Biometrics Market to Grow $137.9 Billion at 18.9% CAGR Through 2030, Reports Insights

The global biometrics market is estimated at USD 34.5 billion in 2022 and is projected to register a CAGR of 18.9% over the period 2022-2030, primarily driven by the increasing adoption of the technology to prevent infrastructural fraudulent access.

New York, Jan. Feb. 23, 2023 (GLOBE NEWSWIRE) — Biometrics Market, a research report published by Reports Insights, was valued at USD 34.5 billion in 2022 and is expected to exceed USD 137.9 billion by 2030 at a CAGR of 18.9%.

Biometrics Market Size, Share & Trends Analysis, By Component: Hardware, Services & Software), By Deployment (Contact, Contactless, Hybrid), By Type (Physiological Biometrics (Hand Geometry, Face Recognition , fingerprinting, iris and others) behavioral biometrics (signature recognition, voice recognition, etc.), by authentication type (single-factor authentication, multi-factor authentication), by end-use (government, BFSI, healthcare, IT and Telecommunications, Transportation & Logistics, Defense) & Security & Others), by Region and Sector, Forecast Period 2022 to 2030. Initiatives using eye biometrics, face, fingerprints such as Indonesia’s e-KTP electronic identification scheme and India’s UIDAI scheme are also expected to create new market opportunities. Many financial institutions have adopted or are using biometrics, and the banking industry is replacing legacy systems with biometric systems. The banking industry is moving at a digital pace and still requires strict employee and customer identification protocols to prevent fraud and identity theft.

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Biometrics is defined as the technology used to identify and verify the unique physical characteristics of an individual. The technology is primarily used to verify an individual’s identity by verifying certain physical or behavioral indicators such as facial structure, fingerprints, voice tone, palm or finger vein patterns, and iris movement.

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Also, biometrics, known as computerized or automated technology, play an important role in identification and security. This technology provides advanced identification or authentication methods to replace traditional methods such as passwords, PINs, etc. Recently, the use of biometrics has been well received in various industries such as banks and financial institutions, medical centers, airports, etc. The main reason behind such widespread adoption is to provide sustainable and high security benefits to individuals or any organization by protecting sensitive data from third party fraudulent activities.

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Key Market Highlights

• The global biometrics market size is expected to exceed USD 137.9 billion by 2030 and grow at a CAGR of 18.9% during the forecast period (2022-2030).

• Globally, Biometrics is Segmented Based on Components: Hardware, Software and Services

• In terms of deployment, the market is segmented into contact, contactless, and hybrid.

• The market is also segmented by type: Physiological biometrics (iris recognition, face recognition, hand geometry, fingerprint recognition, etc.) and behavioral biometrics (voice recognition, signature recognition, etc.).

• Based on authentication type, the market share is divided into three groups: single-factor authentication and multi-factor authentication.

• Furthermore, the end-use segment includes seven segments: Transportation & Logistics, Government, BFSI, Defense & Security, Healthcare, IT & Telecommunications, and others.

• The market is geographically divided into five regions: Europe, Asia Pacific, North America, South America, and Middle East & Africa.

• North America and Asia Pacific are expected to support industry growth over the forecast period owing to widespread adoption of security and surveillance solutions.

Biometrics Market Segmentation Details:

Based on components, The hardware segment contributed a major share to the market growth in terms of volume. Predominantly biometric hardware is employed because of its ease of installation and full access to every secure aspect. This component mainly collects the user’s physical or behavioral characteristics, such as fingerprints and palmprints, iris scans, facial features, etc. Additionally, such hardware connects to the enterprise’s data servers, which validate the entered credentials to further allow information access.

Based on deployment, The contact-based deployment segment contributed a major share to the growth of the biometrics market. Touch-based biometric hardware is mainly used in building infrastructure as it helps to collect and verify finger impressions with information on data servers. This segment is widely used in several institutions such as fitness centers, sports clubs, commercial office spaces, residential complexes, etc. due to its user-friendly interface.

based on type, The physiological biometrics segment is expected to account for the largest contribution to the biometrics market share. These biological characteristics relate to the human body structure. Several physical characteristics such as iris structure, fingerprint imprint or facial structure are mapped for use by biometric security scanners. Furthermore, these biometrics reflect the unique identity of any person, making it a generally accepted model for ensuring the proper use of biometrics with the consent of the individual.

Based on authentication type, The multi-factor authentication segment is expected to support the market demand in terms of revenue. This type of authentication is primarily used to add an extra layer of security on top of existing security patches. This multi-layered authentication makes it difficult for any unscrupulous hacker to gain access to sensitive data. Hence, Multi-Factor Authentication is widely adopted in IT and Telecom, BFSI and Defense sectors to prevent any risk of data theft or data breach in large server networks.

Depending on end use, The government segment is expected to contribute a substantial share to the market share in terms of volume. Integrated Automated Fingerprint Identification Systems (IAFIS), Transport Worker Identification Credentials (TWIC) and many other biometric technologies have been integrated into government agencies to perform specific tasks such as verifying security cards, allowing network access to personal identities within government agencies and Subject to any background checks.

based on region, North America is expected to contribute a major share to the market growth in terms of revenue and volume. A large number of established government agencies and multinational conglomerates rely heavily on such biometrics to prevent any fraudulent intervention. Additionally, widespread awareness of such technologies among businesses and citizens supports the need for biometrics in infrastructure such as smart door locks, airport access control, and facial scanning for accessing e-commerce applications.

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recent development

• In April 2022, a Chinese company called Moqi Technologies launched a contactless fingerprint scanner, making its debut as an innovative biometrics market player. The new company has been exclusively selected by Beijing as one of the outstanding Small and Medium Enterprises (SMEs) for its wide range of innovative products.

• In September 2022, a Swedish company called Precise Biometrics launched two software innovations called Algo and Digital Identity. Algo is a software used to verify fingerprint impressions inside cars, cell phones, door locks and other devices. Additionally, Digital Identity is a facial recognition software used for visitor management, personal access and authentication of digital services.

• In November 2022, a Japanese conglomerate called NEC Corporation launched its latest multimodal biometric authentication solution called Bio-Idiom. Bio-Idiom is a flagship biometric authentication brand that combines NEC’s iris and facial recognition technologies to provide enhanced biometric services to end users.

List of Key Biometrics Market Players

Moreover, the research report provides a comprehensive assessment of market dynamics to provide stakeholders with insightful information on mergers and acquisitions, product collaborations, and business strategies. Such analysis facilitates a wealth of growth insights across applications, technological advancements, innovative product launches, and business strategies. Following are the key market players currently operating in the market −

• exact time systems corp.

• NEC

• Imageware Systems Inc.

• 3M Company (Conkin Systems, Inc.)

• Afix Technology

• Accurate Biometrics

• BIO-key International Inc.

• DERMALOG IDENTIFICATION SYSTEMS Gmbh

• supreme company

• East Shore Technology

• EyeVerify Company

• fujitsu co., ltd.

• Thales

• Gemalto Corporation

• HID Global Corporation

• Edemia

• iris recognition company

Global Biometrics Market Segmentation:

• in the component

• when deploying

• by type

  • Physiological biometrics

    • face recognition

    • iris recognition

    • Fingerprint recognition

    • hand geometry

    • other

  • behavioral biometrics

    • signature recognition

    • Speech Recognition

    • other

• in authentication type

• end use

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