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The biometrics market size is estimated to grow at a CAGR of 12.85% between 2022 and 2027. The market size is forecast to increase by USD 27,436.19 million. The growth of the market depends on several factors, including increasing demand and enhanced security, government Initiatives, and advancement in technology. Biometrics is the type of technology that is used for identifying, authenticating, and verifying the identity of individuals. It is a security identification and authentication device. Such devices use automated methods of verifying or recognizing the identity of a living person based on a physiological or behavioral characteristic. These characteristics include fingerprints, facial /images, iris, and voice recognition.
This biometrics market report extensively covers market segmentation by end-user (government, healthcare, BFSI, and others), component (hardware and software), and geography (North America, APAC, Europe, 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 2017 to 2021.
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Increasing demand and enhanced security is the key driver for the growth of the global biometrics market. A major market driver for biometrics is the rising demand for enhanced security. Compared to traditional methods such as passwords or ID cards Biometric technology provides a more secure way to authenticate an individual's identity. There is a high demand for high security in various sectors such as the financial, government, transportation, healthcare, and defense. Also, it is important to protect confidential data and information in sectors such as the BFSI, retail, and defense.
Moreover, due to the advances in technology, cybercriminals and hackers are targeting retail POS transactions. The increasing number of credit card payments at retail stores has also raised instances of fraud, which results to compelled credit card companies and the BFSI sector to adopt biometrics to secure the confidential details of users. Stronger security measures such as fingerprint recognition, face recognition, and iris recognition are to be installed in the above-mentioned sectors. Such activities are set to increase the implementation of biometric surveillance and security systems to enhance security factors and are expected to raise growth in the global biometrics market during the forecast period.
The increasing adoption of facial recognition technology is the key driver for the growth of the global biometrics market. The increasing adoption of facial recognition technology is rising due to the need for security and surveillance measures. F for various purposes, For identifying criminals, detecting fraud, and monitoring public spaces facial recognition technology is being used by law enforcement agencies, governments, and private organizations. Facial recognition is becoming more popular in various applications such as law enforcement, security, and authentication. This technology has gained popularity due to its accuracy and convenience.
Furthermore, this technology is incorporated in the industries like banking and finance, healthcare, and retail for customer identification and fraud prevention. Facial recognition technology is a type of biometric technology that uses artificial intelligence to analyze and compare facial features to identify individuals. The global biometrics market has shown a significant surge in the adoption of facial recognition technology in the last few years owing to its accuracy, speed, and convenience. Also, the rising use of smartphones and other mobile devices driving the adoption of facial recognition technology is the increasing use of smartphones and other mobile devices. Due to these factors, the market will grow during the forecast period.
Regulatory compliance associated with biometric technology is the major challenge for the growth of the market. Biometric data is subject to laws and regulations such as General Data Protection Regulation (GDPR) and other privacy regulations. vary with these regulations can be a challenge for businesses and organizations. Major vendors like 3M Cogent, BIO-key International, Fujitsu, HID Global, etc., must follow various stringent regulations and standards while manufacturing, supplying, and marketing biometric solutions. Compliance with industry and government security standards is necessary to ensure the integrity of biometric solutions and protect the privacy of consumers using such solutions.
Furthermore, some government agencies, such as the Federal Bureau of Investigation (FBI), mandate certain standards that biometrics solutions must obey. Such as Personal Identity Verification (PIV) standards, such as PIV-071006, are lower-level standards designed to support one-to-one fingerprint verification. Appendix F has stringent /image quality conditions, focusing on human fingerprint comparison and facilitating large-scale machine many-to-many matching operations. Due to failure of obey applicable regulatory requirements can results in the revocation of licenses. Hence, regulatory compliance and standards are hindering the growth of the global biometrics market during the forecast period.
The market share growth by the government segment will be significant during the forecast period. This segment is the largest user of biometric technology. Governments around the globe use biometric technology for various purposes. Governments across the globe are committed to rising spending on security measures and are placing greater funding on technology to address the rising security concerns. This helped to increase the demand for biometrics technology among local, state, and national governments.
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The government segment showed a gradual increase in the market share of USD 10,965.10 million in 2017 and continued to grow by 2021. Various government initiatives, such as the introduction of e-passports and e-visas, the implementation of election administration, and the use of biometrics in criminal identification (ID) are government initiatives that require biometric technologies for the verification of their identity. Besides, governments of some countries are planning for biometric digital ID cards. Governments across the globe are implementing biometrics to track the information of their citizens, which is one of the prime factors driving the growth of biometrics. Because of these government initiatives, the segment is expected to drive the growth of the global biometrics market during the forecast period.
In healthcare biometric technology is used for various purposes, such as patient identification, access control, and monitoring. Hospitals and healthcare vendors like Cedars, Mercy Health, Northwell Health, Mayo Clinic, Adventist Health, etc., use biometric technology to ensure patient safety. For application in hospitals, clinics, and doctor's offices and for monitoring patients, the healthcare industry is adopting biometrics technology. Data security has always been a concern in the healthcare sector. rising concerns about healthcare data security and privacy are helping to grow the demand for biometrics. With the growing cyber threats to healthcare organizations, many such organizations have implemented the multi-factor authentication (MFA) process to enhance security. Hence, these factors are expected to drive the growth of the healthcare industry segment of the global biometrics market during the forecast period.
Hardware is a critical component in the biometrics market, and market segmentation by hardware segment is an important factor that shows the rapid growth of the market. Biometric scanners are mainly used to capture fingerprints, iris patterns, facial features, and voice prints. Fingerprint scanners are the most used biometric scanners, followed by facial recognition scanners. The global biometrics market is expected to grow rapidly due to the rising adoption of biometric authentication across various industries.
Furthermore, cameras are another key component in the biometric market. Cameras capture /images or videos of a person's face, eyes, or other body parts for authentication purposes. Biometric cameras are rising to be used in security applications, such as airports and border control. Owing to the advancements in facial recognition technology, biometric cameras are becoming more accurate and reliable, which will grow the biometric camera market. The global biometrics market is expected to grow rapidly due to the rising adoption of biometric authentication in mobile devices. Owing to the rising demand for biometric authentication, the hardware segment in the global biometrics market is expected to grow during the forecast period.
The software segment plays an important role in various applications in the global biometrics market. By analyzing their facial features facial recognition software identifies individuals. Software uses algorithms to identify unique features, such as the distance between the eyes, nose, and mouth. In addition, Iris recognition software uses unique patterns in a person's iris to identify them. The software captures an /image of the iris and compares it with a database of known iris patterns. It is commonly used in access control and time and attendance systems. Moreover, voice recognition software uses the unique characteristics of a person's voice to identify them. This is commonly used in authentication systems and call centers. Face recognition, fingerprint recognition, iris recognition, voice recognition, and behavioral biometrics software all offer unique benefits and are used in different applications which is depends upon the customer's needs. All these factors are expected to grow the software segment during the forecast period.
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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. In North America, the use of biological technology, such as facial recognition, fingerprint scanning, and iris recognition, to identify and authenticate individuals and gaining popularity in recent years owing to its effectiveness in enhancing security and reducing fraud in various industries. The rising concern over security threats and the need for secure authentication systems.
Moreover, biometric technology provides a high level of security as it is difficult to forge or replicate biological characteristics, and the rising adoption of biometric technology in various applications. in 2022 the governments of major countries in North America imposed stringent regulations to secure the sensitive biometric data of users. Besides, several airports are implementing iris recognition technology in e-passports and visas to identify travelers and reduce the crime rate. Several consumer electronics are being integrated with iris recognition technology to ensure their safety. These factors will drive the growth of the region during the forecast period.
The COVID-19 pandemic has had a mixed impact on the biometrics market in North America. However, the COVID-19 large-scale vaccination program was started; after this, everything slowly started returning to normal, with COVID-19-appropriate behavior in place, resulting to improve demand for biometrics. For instance, in 2022 the biometrics market in North America is poised for significant growth as technology continues to improve, and its adoption becomes more widespread across various industries, which is expected to grow the regional market during the forecast period.
The Biometrics Market industry 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 Biometrics Market Customer Landscape
Vendors 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.
Advent International Corp.: The company offers biometrics such as augmented Vision, capture SDKs and biometric identification systems.
ASSA ABLOY AB: The company offers biometrics such as ts370 fingerprint lock which is used for both office and home use.
Securiport LLC: The company offers biometrics such as PalmSecure Sensor, PalmSecure SDK, Fujitsu PCs.
The research report also includes detailed analyses of the competitive landscape of the market and information about 20 market vendors, including:
Qualitative and quantitative analysis of vendors 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 vendors as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize vendors as dominant, leading, strong, tentative, and weak.
The biometrics market report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027.
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Biometrics Market Scope |
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Report Coverage |
Details |
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Page number |
174 |
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Base year |
2022 |
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Historic period |
2017-2021 |
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Forecast period |
2023-2027 |
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Growth momentum & CAGR |
Accelerate at a CAGR of 12.85% |
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Market growth 2023-2027 |
USD 27,436.19 million |
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Market structure |
Fragmented |
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YoY growth 2022-2023(%) |
12.08 |
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Regional analysis |
North America, APAC, Europe, Middle East and Africa, and South America |
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Performing market contribution |
North America at 34% |
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Key countries |
US, China, Japan, UK, and Germany |
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Competitive landscape |
Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks |
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Key companies profiled |
Advent International Corp., ASSA ABLOY AB, Aware Inc., Daon Inc., Furukawa Electric Co. Ltd., M2SYS, NEC Corp., Qualcomm Inc., Suprema Inc., Thales Group, BIO key International Inc., Cognitec Systems GmbH, Facebanx, Fujitsu Ltd., Iris ID Systems Inc., Precise Biometrics AB, Securiport LLC, Veridium IP Ltd., secunet Security Networks AG, and NEXT Biometrics Group ASA |
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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. |
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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. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation by End-user
7 Market Segmentation by Component
8 Customer Landscape
9 Geographic Landscape
10 Drivers, Challenges, and Trends
11 Vendor Landscape
12 Vendor Analysis
13 Appendix
Research Framework
Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.
INFORMATION SOURCES
Primary sources
Secondary sources
DATA ANALYSIS
Data Synthesis
Data Validation
REPORT WRITING
Qualitative
Quantitative
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