What is the global market size of the Biometrics System Market?

Global Biometrics System Market size was valued at USD 43.79 billion in 2021 and is poised to grow from USD 47.67 billion in 2022 to USD 91.17 billion by 2030, growing at a CAGR of 8.9% in the forecast period (2023-2030).

Biometrics System 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 the Global Biometrics System Market?

The global biometrics system 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 system 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: SQMIG45I2162 | Region: Global | Published Date: February, 2024
Pages: 157 | Tables: 147 | Figures: 78

Biometrics System Market Insights

Biometrics System Market size was valued at USD 43.79 billion in 2019 and is poised to grow from USD 47.67 billion in 2023 to USD 91.17 billion by 2031, growing at a CAGR of 8.9% in 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 System Market is poised to grow at a sustainable CAGR for the next forecast year.

Biometrics System Market Report Snapshots

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FAQs

The biometrics system 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', 'Fujitsu Limited', 'Thales Group', 'Assa Abloy AB', 'HID Corporation', 'Bio-Key International, Inc.', 'Cognitec Systems GmbH', 'Gemalto NV', 'Suprema Inc.', 'Crossmatch Technologies, Inc.', 'Aware, Inc.', 'Safran Identity & Security', 'Secunet Security Networks AG', 'Precise Biometrics AB', 'Synaptics Incorporated', 'Qualcomm Technologies, Inc.', 'ImageWare Systems, Inc.', '3M Cogent, Inc.', 'Stanley Black & Decker, Inc. (Stanley Security)', 'IDEMIA (formerly Morpho)'

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 system 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 system 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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