USD 33.18 billion
Biometrics Market Size, Share, Growth Analysis, By Authentication Type (Single-Factor, Multi-Factor), By Offering (Hardware, Software), By Mobility (Fixed, Portable), By Type (Contact, Contactless), By Deployment Mode (On-premises, Cloud-based), By End User (Defence, BSFI), By Region - Industry Forecast 2024-2031
Report ID:
SQMIG45I2142 |
Region:
Global |
Published Date: November, 2024
Pages:
157
|Tables:
147
|Figures:
78
Biometrics Market Insights
Global Biometrics Market size was valued at USD 34.3 billion in 2022 and is poised to grow from USD 39.1 billion in 2023 to USD 112.4 billion by 2031, growing at a CAGR of 14.1% during the forecast period (2024-2031).
The primary factors driving market growth are increasing advancements in biometric technology across various sectors and rising demand for authentication and identification solutions, as well as security and surveillance solutions in various application areas. Furthermore, growing biometric system adoption in consumer electronics, BFSI, and automotive verticals will drive demand for this technology in the near future.
With the increased adoption of mobile devices, consumer biometric applications have grown rapidly in recent years. Because of the adoption of biometric systems, the consumer electronics sector is dominated primarily by security and access control devices. As a result, it promotes market growth. For example, WhatsApp, a popular messaging app, has added a new privacy feature to the Android platform. According to the company, users will soon be able to secure their accounts through biometric authentication via fingerprint sensors.
US Biometrics Market is poised to grow at a sustainable CAGR for the next forecast year.
Market snapshot - 2024-2031
Global Market Size
Largest Segment
Single-Factor Authentication
Fastest Growth
Single-Factor Authentication
Growth Rate
14.1% CAGR
Global Biometrics Market ($ Bn)
Country Share for Asia Pacific Region (%)
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Biometrics Market Segmental Analysis
Global Biometrics Market is segmented by Authentication Type, Offering, Mobility, Type, Deployment Mode, End User and region. Based on Authentication Type, the market is segmented into Single-Factor Authentication (Fingerprint Recognition, Iris Recognition, Palm Recognition, Face Recognition, Vein Recognition, Signature Recognition, Voice Recognition, Other), Multi-Factor Authentication (Two-factor Authentication, Three-factor Authentication, Four-factor Authentication, Five-factor Authentication). Based on Offering, the market is segmented into Hardware (Fingerprint Sensors, Cameras, Readers and Scanners, Other Biometric Hardware), Software. Based on Mobility, the market is segmented into Fixed, Portable. Based on Type, the market is segmented into Contact-Based, Contact-less, Hybrid. Based on Deployment Mode, the market is segmented into On-premises, Cloud-based, Integrated Deployment. Based on end user, the market is segmented into Government (National/State ID, Law Enforcement, e-Passport & e-visa, Others), Defence, Healthcare, BSFI, Consumer Electronics, Travel & Immigration, Automotive, Security (Home, Commercial), Others. Based on region, the market is segmented into North America, Europe, Asia Pacific, Latin America and Middle East & and Africa.
Biometrics Market Analysis by Type
The global biometrics market is segmented based on authentication type into single-factor authentication, and multi-factor authentication. During the forecast period, the multi-factor authentication segment is expected to grow at the fastest CAGR in the biometric system market. The growing demand for multi-factor authentication can be attributed to the growing need for additional security against sensitive data theft, particularly in the government and defence sectors. Combining multiple identifiers provides an additional layer of security, making the system more effective, accurate, and dependable. Furthermore, a multimodal biometric system can lower the rates of failure to enrol (FTE) and failure to capture (FTC). During the forecast period, the rapid development of biometric smart cards for payment and identification is expected to drive demand for multi-factor authentication.
Biometrics Market Analysis by Vertical
The global biometrics market is segmented based on vertical into government, consumer electronics, military & defense, healthcare, banking & finance, travel & immigration, automotive, security, and others. In 2021, the government vertical held the largest share of the biometric system market, a trend that is expected to continue throughout the forecast period. Biometrics aids in the elimination of corruption through various government-implemented large-scale identification projects, such as biometric civil IDs. Through biometric identification, government subsidies, rebates, and incentives such as rations and others can be easily offered to eligible citizens while avoiding any potential system loopholes. Biometric solutions are also used by government agencies to verify individuality across international borders. In some countries, visa applicants are required to provide biometric samples that are compared to criminal records and immigration databases in order to prevent offenders from entering their countries.
Global Biometrics Market By Authentication Type
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Biometrics Market Regional Insights
The global biometrics market is studied on the basis of geography as North America, Europe, Asia-Pacific, South America, and Middle East & Africa. During the forecast period, the market in APAC will grow at the fastest CAGR. China, Japan, India, Australia, South Korea, and the rest of APAC make up the APAC biometric system market. Because of the rapid economic growth in major countries such as China, Japan, India, and South Korea, the presence of prominent biometric system manufacturers such as Fujitsu and NEC Corporation is expected to contribute to this region's revenue share. The growth of the APAC biometric system market can also be attributed to technological advancements, increased public awareness of the use of biometric systems for security purposes, and lower costs of devices based on these technologies. Increasing mobile payment transactions, as well as increased private corporation and government initiatives to adopt biometric authentication systems, are expected to be major drivers for the region's biometrics market. China is at the forefront of the global digital payment revolution, according to the Center for Strategic and International Studies Report (CSIS) 2021.
