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, 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 News

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 Market Report Snapshots

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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 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. '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)'

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 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.

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