Biometric System Market Worth $51.6 billion by 2029 - Market Size, Share, Forecasts, & Trends Analysis Report with COVID-19 Impact by Meticulous Research®

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Sep 14, 2022, 09:09 ET

REDDING, Calif., Sept. 14, 2022 /PRNewswire/ -- 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 market is expected to grow at a CAGR of 12.4% from 2022 to 2029 to reach $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. Besides, biometrics systems offer several benefits such as accurate identification, high performance, accountability, reliability, and high security & assurance.

The growth of this market is primarily attributed to the growing demand for mobile biometrics devices, rising government initiatives for biometrics technology, and the increasing use of biometric technology in consumer electronics for authentication and identification applications. In addition, the rising need for security measures in military and law enforcement and the growing adoption of cloud-based biometrics solutions provides significant growth opportunities for vendors operating in the biometric systems market. However, the high capital expenditure for deploying biometric systems and the misconceptions & lack of knowledge regarding biometrics systems pose a major challenge to the adoption of biometrics systems.

Growing security requirements in the BFSI sector to drive the biometric system market growth

The modern BFSI sector is highly dependent on IT infrastructure to deliver several services, such as mobile, online, and core banking. Security is among the primary concerns for finance applications performing financial transactions, such as online banking portals and insurance applications. Thus, security concerns have become a major challenge for the banking sector due to which banks and financial institutions are investing heavily in enabling digital services through multiple channels. Therefore, organizations operating in the banking sector are incorporating biometrics solutions on a considerable scale to protect applications and digital assets against manipulation and fraud. Some major banks leverage biometric technologies in various scenarios, such as cash withdrawals at the ATM, authenticating mobile banking apps using fingerprint signing, or a combination of face and voice verification.

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Some of the key developments in this space are as follows:

In 2021, IDEMIA (France) partnered with Federal Bank Limited (India) to implement a secure biometric system that offers bank employees a smarter and more efficient working environment. In addition, it will enable Federal Bank to extend the capabilities of its multi-biometric system in a post-COVID work scenario.
In 2022, Axis Bank Limited (India) partnered with MinkasuPay (India) to offer its customers the smoothest and most secure net banking payment experience through a biometric authentication solution.

Consequently, the demand for biometrics systems witnessed a growth in the banking sector to improve performance, scalability, security, and agility and deliver faster services, thus, promoting the market growth.

The global biometric system 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.

Based on offering, the hardware 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 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 contact type, the biometric systems market is segmented into contact-based, contactless, and hybrid. In 2022, the contact-based segment is expected to account for a larger share of the biometric systems market. The large market share of this segment is due to the rising demand for high-tech 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.

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Based on platform, the biometric systems market is segmented into on-site, mobile devices, PCs, and wearable devices. In 2022, the on-site segment is expected to account for the largest share of the overall biometric systems market. However, the mobile devices segment is expected to grow at the highest CAGR during the forecast period. The rising trend of mobile transactions, growing adoption of biometrics features in smartphones, and rising use of mobile biometrics in e-commerce and online gaming are expected to support the growth of this segment.

Based on application, the biometric system market is segmented into digital identification, access control & authentication, security & surveillance, and other applications (law enforcement and border control). In 2022, the digital identification segment is expected to account for the largest share of the biometric systems market. The large share of this segment is mainly attributed to the rise in identity and authentication frauds, integration of biometrics in IoT devices, growing focus on enhancing end-to-end customer experience, and growing adoption of cloud-based digital identity solutions.

Geographically, the biometric system market is segmented into five major regions: North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa. Asia-Pacific is expected to witness rapid growth during the forecast period. The region is transforming dynamically with respect to the adoption of new technologies across various sectors. The infrastructural growth in APAC, especially in China, South Korea, Australia, Singapore, Japan, and India, and the growing digital transformation creates huge opportunities for players offering biometrics systems. Besides, favorable government initiatives, rising e-commerce and virtual payment trends, and rising digital identity security concerns are expected to help the region grow rapidly over the coming years.

Some of 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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Scope of the Report

Biometric System Market, by Offering

Hardware

Scanners
Cameras

Software

Biometric System Market, by Biometric Type

Fingerprint Recognition
Face Recognition
Voice Recognition
Iris Recognition
Signature Recognition
Vein Recognition
Palm Print Recognition
Other Biometrics Types (Heartbeat Reader and Hand Geometry)

Biometric System Market, by Authentication Type

Single-factor Authentication
Multi-factor Authentication

Biometric System Market, by Contact Type

Contact-based
Contactless
Hybrid

Biometric System Market, by Platform

On-site
PC
Mobile Devices
Wearable Devices

Biometric System Market, by Application

Digital Identification
Access Control & Authentication
Security & Surveillance
Other Applications (Border Control and Law & Enforcement)

Biometric System Market, by End User

Information Technology & Telecom
Government
Retail
Finance & Insurance
Healthcare
Military /Law Enforcement
Recreation
Education
Transportation & Warehousing
Other End Users (Hotel & Food Services and Constructions)

Biometric System Market, by region

North America

U.S.
Canada

Europe

UK
Germany
France
Italy
Spain
Rest of Europe

Asia-Pacific

China
Japan
India
South Korea
Singapore
Vietnam
Indonesia
Rest of Asia-Pacific

Latin America

Brazil
Mexico
Rest of Latin America

Middle East & Africa

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