Biometrics Market by End-user, Authentication, and Geography - Forecast and Analysis 2021-2025

The biometrics market share is expected to increase by USD 25.63 billion from 2020 to 2025, and the market's growth momentum will accelerate at a CAGR of 12.18%.

This biometrics market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers biometrics market segmentation by end-user (government, healthcare, BFSI, and others) and geography (North America, APAC, Europe, MEA, and South America). The biometrics market report also offers information on several market vendors, including ASSA ABLOY AB, Aware Inc., Cognitec Systems GmbH, Fujitsu Ltd., IDEMIA, M2SYS Technology, NEC Corp., Qualcomm Inc., Secunet Security Networks AG, and Thales Group among others.

What will the Biometrics Market Size be During the Forecast Period?

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Biometrics Market: Key Drivers, Trends, and Challenges

The increasing need for surveillance and security is notably driving the biometrics market growth, although factors such as high installation and maintenance costs for biometrics may impede the market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the biometrics industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.

Key Biometrics Market Driver

The increasing need for surveillance and security is one of the key drivers supporting the biometrics market growth. With the advances in technology, cybercriminals and hackers are targeting retail POS transactions. The rise in the number of credit card payments at retail stores has increased the instances of fraud, which has compelled the credit card companies and the BFSI sector to adopt biometrics to secure confidential details of users. Theft of such critical data could endanger national security. Likewise, the transportation sector deals with border safety, which requires a high level of security to avoid unauthorized intrusions. In the healthcare sector, which deals with bio-chemicals and lab research, data also needs to be protected against theft and cyber-attacks. Stronger security measures such as fingerprint recognition, face recognition, and iris recognition are, therefore, being installed in the above-mentioned sectors. Such activities will drive market growth during the forecast period.

Key Biometrics Market Trend

The increasing role of multimodal biometrics solutions is another factor supporting the biometrics market growth. Multimodal biometric solutions will soon become one of the key areas of importance for both buyers and vendors in the global biometrics market, as a single biometric solution is not adequate to ensure authentication in all kinds of environments. For instance, in a completely dark environment, facial recognition systems may not work. In areas with cold climatic conditions, users may find it difficult to use fingerprint access while wearing gloves. Also, it is challenging to use voice authentication in loud environments. Therefore, multimodal biometrics solutions will contribute significantly to the global biometrics market during the forecast period, fueled by factors such as the necessity for additional security layers and improved accessibility.

Key Biometrics Market Challenge

The high installation and maintenance costs for biometrics are some of the factors hindering the biometrics market growth. Cost is an important factor to take into account while choosing a biometric recognition system such as multi-factor authentication or multimodal biometric systems. Installing biometric systems can be complicated and costly and returns on investment are usually difficult to quantify. 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. For instance, the price of a fingerprint scanner can range from $50-2,500 based on application. High installation and maintenance costs will pose challenges for small-scale end-users as they may not be able to afford biometrics systems. These factors can restrict the market growth of biometrics during the forecast period.

This biometrics market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2021-2025.

Parent Market Analysis

Technavio categorizes the biometrics market as a part of the global electronic equipment and instruments market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the biometrics market during the forecast period.

Who are the Major Biometrics Market Vendors?

The report analyzes the market's competitive landscape and offers information on several market vendors, including:

• ASSA ABLOY AB
• Aware Inc.
• Cognitec Systems GmbH
• Fujitsu Ltd.
• IDEMIA
• M2SYS Technology
• NEC Corp.
• Qualcomm Inc.
• Secunet Security Networks AG
• Thales Group

This statistical study of the biometrics market encompasses successful business strategies deployed by the key vendors. The biometrics market is fragmented and the vendors are deploying growth strategies such as launching new and innovative products, cost-effective production cycles, and technological developments to compete in the market.

Product Insights and News

• ASSA ABLOY AB - The company offers advanced biometerics through Biometrics and Identity Management.

To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

The biometrics market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.

Biometrics Market Value Chain Analysis

Our report provides extensive information on the value chain analysis for the biometrics market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.

The value chain of the electronic equipment and instruments market includes the following core components:

• Inputs
• Inbound logistics
• Operations
• Outbound logistics
• Marketing and sales
• After-sales service

The report has further elucidated on other innovative approaches being followed by service providers to ensure a sustainable market presence.

Which are the Key Regions for Biometrics Market?

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35% of the market's growth will originate from North America during the forecast period. The US is the key market for biometrics market in North America. Market growth in this region will be faster than the growth of the market in other regions.

The importance of biometrics in the BFSI sector will facilitate the biometrics market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.

COVID Impact and Recovery Analysis

The biometrics market in North America was expected to witness slow growth in 2020 due to the outbreak and spread of COVID-19, following which many organizations banned the use of any type of biometric device until the COVID-19 pandemic is brought under control. However, increased investments by governments to safeguard the banking sector from cyberattacks and data breaches will lead to an increase in the demand for biometrics during the forecast period.

What are the Revenue-generating End-user Segments in the Biometrics Market?

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The biometrics market share growth by the government segment will be significant during the forecast period. Governments across the globe are committed to increasing spending on security measures and are placing greater emphasis on technology to address growing security concerns. This has helped raise demand for biometrics technology among local, state, and national governments. At the local and state levels, biometrics is used for applications such as background checks during employment screening and issuing drivers? licenses and identification cards, among others. At the national level, biometrics is used for applications such as defense, border control, and law enforcement. Such initiatives from the government will drive market growth during the forecast period.

This report provides an accurate prediction of the contribution of all the segments to the growth of the biometrics market size and actionable market insights on post COVID-19 impact on each segment.

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What are the Key Data Covered in this Biometrics Market Report?

• CAGR of the market during the forecast period 2021-2025
• Detailed information on factors that will drive biometrics market growth during the next five years
• Precise estimation of the biometrics market size and its contribution to the parent market
• Accurate predictions on upcoming trends and changes in consumer behavior
• The growth of the biometrics industry across North America, APAC, Europe, MEA, and South America
• A thorough analysis of the market's competitive landscape and detailed information on vendors
• Comprehensive details of factors that will challenge the growth of biometrics market vendors

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