According to a new market research report titled, “Biometric
System Market by Offering, Biometrics Type (Fingerprint Recognition, Voice
Recognition), Contact Type, Authentication Type, Platform, Application, End
User (Government, Military & Law Enforcement, and Others)– Global Forecast
to 2029”, the global biometric system market is expected to grow at a CAGR of
12.4% from 2022 to 2029 to reach USD 51.6 billion by 2029.
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Biometrics refers to the measurement and statistical
analysis of an individual’s unique physical and behavioral characteristics. It
is mainly used for identification and access control or for identifying
individuals who are under surveillance. It is a widely adopted technology for
perceiving identity thefts, unauthorized access, or documentary fraud.
Several industries and organizations, including government,
BFSI, military, and healthcare, are deploying this technology on a considerable
scale. Growing demand for mobile biometrics devices, rising government
initiatives for biometrics technology, increasing use of biometric technology
in consumer electronics for authentication and identification applications, and
growing need for security measures are the key factors driving the growth of
the biometric systems market. However, the substantial costs associated with
biometric systems and misconceptions and lack of knowledge pertaining to
biometric systems are notable restraints affecting the growth of this market.
The global biometric system market study presents historical
market data in terms of value and volume (2020 and 2021), estimated current
data (2022), and forecasts for 2029. The market is segmented based on offering
(hardware and software), biometric type, (fingerprint recognition, face
recognition, voice recognition, iris recognition, signature recognition, vein
recognition, palm print recognition, and other biometrics types),
authentication type (single-factor authentication and multi-factor
authentication), contact type (contact-based and contactless, hybrid), platform
(on-site, mobile devices, PC’s, & wearable devices), application (digital
identification, access control & authentication, security &
surveillance, and other application), end user (IT & telecom, government,
finance & insurance, retail, military & law enforcement, healthcare,
recreation, education, transportation/warehousing, and other end users), and
geography (North America, Europe, Asia-Pacific, Latin America, and the Middle
East & Africa). The study also evaluates industry competitors and analyses
the market at a country level.
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Based on offering, the hardware segment is expected to
account for the largest share of the biometric system market in 2022. The large
share of this segment is mainly attributed to the growing demand for mobile
biometrics devices and the increasing focus on hardware-centric security
capabilities. In addition, the benefits associated with biometrics hardware,
such as accurate identification, high performance, accountability, reliability,
and high security & assurance, further augment the growth of this segment.
Several providers are investing in R&D to improve the hardware capabilities
and make them more affordable for small and medium-scale enterprises.
Based on authentication type, the single-factor
authentication segment is expected to account for the largest share of the
biometric systems market in 2022. The large share of this segment is mainly
attributed to the growing volume of online transactions, the rising need to
prevent fraudulent activities, and the growing significance of single-factor
authentication in the telecom sector. However, the multi-factor authentication
segment is expected to record the fastest growth over the forecast period. The
growing adoption of BYOD, rising cyber security incidents and identity thefts,
and high demand for cloud-based MFA solutions and services are expected to
support the growth of this segment.
Based on contact type, the contact-based segment is expected
to account for a larger share of the biometric system market. The large market
share of this segment is mainly attributed to the rising demand for advanced
access control solutions, increasing usage of smartphones, and the rising need
for easy & swift biometric security in smartphones. However, the
contactless segment is expected to grow at the highest CAGR during the forecast
period. The rising security concerns and hygiene issues among users due to
touch-based systems are driving the faster growth of this segment. Also, the
growing adoption of face recognition in the public and commercial sector,
strong government initiatives, and the increasing adoption of contactless
biometrics technology post the pandemic are expected to support the growth of
this segment.
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Based on application, the digital identification segment is
expected to account for the largest share of the biometric systems market in
2022. The large share of this segment is mainly attributed to the rise in
identity and authentication frauds, integration of biometrics in smartphones,
growing focus on enhancing end-to-end customer experience, and growing adoption
of cloud-based digital identity solutions.
Geographically, the Asia-Pacific region is expected to
account for the largest share of the global biometric systems market in 2022.
The presence of prominent players offering advanced biometrics solutions to
various sectors in the region is one of the major factors driving the growth of
this regional segment. For instance, in 2022, the Ministry of Public Security
(MOPS), a public agency under the Government of Vietnam, selected NEC’s
Automated Biometric Identification System (ABIS) to upgrade Vietnam’s existing
national ID system with the latest in biometric technologies. Hence, favorable
government initiatives across the region and investments by major biometrics
companies are further accelerating the growth of this regional segment.
Besides, the infrastructural growth in APAC, especially in
China, South Korea, Australia, Singapore, Japan, and India, and growing digital
transformation and rising trends of e-commerce and virtual payment create huge
opportunities for the biometric systems market. Also, the Asia-Pacific region
is projected to register the highest CAGR during the forecast period.
The report also includes an extensive assessment of the key
strategic developments adopted by the leading market participants in the
industry over the past four years (2019–2022). The biometric systems market has
witnessed a number of product launches in recent years. For instance, in 2021,
HID Global introduced its HID Signo Biometric Reader 25B, designed to capture
and read fingerprints in real-world applications and conditions. Similarly, in
2020, Suprema, Inc. (South Korea) introduced its FaceStation F2 Fusion
Multimodal Terminal. It delivers exceptional authentication accuracy and
anti-spoofing performance by the fusion of visual and infrared face recognition
technology.
The key players operating in the biometric system market are
NEC Corporation (Japan), CardLogix Corporation (U.S.), Fujitsu Limited (Japan),
Thales Group (France), Integrated Biometrics LLC (U.S.), Iris ID, Inc. (U.S.),
Suprema, Inc. (South Korea), HID Global Corporation (U.S.), Precise Biometrics
(Sweden), Aware, Inc. (U.S.), Daon, Inc. (U.S.), M2SYS Technology (U.S.),
BIO-key International (U.S.), Cognitec Systems GmbH (Germany), BioRugged (South
Africa), DERMALOG Identification Systems GmbH (Germany), IDEMIA (France), and
ImageWare Systems, Inc. (U.S.).
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