Biometric System Market Forecasts to 2028 – Global Analysis By Type (Contact-Less, Contact-Based), Offering (Software, Hardware), Mobility, End User, and By Geography

Biometric System Market Forecasts to 2028 – Global Analysis By Type (Contact-Less, Contact-Based), Offering (Software, Hardware), Mobility, End User, and By Geography

According to Stratistics MRC, the Global Biometric System Market is accounted for $37.60 billion in 2021 and is expected to reach $106.92 billion by 2028 growing at a CAGR of 16.1% during the forecast period. Biometric systems are used for security identification and authentication. These systems can recognize a user and then correctly prove whether the identified user holds the identity they claim to have. Biometric security systems are highly being deployed globally as automated security techniques.

Market Dynamics:

Driver:

Rising demand for the consumer electronics industry

Manufacturers of consumer electronics are focusing on implementing advanced features and functionalities into their products to attract customers and expand their client base. As consumers adopt highly advanced connected devices and digital technologies to process critical information, it creates security concerns among end-users. Biometric technology-based smartphones are increasingly being used to secure credentials for accessing buildings, doors, and IT systems, thereby delivering a better experience to users and presenting various opportunities to providers of portable access control solutions.

Restraint:

High deployment Cost

The high cost of biometric solution components, and the high cost of implementation, hampers demand from private and public corporations for biometric systems. A biometric device’s price will depend on the brand, registration, waterproofing, sensor design, etc. A fingerprint recognition device’s cost will rely heavily on the type of sensor used in that. Production of the advanced biometric system involves high capital investment in R&D, production, installation, maintenance, and shipping.


Opportunity:

Advances in biometric solutions designed for authentication and identification applications

Advancements in sensing technologies and the widespread use of devices such as computers and mobile phones offer new opportunities for capturing the physiological and behavioral traits of human beings and analyzing related data for biometric authentication. Machine learning and artificial intelligence technology-powered biometric systems are bringing new possibilities to effectively identify any unusual behavior and provide an additional layer of authentication, if necessary. Biometric solutions with multi-factor authentication are gaining traction to avoid possible data breaches.

Threat:

Data security concerns

Biometric systems are used to maintain and protect the identity of civilians. Citizens consider privacy as one of the most important rights, and there is a common perception that biometric systems invade these rights due to their private information being known to sources. Such information is said to be misused by country rivals or criminal prosecutors for unfair practices and manipulating public opinion. Misuse of the lost information may lead to class action lawsuits or regulatory fines against the company that leaked the data.

The government segment is expected to be the largest during the forecast period

The government segment is estimated to have a lucrative growth as biometrics assists in dismissing corruption by government-deployed projects for large-scale identification. Through biometric identification, government subsidies, rebates, and incentives that include rations and others can be easily offered to the entitled citizens while avoiding any possible loopholes in the system.

The contact-based segment is expected to have the highest CAGR during the forecast period

The contact-based segment is anticipated to witness the fastest CAGR growth during the forecast period owing to the growing use of contact-based biometrics systems to protect national borders and support e-governance programs. The contact-based biometric is related to the dynamic manipulation of objects in the surrounding environment, such as fingerprints, palm recognition, etc.

Region with highest share:

North America is projected to hold the largest market share during the forecast period due to growing government initiatives for implementing biometrics, and rising attention of governments on offering cost-effective, efficient, and safe services to their citizens encouraging the adoption of biometrics. Nationwide identification systems, including the e-passport and identity card programs, are provided on biometrics-based technology.

Region with highest CAGR:

Asia Pacific is projected to have the highest CAGR over the forecast period owing to the presence of prominent biometric system manufacturers, technological advancements, increased awareness among the masses regarding the use of biometric systems for security purposes for protecting national heritage and for e-passport verification and lowered the cost of devices based on these technologies.

Key players in the market

Some of the key players profiled in the Biometric System Market include Stanley Black & Decker, Inc., ZETES, Veridos GmbH, Thales Group, secunet Security Networks AG, Precise Biometrics, Onfido, NEC Corporation, Innovatrics, IDEMIA, Fujitsu, Facetec, Inc, Daon, Inc., Cognitec Systems GmbH, Beijing Megvii Technology Co., Ltd., and Aware Inc.
Key Developments:

In Jan 2022, IDEMIA collaborated with Microsoft to deliver next-generation eSIM and connectivity solutions for consumer and M2M/IoT devices. The collaboration will bring together IDEMIA’s advanced connectivity solutions and longstanding industry expertise with Microsoft’s trusted cloud platform to improve support of eSIM services around the world.

In July 2021, Thales launched a new voice biometric solution which is part of Thales Trusted Digital Identity Service Platform for onboarding and authentication. It meets the growing demand from mobile operator call centres to fight identity fraud whilst providing a seamless customer experience.

Types Covered:
• Hybrid
• Contact-Less
• Contact-Based

Offerings Covered:
• Software
• Hardware

Mobilities Covered:
• Fixed
• Portable

Authentication Types Covered:
• Multi-Factor Authentication
• Single-Factor Authentication

End Users Covered:
• Travel & Immigration
• Military & Defense
• Healthcare
• Government
• Consumer Electronics
• Banking, Financial Services and Insurance (BFSI)
• Automotive
• Security

Regions Covered:
• North America
US
Canada
Mexico
• Europe
Germany
UK
Italy
France
Spain
Rest of Europe
• Asia Pacific
Japan
China
India
Australia
New Zealand
South Korea
Rest of Asia Pacific
• South America
Argentina
Brazil
Chile
Rest of South America
• Middle East & Africa
Saudi Arabia
UAE
Qatar
South Africa
Rest of Middle East & Africa

What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements

Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
Comprehensive profiling of additional market players (up to 3)
SWOT Analysis of key players (up to 3)
• Regional Segmentation
Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances