NEW
YORK, Aug. 15, 2024 /PRNewswire/ -- The global
biometrics market size is estimated to grow by USD 38.11 billion from 2024-2028, according to
Technavio. The market is estimated to grow at a CAGR of
almost 15.2% during the forecast period. Increasing
demand and enhanced security is driving market
growth, with a trend towards increasing adoption of
facial recognition technology. However, privacy and security
concerns poses a challenge. Key market players include Advent
International Corp., ASSA ABLOY AB, Aware Inc., BIO key
International Inc., Cognitec Systems GmbH, Daon Inc., Facebanx,
Fujitsu Ltd., Furukawa Electric Co. Ltd., Iris ID Systems Inc.,
M2SYS, NEC Corp., NEXT Biometrics Group ASA, Precise Biometrics AB,
Qualcomm Inc., secunet Security Networks AG, Securiport LLC,
Suprema Inc., Thales Group, and Veridium IP Ltd..
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Biometrics Market
Scope
|
Report
Coverage
|
Details
|
Base year
|
2023
|
Historic
period
|
2018 - 2022
|
Forecast
period
|
2024-2028
|
Growth momentum &
CAGR
|
Accelerate at a CAGR of
15.2%
|
Market growth
2024-2028
|
USD 38.11
billion
|
Market
structure
|
Fragmented
|
YoY growth 2022-2023
(%)
|
12.86
|
Regional
analysis
|
North America, APAC,
Europe, Middle East and Africa, and South America
|
Performing market
contribution
|
APAC at 35%
|
Key
countries
|
US, China, Japan, UK,
and Germany
|
Key companies
profiled
|
Advent International
Corp., ASSA ABLOY AB, Aware Inc., BIO key International Inc.,
Cognitec Systems GmbH, Daon Inc., Facebanx, Fujitsu Ltd., Furukawa
Electric Co. Ltd., Iris ID Systems Inc., M2SYS, NEC Corp., NEXT
Biometrics Group ASA, Precise Biometrics AB, Qualcomm Inc., secunet
Security Networks AG, Securiport LLC, Suprema Inc., Thales Group,
and Veridium IP Ltd.
|
Market Driver
Facial recognition technology, a type of biometric technology,
is gaining popularity for its accuracy, speed, and convenience.
This technology uses artificial intelligence to analyze and compare
facial features to identify individuals. Its adoption is increasing
in various sectors such as law enforcement, security,
authentication, banking, finance, healthcare, and retail. The
growing need for security and surveillance measures is driving its
use by law enforcement agencies, governments, and private
organizations for identifying criminals, detecting
fraud, and monitoring public spaces. Additionally, the
rise of smartphones and mobile devices, as well as the COVID-19
pandemic, have further accelerated its adoption for secure device
access, mobile authentication, and contactless access control. The
global biometrics market is witnessing significant growth due to
the increasing use of facial recognition technology. This
technology is expected to continue gaining popularity and witness
continuous growth in the forecast period.
The Biometrics Market is experiencing significant growth due to
increasing demand for secure identification and authentication
solutions. Criminal prosecutors and concerned authorities are
adopting biometric technology for identifying suspects and managing
criminal records. However, public opinion and potential class
actions pose challenges due to privacy concerns. Regulatory fines
for data breaches and copying or downloading personal information
from third parties add to the risks. Defense verticals are major
consumers of biometric identifiers, with system failure rates a key
concern. Biometric smart cards, tablets, laptops, and home
automation devices are driving growth in the consumer electronics
sector. Advanced features like individuality verification and
international boundary control are attracting sectors like
immigration and visa aspirants. Biometric technology is also being
used in automotive verticals and surveillance solutions. The
largest share of the market is held by electronics manufacturers,
but corruption and biometric civil cases pose risks. Rebates,
incentives, and rations are being offered to boost sales. Biometric
technology is revolutionizing authentication and identification
purposes across various sectors.
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Market Challenges
- Biometric technology offers significant benefits in terms of
security and convenience. However, the use of biometric data, such
as fingerprints and retinal scans, comes with privacy risks. These
risks include the possibility of data breaches, identity theft, and
individual profiling. Once biometric data is stolen, it cannot be
revoked like a password or token. The consequences of a data breach
can be severe, particularly in sectors like healthcare, where
sensitive information may be accessed. These concerns may hinder
consumer adoption and negatively impact the trust in biometric
technology. Despite its potential, the biometrics market may face
challenges due to these privacy concerns and the risk of data
breaches.
- The biometrics market is growing rapidly as businesses seek to
enhance security for various applications. Biometric authentication
using fingerprints, facial recognition, and other physiological or
behavioral traits is becoming standard for securing bank accounts,
email accounts, medical records, and financial information.
However, challenges persist, including security concerns, capital
investment for production, installation, and maintenance, and the
need for preventive maintenance to ensure the longevity of hardware
components like fingerprint readers, electronic locking systems,
scanners, sensors, and cameras. Technological advances, such as
machine learning and artificial intelligence, are expanding the use
of biometrics in verticals like banking, insurance, automotive, and
IT systems. Additional costs for raw materials and subcomponents,
as well as the need for multifactor authentication and contactless
systems, add complexity to the market. Data breaches and the
protection of private information are ongoing concerns. Biometric
solutions offer significant benefits, but providers must address
these challenges to ensure the success of their offerings.
