What is the global market size of Biometrics Market?

Biometrics Market size was valued at USD 33.18 billion in 2021 and is poised to grow from USD 39.15 billion in 2022 to USD 127.32 billion by 2030, growing at a CAGR of 14.1% in the forecast period (2023-2030).

Biometrics Market Size, Share, Growth Analysis, By Authentication Type(Single-Factor Authentication, Multi-Factor Authentication), By Type(Contact-based, Contactless, Hybrid), By Offering Type(Hardware, Software), By Mobility(Fixed, Portable), By Vertical(Government, Consumer Electronics, Military & Defense, Healthcare), By Region - Industry Forecast 2024-2031

Q: Which region accounted for the largest share in Global Biometrics Market?

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.

Report ID: SQMIG45I2142 | Region: Global | Published Date: July, 2001
Pages: 157 | Tables: 147 | Figures: 78

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.

Biometrics Market Report Snapshots

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Biometrics Market size was valued at USD 33.18 billion in 2019 and is poised to grow from USD 39.15 billion in 2023 to USD 127.32 billion by 2031, growing at a CAGR of 14.1% in the forecast period (2024-2031).

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. 'NEC Corporation (Japan)', '3M Cogent, Inc.', 'Crossmatch Technologies', 'Fujitsu Limited', 'Safran Identity and Security (formerly Morpho)', 'Gemalto NV (Thales Group)', 'BIO-key International, Inc.', 'Aware, Inc.', 'HID Corporation', 'Suprema, Inc.', 'Synaptics Incorporated', 'Precise Biometrics AB', 'ZKTeco Inc.', 'Idex Biometrics ASA', 'Fingerprint Cards AB', 'NEXT Biometrics Group ASA', 'Daon, Inc.', 'ImageWare Systems, Inc.', 'IDEMIA (formerly known as OT-Morpho)', 'M2SYS Technology'

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.

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 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 digital payment revolution, according to the Center for Strategic and International Studies Report (CSIS) 2021.

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Biometrics Market Dynamics

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