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

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.