Enjoy complimentary customisation on priority with our Enterprise License!
The Biometric Access Control Systems Market size is estimated to grow at a CAGR of 7.77% between 2022 and 2028. The market size is forecast to increase by USD 4,377.75 million. The growth of the market depends on several factors, including the increasing need for surveillance and security, the technological advances in biometrics, and the increasing government initiatives for implementing biometric access control systems. Biometric access control systems are advanced security solutions that use unique biological or behavioral characteristics of individuals to verify and grant access to restricted areas, devices, or data. These systems provide a higher level of security than traditional methods like keys or access cards as they rely on traits that are difficult to replicate or fabricate.
This biometric access control systems market report extensively covers market segmentation by application (commercial and residential), end-user (BFSI, government, healthcare sector, and transportation sector), and geography (North America, Europe, APAC, Middle East and Africa, and South America). It also includes an in-depth analysis of drivers, trends, and challenges. Furthermore, the report includes historic market data from 2018 to 2021.
To learn more about this report, View Report Sample
One of the key factors driving the biometric access control systems market growth is the increasing need for surveillance and security. The increasing need for high security in several growing sectors such as the financial, government, transportation, healthcare, and defense is fuelling the global biometric access control systems market. In addition, it is important to protect critical and confidential data and information in sectors such as the BFSI, retail, and defense.
Moreover, with the advancements in technology, cybercriminals and hackers are targeting retail point-of-sale (POS) transactions. In addition, the rise in the number of credit card payments at retail stores has also increased the instances of fraud, which has compelled credit card companies and the BFSI sector to adopt biometric access control systems to secure the confidential details of users. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
A key factor shaping the biometric access control systems market growth is the increasing popularity of face and voice recognition biometrics in the BFSI sector. There is an increasing use of technology to simplify and augment customer engagement in business sectors, and the BFSI sector is no exception. In addition, in the BFSI sector, face recognition and voice recognition biometrics are quickly overshadowing touch and type-based interactions, given their convenience without compromising the security of transactions.
Moreover, voice recognition biometrics offers secure access to bank accounts by helping end-users execute transactions by verifying their identity with their voice. Furthermore, banks are using conversational interfaces such as chatbots and home assistants for voice recognition biometrics for their operations. For instance, some banks, such as Santander Bank N.A., are offering customers the option to use voice recognition to send payments to individuals established in their payee list quickly. Hence, such factors are positively impacting the market. Therefore, it is expected to drive the market growth during the forecast period.
High installation and maintenance costs for biometric access control systems are one of the key challenges hindering the biometric access control systems market growth. The usage of biometric access control systems has been increasing at a significant pace among various end-users, including BSFI and hospitals. However, installing and maintaining biometric access control systems are cost-intensive when compared to conventional authentication solutions including passwords and personal identification numbers.
Moreover, cost is an important factor to consider when choosing a biometric recognition system such as multi-factor authentication or multimodal biometric systems. In addition, installing biometric systems is complicated and costly, and returns on investment are usually difficult to quantify. Furthermore, implementing facial recognition, iris recognition, and retina scan systems in locations that require very high security, such as nuclear plants or classified sites, is very costly. Hence, such factors are hindering the market growth during the forecast period.
The commercial segment is estimated to witness significant growth during the forecast period. Biometric systems can be integrated easily with existing access control infrastructure. This comprises electronic locks, turnstiles, access cards, and visitor management systems. In addition, commercial facilities may have varying needs in terms of the number of users and access points. Furthermore, biometric access control systems are used to secure entry points in office buildings, allowing only authorized employees and visitors to enter.
Get a glance at the market contribution of various segments View Free PDF Sample
The commercial segment was the largest segment and was valued at USD 5,278.78 million in 2018. Moreover, for office buildings, there may be secure areas such as server rooms, data centers, and confidential file storage rooms. In addition, biometric authentication ensures that only authorized personnel can access these areas. Furthermore, biometrics can be used to track employee attendance and working hours accurately. Thus, employees can clock in and out using biometric scanners, eliminating the possibility of time fraud. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
The increasing adoption of biometric access control systems in the BFSI segment which in turn will fuel the market growth during the forecast period. There is significant growth in the global biometric access control systems market in the BFSI segment when compared to other segments such as government, transportation, and healthcare. In addition, the BFSI sector is intent on ramping up the use of biometric access control systems to allow consumers and corporate users to authenticate online banking systems. Moreover, biometric access control systems are used in the banking sector for branch banking, internet banking, and mobile banking. Furthermore, the increase in demand for the digitization of banking services, together with the increased need for adopting employee identification protocols to prevent identity theft and fraud, has raised the need for biometric identification technologies. Hence, such factors are fuelling the growth of this segment which in turn will drive the market growth during the forecast period.
