Global Biometric Systems Market to Reach $82.9 Billion by 2027 at a 14.1% CAGR

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Dec 12, 2022, 13:30 ET

DUBLIN, Dec. 12, 2022 /PRNewswire/ -- The "Global Biometric Systems Market with COVID-19 Impact Analysis by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contact-based, Contactless, Hybrid), Offering Type, Mobility, Vertical, and Region - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.

The global biometric system market is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. The market has a promising growth potential due to several factors, including increasing the 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 such as in consumer electronics, the government in APAC and other regions.

One of the major factors restraining the growth of the biometric system market is increased hygiene concerns and high risk of transmission of coronavirus posed by touch-based biometric solutions. Since the inception of the biometric system, the market players have been offering contact-based biometric solutions for authentication and security purposes. However, over the past two years, the rising hygiene concerns and the increasing risk of the communal spread of coronavirus posed by touch-based biometric solutions have forced manufacturers to focus more on contactless biometrics technologies. According to many experts, COVID-19 is likely to become an endemic disease. There are no studies substantiating the zero presence of the virus in the near future. To curb the spread of this infectious disease, market players are focusing more on building biometric systems based on touchless technologies such as the face, iris, vein, and voice recognition to sustain their position in the biometric system market.

The market slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains were disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the biometric system market. Though the market was impacted in 2020, it is expected to fully recover by mid-2022.

Contactless: The fastest-growing segment of the biometric system market, by Type

The contactless biometric system segment is expected to grow at the highest CAGR during the forecast period. The surging demand for smartphones with face recognition software to increase security drives the market growth. Furthermore, the integration of digital disruptive technologies including AI and automation has uplifted the demand for contactless solutions in the biometric arena. In addition, the rising concerns of the spread of coronavirus through contact-based biometric solutions have contemplated the end-customers to transition toward contactless technologies and the trend shall continue throughout the forecast period.

Market Dynamics

Drivers

Increasing Use of Biometric Technology in Consumer Electronics for Authentication and Identification Applications
Growing Focus of Governments Worldwide on Improving Governance and Delivering Welfare Benefits to Needy, and Preventing Fake Entries of Beneficiaries Using Biometrics
Rising Need for Biometric Technology-Based Surveillance and Security Solutions Owing to Heightened Threat of Terrorist Attacks
Surging Adoption of Biometric Technologies in Automotive Applications to Ensure Improved Safety and Security

Restraints

Substantial Costs Associated with Biometric Systems
Increased Hygiene Concerns and High Risk of Transmission of Coronavirus Posed by Touch-Based Biometric Solutions

Opportunities

Significant Advances in Biometric Solutions Designed for Authentication and Identification Applications
Strategic Collaborations Among Supply Chain Participants
Improved/Direct Availability of Biometric-as-a-Service

Challenges

Data Security Concerns and Lack of Technical Know-How
Failure in Detecting Authorized and Unauthorized Users

Key Topics Covered:

1 Introduction

2 Research Methodology

3 Executive Summary

4 Premium Insights

5 Market Overview

6 Biometric System Market, by Authentication Type

7 Biometric System Market, by Offering Type

8 Biometric System Market, by Type

9 Biometric System Market, by Mobility

10 Biometric System Market, by Vertical

11 Geographic Analysis

12 Competitive Landscape

13 Company Profiles

14 Appendix

Companies Mentioned

ASSA ABLOY
Aware, Inc.
Bio-Key International
Cognitec Systems GmbH
Daon, Inc.
David Link Manila Corporation
Dermalog Identifications Systems GmbH
Facebanx
Facetec, Inc.
Fujitsu
Fulcrum Biometrics, Inc.
ID R&D, Inc
IDEMIA (Safran)
Imageware
Innovatrics
Integrated Biometrics
iProov
Jumio
Leidos
M2Sys Technology
Megvii (Beijing Kuangshi Technology Co. Ltd.)
NEC Corporation
Neurotechnology
Nuance Communications, Inc.
Onespan
Onfido
Papillon Systems
Precise Biometrics
Qualcomm
Secunet Security Networks AG
Securiport
Sensetime
Sonda
Stanley Black & Decker, Inc.
Suprema
Thales Group
Veridos GmbH
Zetes

For more information about this report visit https://www.researchandmarkets.com/r/nk0ruv

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SOURCE Research and Markets