Global Biometrics Market By Region
- Largest
- Fastest
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Biometrics Market Dynamics
Biometrics Market Driver
- Consumer electronics manufacturers, including smartphones, tablets, laptops, and home automation devices, are eager to incorporate advanced features and functionalities into their products in order to attract more customers and expand their client base. End users are concerned about security as they adopt highly advanced connected devices and digital technologies to process critical information. As a result, today's consumers prefer to access bank accounts, email accounts, and other personal data such as medical records and financial information using devices that support biometric authentication. Similarly, biometric technology-based smartphones are increasingly being used to secure credentials for accessing buildings, doors, and IT systems, resulting in a better user experience and new opportunities for providers of portable access control solutions.
Biometrics Market Restrain
- Biometric system providers cater to the needs of specialized applications in government, banking, financial services, and insurance (BFSI), consumer electronics, automotive, and a variety of other industries. The advanced biometric system requires a significant capital investment in R&D, production, installation, maintenance, and shipping. High-performance biometric systems' software and hardware components (fingerprint readers, electronic locking systems, scanners, sensors, cameras) incur significant installation and maintenance costs. More advanced biometric technologies necessitate modernized raw materials and subcomponents, incurring additional costs. Users must bear the costs of shipping, installation, and preventive maintenance. As a result, the high capital investment required stifles the growth of the biometric system market. However, the increased adoption of these sophisticated technologies suggests that the cost will fall in the near future.
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Biometrics Market Competitive Landscape
The Biometrics Market is highly fragmented due to the presence of numerous vendors around the world, including NEC Corporation, Fujitsu Limited, Leidos Holdings Inc., Gemalto NV (Thales Group), and others. Biometrics solutions are increasingly being adopted by various end-user industries in the market. In addition, the vendors are making significant product developments in order to increase their market presence. The market also sees strategic alliances and acquisitions as a lucrative path to growth.
Biometrics Market Top Players Company Profiles
- Fujitsu (Japan)
- NEC Corporation (Japan)
- Thales Group (France)
- IDEMIA (France)
- Leidos (USA)
- ASSA ABLOY (Sweden)
- Aware Inc. (USA)
- BioEnable Technologies (India)
- Phonexia (Czech Republic)
- ImageWare Systems (USA)
- Cognitec Systems (Germany)
- BioID AG (Germany)
- Hitachi (Japan)
- Nuance Communications (USA)
- M2SYS Technology (USA)
- Gemalto (Thales Group)
- SIC Biometrics (Canada)
- Suprema (South Korea)
- Dermalog Identification Systems (Germany)
- ZKTeco (China)
Biometrics Market Recent Developments
- In August 2022, Chile announced the implementation of an automated biometric identification system (ABIS) to combat organized crime. Idemia has provided the hardware.
- In January 2022, IDEMIA and Microsoft collaborated to develop next-generation eSIM and connectivity solutions for consumer and M2M/IoT devices.
- In July 2021, Thales Group has introduced a new voice biometric solution for onboarding and authentication as part of the Trusted Digital Identity Service Platform. It enables the detection of fraudsters attempting to impersonate customers.
Biometrics Key Market Trends
- One of the key market trends observed is a model shift in business discourse toward more privacy and fewer security threats. End users are increasingly seeking integrated solutions rather than relying on traditional methods.
- The fastest growing CAGR for hybrid biometric systems is attributed to the increasing adoption of reliable and efficient biometrics. Multimodal biometric technologies provide increased security against spoofing or falsification through multi-level authentication. Nowadays, hybrid biometric systems include a variety of modalities (voice, facial, and iris), and government agencies all over the world use them for a variety of security-related tasks such as border control, law enforcement, human resources, national defence, healthcare, and enterprise security.
Biometrics Market SkyQuest Analysis
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Biometrics market analysis, Biometric solutions have seen significant technological advancements in recent years. Advances in sensing technologies, as well as the widespread use of devices such as computers and mobile phones, open up new possibilities for capturing physiological and behavioural characteristics of humans and analysing related data for biometric authentication. Biometric systems powered by machine learning and artificial intelligence technology are bringing new possibilities for effectively identifying any unusual behaviour and providing an additional layer of authentication, if necessary. To avoid potential data breaches, biometric solutions with multi-factor authentication are gaining traction. The growing demand for contactless systems and expanding application areas encourage biometric system manufacturers to invest in R&D activities on a continuous basis in order to expand their portfolio of advanced biometric systems.
| Report Metric | Details |
|---|---|
| Market size value in 2022 | USD 34.3 billion |
| Market size value in 2031 | USD 112.4 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 Biometrics 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 Biometrics 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 Biometrics 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 Biometrics 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 Biometrics Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Biometrics 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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