Global Biometrics Market Report and Forecast 2024-2032

Global Biometrics Market Report and Forecast 2024-2032

Market Outlook

According to the report by Expert Market Research (EMR), the global biometrics market reached a value of USD 25.21 billion in 2023. Aided by the increasing demand for secure, efficient, and user-centric systems, the market is projected to further grow at a CAGR of 10.2% between 2024 and 2032 to reach a value of USD 60.18 billion by 2032.

Biometrics, the science of identifying individuals based on physical or behavioural characteristics, is revolutionising security, convenience, and personal identification in myriad sectors worldwide. As we advance towards a more digitalised and interconnected world, the reliance on biometric technologies for authentication and identification purposes is intensifying.

The biometrics market growth is being driven by the escalating demand for robust security solutions across banking, government, healthcare, and consumer electronics sectors. Projected to expand at an impressive Compound Annual Growth Rate (CAGR), the market's growth trajectory is underpinned by several key factors.

The surge in digital transactions, online services, and smart devices necessitates advanced security measures, propelling the adoption of biometric technologies such as fingerprint recognition, facial recognition, iris scanning, and voice authentication. Additionally, the increasing emphasis on national security and border control has led to the widespread implementation of biometric systems for identity verification and surveillance.

According to the biometrics market analysis, technological advancements in artificial intelligence (AI) and machine learning (ML) have significantly enhanced the accuracy, speed, and reliability of biometric systems, broadening their applicability and user acceptance.

Innovation in the biometrics field focuses on improving system performance, user experience, and privacy protection. The development of contactless biometrics, driven by hygiene concerns and the need for seamless authentication, exemplifies the industry's adaptability to changing consumer preferences and global challenges. Furthermore, the integration of biometrics with blockchain and other secure data management technologies promises to revolutionise identity verification, ensuring data integrity and privacy.

The regulatory environment significantly influences the biometrics market outlook, with policies and standards governing data protection, privacy, and the use of biometric technologies. Compliance with these regulations is crucial for companies operating in the biometrics space, ensuring the ethical and lawful use of biometric data.

Government initiatives aimed at enhancing national security, streamlining public services, and promoting digital identity systems further support the growth of the biometrics market, driving the demand for reliable and efficient biometric solutions.

Market Segmentation

The market can be divided based on component, biometric type, contact type, authentication, end use, and region.

Market Breakup by Component

• Solution
• Services

Market Breakup by Biometric Type

• Voice Recognition
• Hand Geometry
• Face Recognition
• Iris Recognition
• Signature Recognition
• Fingerprint
• Others

Market Breakup by Contact Type

• Contact Based
• Non-Contact Based
• Hybrid

Market Breakup by Authentication

• Single-Factor Authentication
• Multifactor Authentication

Market Breakup by End Use

• BFSI
• Government and Law Enforcement
• Commercial and Retail
• Healthcare
• Travel and Immigration
• Others

Market Breakup by Region

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Competitive Landscape

The EMR report looks into the market shares, plant turnarounds, capacities, investments, and mergers and acquisitions, among other major developments, of the leading companies operating in the global biometrics market. Some of the major players explored in the report by Expert Market Research are as follows:

• Fujitsu Ltd.
• NEC Corporation
• M2SYS Technology
• Leidos Holdings Inc.
• Thales SA
• Aware, Inc.
• Imageware Systems, Inc.
• Accu-Time Systems, Inc.
• S.I.C. Biometrics Global Inc.
• Phonexia s.r.o.
• Others

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*We at Expert Market Research always strive to provide you with the latest information. The numbers in the article are only indicative and may be different from the actual report. Show more