USD 33.18 billion
Report ID: SQSG45I2035 | Region: Global | Published Date: October, 2022 | Pages: 157 | Tables: 147 | Figures: 78
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).
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.
Global Market Size
USD 33.18 billion
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The global biometrics market is segmented based on the authentication type, type, offering type, mobility, vertical and region. Based on the authentication type, it is segmented into single-factor authentication, and multi-factor authentication. Based on type, it is segmented into contact-based, and contactless, and hybrid. Based on offering type, it is segmented into hardware, and software. Based on mobility type, Biometrics Market is segmented into fixed, and portable. Based on vertical, Biometrics Market is segmented into government, consumer electronics, military & defense, healthcare, banking & finance, travel & immigration, automotive, security, and others. Based on region it is categorized into North America, Europe, Asia-Pacific, Latin America, and MEA.
Biometrics Market Analysis by Type
The global biometrics market is segmented based on authentication type into single-factor authentication, and multi-factor authentication. During the forecast period, the multi-factor authentication segment is expected to grow at the fastest CAGR in the biometric system market. The growing demand for multi-factor authentication can be attributed to the growing need for additional security against sensitive data theft, particularly in the government and defence sectors. Combining multiple identifiers provides an additional layer of security, making the system more effective, accurate, and dependable. Furthermore, a multimodal biometric system can lower the rates of failure to enrol (FTE) and failure to capture (FTC). During the forecast period, the rapid development of biometric smart cards for payment and identification is expected to drive demand for multi-factor authentication.
Biometrics Market Analysis by Vertical
The global biometrics market is segmented based on vertical into government, consumer electronics, military & defense, healthcare, banking & finance, travel & immigration, automotive, security, and others. In 2021, the government vertical held the largest share of the biometric system market, a trend that is expected to continue throughout the forecast period. Biometrics aids in the elimination of corruption through various government-implemented large-scale identification projects, such as biometric civil IDs. Through biometric identification, government subsidies, rebates, and incentives such as rations and others can be easily offered to eligible citizens while avoiding any potential system loopholes. Biometric solutions are also used by government agencies to verify individuality across international borders. In some countries, visa applicants are required to provide biometric samples that are compared to criminal records and immigration databases in order to prevent offenders from entering their countries.
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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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Biometrics Market Driver
Biometrics Market Restrain
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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.
Biometrics Market Top Players Company Profiles
Biometrics Market Recent Developments
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Co-relates, and Analyses the Data collected utilizing Primary Exploratory Research backed by the robust Secondary Desk research.
According to our global Biometrics market analysis, Biometric solutions have seen significant technological advancements in recent years. Advances in sensing technologies, as well as the widespread use of devices such as computers and mobile phones, open up new possibilities for capturing physiological and behavioural characteristics of humans and analysing related data for biometric authentication. Biometric systems powered by machine learning and artificial intelligence technology are bringing new possibilities for effectively identifying any unusual behaviour and providing an additional layer of authentication, if necessary. To avoid potential data breaches, biometric solutions with multi-factor authentication are gaining traction. The growing demand for contactless systems and expanding application areas encourage biometric system manufacturers to invest in R&D activities on a continuous basis in order to expand their portfolio of advanced biometric systems.
|Market size value in 2021||USD 33.18 billion|
|Market size value in 2030||USD 39.15 billion|
|Forecast Unit (Value)||USD Billion|
|Regions covered||North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA)|
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For the Global Biometrics Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Global Biometrics Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
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