For more insights on the market share of various regions Download PDF Sample now!
North America is estimated to contribute 34% to the growth of the global market during the forecast period. Technavio’s analysts have elaborately explained the regional trends and drivers that shape the market during the forecast period. Some of the key countries that are signficantly contributing to the market growth in North America include Canada, Mexico, and the US due to factors such as the rising demand for security and surveillance owing to the emergence of factors such as the threat of terrorist attacks in several end-user sectors, including BFSI, transportation, and healthcare sectors.
In addition, another factor for the growth of the regional biometric access control systems market is the increasing number of instances of cyberattacks and data theft in enterprises. For example, in March 2020, Michigan-based Flagstar Bank fell victim to a data breach caused by a vulnerability in its Accellion file-sharing service. Hence, such factors are driving the market growth in the region during the forecast period.
In 2020, during the COVID-19 pandemic, the growth of the global market witnessed a significant slowdown as a large number of rehabilitation centers were forced to lay off employees, resulting in the temporary closure of behavioral rehabilitation centers in North America. However, in 2021, the initiation of large-scale vaccination drives lifted the lockdown and travel restrictions, which led to the restoration of operations in healthcare units. Such factors are expected to drive the market during the forecast period.
The biometric access control systems market report includes the adoption lifecycle of the market, covering from the innovator’s stage to the laggard’s stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.
Global Biometric Access Control Systems Market Customer Landscape
Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market.
3M Co: The company offers biometric access control systems namely miY touch indoor touch screen biometric access control reader.
Anviz Global Inc: The company offers biometric access control systems such as C2 Series outdoor compact access control, M Series standalone access control devices, face pass 7 pro, and more.
Fujitsu Ltd: The company offers biometric access control systems such as palmsecure palm vein authentication technology.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:
Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.
The biometric access control systems market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2018 to 2028.
Biometric Access Control Systems Market Scope |
|
Report Coverage |
Details |
Page number |
177 |
Base year |
2023 |
Historic period |
2018-2022 |
Forecast period |
2024-2028 |
Growth momentum & CAGR |
Accelerate at a CAGR of 7.77% |
Market Growth 2024-2028 |
USD 4,377.75 million |
Market structure |
Fragmented |
YoY growth 2023-2024(%) |
7.49 |
Regional analysis |
North America, Europe, APAC, Middle East and Africa, and South America |
Performing market contribution |
North America at 34% |
Key countries |
US, Canada, China, Germany, and Italy |
Competitive landscape |
Leading Companies, Market Positioning of Companies, Competitive Strategies, and Industry Risks |
Key companies profiled |
3M Co., ACCO Brands Corp., Anviz Global Inc., Fujitsu Ltd., Godrej and Boyce Manufacturing Co. Ltd., HID Global Corp., Hitachi Ltd., Honeywell International Inc., Invixium, Johnson Controls International Plc, M2SYS, Mantra Softech India Pvt. Ltd., NEC Corp., Nedap NV, Robert Bosch GmbH, Safran SA, Spectra Technovision Pvt. Ltd., Star Alliance, Tyco International PLC, and Umbrella Technologies |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, and Market condition analysis for the forecast period. |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
We can help! Our analysts can customize this market research report to meet your requirements.
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by Application
7 Market Segmentation by End-user
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Get lifetime access to our
Technavio Insights
Cookie Policy
The Site uses cookies to record users' preferences in relation to the functionality of accessibility. We, our Affiliates, and our Vendors may store and access cookies on a device, and process personal data including unique identifiers sent by a device, to personalise content, tailor, and report on advertising and to analyse our traffic. By clicking “I’m fine with this”, you are allowing the use of these cookies. Please refer to the help guide of your browser for further information on cookies, including how to disable them. Review our Privacy & Cookie Notice.