC Countries
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- South Africa
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
- Rest of MEA
- Exhibit: Chart on Market share 2021-2027 (%)
- Exhibit: Market size and forecast 2021-2027 ($ million)
KEY COMPANY PROFILES
- Competitive Landscape
- Total number of companies covered
- Exhibit: companies covered in the report, 2021
- Top companies market positioning
- Exhibit: company positioning matrix, 2021
- Top companies market Share
- Exhibit: Pie chart analysis on company market share, 2021(%)
- Total number of companies covered
Methodology
For the Biometric Technology Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Biometric Technology Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Analyst Support
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Biometric Technology Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biometric Technology Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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