Biometric Systems Market size worth $ 128.17 Billion, Globally, by 2030 at 13.4% CAGR: Verified Market Research®

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May 18, 2022, 10:15 ET

Advancements in Biometric Systems, increased demand for authentication and identification, security surveillance, increasing adoption from BFSI and automotive industries, are some of the factors to lead Biometric Systems Market growth.

JERSEY CITY, N.J., May 18, 2022 /PRNewswire/ -- Verified Market Research recently published a report, "Biometric Systems Market" By Authentication Type (Single Factor Authentication, Multi Factor Authentication), By Functionality Type (Contact, Non-Contact), By End-User (Government, Military And Defense), and By Geography. According to Verified Market Research, the Global Biometric Systems Market size was valued at USD 39.95 Billion in 2021 and is projected to reach USD 128.17 Billion by 2030, growing at a CAGR of 13.4% from 2022 to 2030.

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Browse in-depth TOC on "Biometric Systems Market"

202 - Pages
126 – Tables
37 – Figures

Global Biometric Systems Market Overview

The increasing demand for security and surveillance owing to the emergence of factors such as the threat of terrorist attacks is the major factor for fueling the growth of the market. In addition, the growing utilization of biometrics as the security identity management in the IT organizations, and healthcare sectors is another factor propelling the growth of the market. Moreover, the rising government initiatives for promoting the adaption of biometrics impose a positive outlook on the market growth. Many government-led initiatives have made it compulsory for every individual to register themselves in systems that are biometric. The driver for the Biometric Systems Market is to identify every individual with their own personal behavioral and physical characteristics.

This helps to differentiate individuals and decrease the chances of fraud. In companies, employees are allowed to gain access only through biometric systems. These systems are secure, and convenient and are superior identification devices. The human resource department in various organizations is a key factor that is projected to fuel the growth of the Global Biometric Systems Market. Recently new and advanced technology has also led to the use of biometric systems in smartphones to identify the owner of the phone and only then allow the phone to be unlocked. This helps protect the privacy of an individual. With more demand for these phones, the Biometric Systems Market is expected to grow. The use of biometric systems for criminal identification is also meant to propel the demand for the global Biometric Systems Market.

Key Developments

In February 2019, German Companies PMD Technologies and Infineon has partnered with Safran which is owned by IDEMIA an identity-related security services company. The aim of this partnership is to provide an end-to-end 3D face recognition solution for system integrators and OEMs.
In June 2019, Green Bit S.P.A which is a biometric scanner provider has been acquired by Gemalto which is a Thales-owned company. The aim of this acquisition is to enhance the company's biometric capabilities and Green Bit S.P.A joined Government business unit of Gemalto in order to improve software solutions and fingerprint scanners capabilities.
In May 2020, A multimodal biometric and touchless-based authentication terminal with a high level of accuracy has been developed by NEC Corporation. It was ranked No. 1 in identification test conducted by the US National Institute of Standards and Technology.

Key Players

The major players in the market are NEC, Fujitsu, Cognitec Systems, Aware, ASSA Abloy, Precise Biometrics, Safran, Secunet Security Networks, Stanley Black & Decker, and Thales.

Verified Market Research has segmented the Global Biometric Systems Market On the basis of Authentication Type, Functionality Type, End-User, and Geography.

Biometric Systems Market, By Authentication Type

Single factor Authentication
Multi factor Authentication

Biometric Systems Market, By Functionality Type

Contact
Non-contact
Combined

Biometric Systems Market, By End-User

Government
Military & Defense
Healthcare
Banking & Finance
Others

Biometric Systems Market, by Geography

North America

U.S
Canada
Mexico

Europe

Germany
France
U.K
Rest of Europe

Asia Pacific

China
Japan
India
Rest of Asia Pacific

ROW

Middle East & Africa
Latin America

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Biometric Market By Functionality Type (Combined, Contact and Non-contact), By End-User (Government, Military & Defense, Electronics Healthcare, Banking & Finance), By Geography, Forecast, 2021-2028

Biometric Identification Market By Component (Hardware, Software, Services), By End-User (Travel And Immigration, Government, Banking And Finance, Automotive), By Geography, Forecast, 2021-2028

Biometrics and Identity Management Market By Product (Fixed, Mobile), By Application (Retail and Commerce, Healthcare, Enterprise, Banking and Financial Institutions, Consumer Electronics, Government), By Geography, Forecast, 2021-2028

Top 10 Access Control And Authentication Companies improving security at breakneck speed

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