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

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.