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Segment Overview
This biometrics market report extensively covers market
segmentation by
- End-user
- 1.1 Government
- 1.2 Healthcare
- 1.3 BFSI
- 1.4 Others
- Component
- 2.1 Hardware
- 2.2 Software
- Geography
- 3.1 North America
- 3.2 APAC
- 3.3 Europe
- 3.4 Middle East and
Africa
- 3.5 South America
1.1 Government- The government sector is a
significant consumer of biometric technology. Governments worldwide
utilize biometrics for various purposes, including border control,
national security, law enforcement, and criminal identification.
With increasing security concerns, governments are enhancing their
spending on technology to address these issues, thereby fueling
demand for biometrics. At the local and state levels, biometrics is
employed for applications such as employment background checks and
issuing identification cards. At the national level, biometrics is
used for defense, border control, and law enforcement. Initiatives
like e-passports, e-visas, biometric election administration, and
criminal ID are driving the adoption of biometrics. Some
governments are also planning for biometric digital ID cards. Due
to COVID-19, there is a shift towards contactless biometric
technologies like iris and face recognition in countries like
Australia, Germany, India, and Canada. The government market for biometrics
comprises federal, state, and local government agencies, law
enforcement, and military organizations. These entities use
biometric technologies such as fingerprint, facial, iris, and voice
recognition for applications like border control, personnel
identification, criminal tracking, and secure access control.
Governments enable biometric technology providers to identify
growth opportunities within specific segments and develop targeted
marketing strategies, allowing providers to optimize resources and
maximize returns on investment. The unique requirements of each
segment necessitate tailored biometric solutions.
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analysis including forecast (2024-2028) and historic data
(2017-2021) - Download a Sample Report
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The global Multi-Factor Authentication (MFA) market is
experiencing rapid growth, driven by increasing cybersecurity
threats and regulatory compliance requirements. Meanwhile, the
global Automatic Data Capture (ADC) market is expanding as
businesses seek efficient data collection technologies,
particularly in retail and logistics. Additionally, the global
Fingerprint Biometrics market is thriving due to rising demand for
secure identification systems in sectors like finance, healthcare,
and government. These markets are projected to see significant
growth, fueled by technological advancements and heightened
security concerns.
Research Analysis
Biometric technology refers to the use of unique biological or
behavioral traits for authentication and surveillance solutions.
This market spans various sectors, including electronics,
automotive verticals, and consumer electronics. Biometric systems
utilize scanners, sensors, and cameras to capture and analyze
physiological traits such as fingerprints, facial recognition, iris
scans, and behavioral traits like voice recognition and keystroke
dynamics. Raw materials and subcomponents, such as sensors and
processors, contribute to additional costs. Preventive maintenance
and technological advances, including machine learning and
artificial intelligence, are essential for ensuring system
reliability and accuracy. Advanced features like multifactor
authentication enhance security and convenience for customers.
Biometric technology is integrated into computers, mobile phones,
tablets, laptops, home automation devices, and more, expanding its
applications and reach. Sensing technologies continue to evolve,
enabling new use cases and enhancing existing ones.
Market Research Overview
Biometric technology is revolutionizing authentication and
surveillance solutions across various sectors, including banking,
insurance, automotive verticals, consumer electronics, and home
automation devices. Advanced features such as fingerprint readers,
electronic locking systems, scanners, sensors, and cameras are
transforming connected devices, offering enhanced security for
customers' personal data, financial information, medical records,
and credentials. However, biometric systems raise concerns over
privacy, security breaches, and potential misuse of sensitive data.
Biometric authentication is expanding to include multifactor
authentication, contactless systems, and behavioral and
physiological traits. Technological advances, such as machine
learning and artificial intelligence, are driving innovation in
biometric systems, but also add additional costs for hardware
components and preventive maintenance. Regulatory fines, class
actions, and public opinion are shaping the biometrics market, with
concerned authorities focusing on preventing data breaches and
ensuring system failure rates remain low. Biometric smart cards and
identification purposes are also gaining traction, with defense
verticals representing the largest share of the market. Despite
these challenges, capital investment in production, installation,
and maintenance continues to drive growth in the biometrics
industry.
Table of Contents:
1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Historic Market Size
5 Five Forces Analysis
6 Market Segmentation
- End-user
-
- Government
- Healthcare
- BFSI
- Others
- Component
-
- Geography
-
- North America
- APAC
- Europe
- Middle East And Africa
- South America
7 Customer Landscape
8 Geographic Landscape
9 Drivers, Challenges, and Trends
10 Company Landscape
11 Company Analysis
12 Appendix
About Technavio
Technavio is a leading global technology research and advisory
company. Their research and analysis focuses on emerging market
trends and provides actionable insights to help businesses identify
market opportunities and develop effective strategies to optimize
their market positions.
With over 500 specialized analysts, Technavio's report library
consists of more than 17,000 reports and counting, covering 800
technologies, spanning across 50 countries. Their client base
consists of enterprises of all sizes, including more than 100
Fortune 500 companies. This growing client base relies on
Technavio's comprehensive coverage, extensive research, and
actionable market insights to identify opportunities in existing
and potential markets and assess their competitive positions within
changing market scenarios.
Contacts
Technavio Research
Jesse Maida
Media & Marketing Executive
US: +1 844 364 1100
UK: +44 203 893 3200
Email: media@technavio.com
Website: www.technavio.com/
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