Biometric Technologies Market – Industry Analysis and Forecast (2023-2029)

Biometric Technologies Market size was valued at US$ 42.86 Bn. in 2022 and the total revenue is expected to grow at 14.1% through 2023 to 2029, reaching nearly US$ 107.92 Bn.
Biometric Technologies Market Overview:
Biometric devices are used to identify and authenticate security personnel. These gadgets can recognise a user and then verify whether or not the identified user has the identification they claim. Biometric security systems use automated approaches to recognise and then validate an individual's identity based on distinguishing physiological or behavioural attributes, such as fingerprints, face photos, iris recognition, and voice recognition, with minimal human intervention. An individual's attributes data is compared to the same individual's biometric template in biometric authentication technology. The goal is to see if the individuals look anything like their claimed identities. In addition, the systems compare physical or behavioural features to data in a previously recognised database.
When both pieces of data match, authentication is established. Access to buildings, rooms, and computers is frequently controlled via biometric authentication.

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Biometric Technologies Market Dynamics:
Market Drivers

Rising concern over Security in Private and Government Sector - During the same time frame, rising concerns about internal and external securities are likely to push the Biometric Technologies Market. The growing usage of technology for employee identification and attendance in the public and private sectors is expected to increase total demand in the future years.

Growing Adoption in BFSI sector - The market is expected to increase as biometrics technologies become more widely used in the BFSI industry for protecting financial transactions around the world.

Increasing Advanced Authentication in smartphones and PCs - The growing use of advanced authentication and identification systems in smartphones and tablets is driving up demand for biometrics technology all around the world.

Market Restraints

High Investment, Cost and Price of devices - The complex biometric system requires a significant amount of money to develop, manufacture, install, maintain, and ship. High-performance biometric systems have significant software and hardware components (fingerprint readers, electronic locking systems, scanners, sensors, cameras) that require significant installation and maintenance. More advanced biometric technologies necessitate upgraded raw materials and subcomponents, resulting in increased costs. Users are responsible for the costs of shipping, installation, and preventive maintenance. As a result, the biometric system market's expansion is hampered by the necessity for large capital investments.

Market Opportunities

More advancement via AI & ML - Advances in sensing technology, as well as the ubiquitous usage of devices like computers and cellphones, have opened up new possibilities for capturing physiological and behavioral characteristics of humans and analyzing related data for biometric authentication. Biometric systems backed by machine learning and artificial intelligence technologies are opening up new options for detecting odd behavior and providing an additional layer of authentication, if necessary. To avoid data breaches, biometric systems with multi-factor authentication are gaining popularity. The growing demand for contactless systems and expanding application areas motivate biometric system manufacturers to engage in R&D to increase their offering of advanced biometric systems.
Market Segment Analysis:
By Component, the Biometric Technologies Market is segmented as Hardware and Software. Hardware dominates the Biometric Technologies Market with the market share of 55% in 2022 as for biometric we need different hardware machines to scan different biometrics like a finger print scanner for AFIS & Non-AFIS biometrics, a camera and sensor for Iris Scanning etc. but the software that we need for these biometrics can be only 1 for multiple scanning. For ex- In India, the biometrics are done for UIDAI but they have only 1 software for all scanning with different sections but there are many distinct hardware machines for different biometrics. These are the reasons the market share of Software is limited to 45% in 2022.

The Biometric Technologies Market share in Component is expected to grow for Software segment as research and development is going on to make better hardware and software that will decrease the number of hardware needed to do multiple biometrics.

By Type, the Biometric Technologies Market is segmented as Physiological Biometrics and Behavioural Biometrics. Physiological Biometrics dominate the Biometric Technologies Market with a very huge margin of 89% in 2022 as Face recognition, iris recognition, fingerprint recognition (AFIS and Non-AFIS), and hand geometry are sub segments of physiological biometrics and these are the biometrics that are most commonly used in both, private and government sector. Fingerprint recognition alone holds the 57% market share because of its increased use in law enforcement and civil cases. The private sector is a major user of the fingerprint biometric technique, which is used for employee attendance and background checks. As it is employed in government programmes, ATM facilities, transaction securities, financial institutions, and military intelligence, iris-based surveillance is expected to become a vital aspect of the industry. Behavioural Biometrics has the market share of 11% in 2022 as Signature recognition, voice recognition, and other behavioural biometrics segments are further split. These biometrics are lesser used as can be easily pirated by other people and do not guarantee much security and can be time consuming too for attendance & authentication purposes in private sector.
Market Regional Insights:
North America dominates the Biometric Technologies Market with the market share of 29% in 2022 as rapidly transforming IT infrastructure is demanding technology solutions. Massive deployment of biometric software for employee attendance, identity validation, or authentication purposes and emerging mobile banking sectors are the major drivers of Biometric Technologies Market in North America. Asia Pacific has the market share of 26% in 2022 and is expected to lead the Biometric Technologies Market in coming years due to its technology acceptance in all sectors. Every sector is demanding biometric technologies from authentication & attendance, mobile banking purposes and these platforms are massively demanding multi-factor authentication technologies. Because of the strong economic expansion in key nations such as China, Japan, India, and South Korea, prominent biometric system manufacturers such as Fujitsu and NEC Corporation are expected to contribute to the region's revenue share. Technological developments, greater public awareness about the use of biometric systems for security purposes, and decreased costs of devices based on these technologies have all contributed to the growth of the biometric system market in APAC. Europe has the market share of 22% in 2022 as it is investing in fingerprint-embedded payment cards systems and secure payment applications. Middle East & Africa has the market share of 15% followed by South America with the market share of 8% in 2022.

The objective of the report is to present a comprehensive analysis of the Biometric Technologies Market to the stakeholders in the industry. The past and current status of the industry with the forecasted market size and trends are presented in the report with the analysis of complicated data in simple language. The report covers all the aspects of the industry with a dedicated study of key players that include market leaders, followers, and new entrants.

PORTER, PESTEL analysis with the potential impact of micro-economic factors of the market have been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analysed, which will give a clear futuristic view of the industry to the decision-makers.

The report also helps in understanding the Biometric Technologies Market dynamics, structure by analyzing the market segments and project the Biometric Technologies Market size. Clear representation of competitive analysis of key players by product, price, financial position, product portfolio, growth strategies, and regional presence in the Biometric Technologies Market make the report investor’s guide.
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Global Biometric Technologies Market


Report Coverage
Details


Base Year:
2022
Forecast Period:
2023-2029


Historical Data:
2018 to 2022
Market Size in 2022:
US $ 42.86  Bn.


Forecast Period 2023 to 2029 CAGR:
14.1%
Market Size in 2029:
US $ 107.92 Bn.


 Segments Covered:
by Component
Hardware
Software


by Type
Physiological Biometrics
Behavioral Biometrics



Biometric Technologies Market, by Region
Asia Pacific (China, South Korea, Japan, India, Australia, Indonesia, Malaysia, Vietnam, Taiwan, Bangladesh, Pakistan and Rest of APAC)
Europe (UK, France, Germany, Italy, Spain, Sweden, Austria and Rest of Europe)
North America (United States, Canada and Mexico)
Middle East and Africa (South Africa, GCC, Egypt, Nigeria and Rest of ME&A)
South America (Brazil, Argentina Rest of South America)
Biometric Technologies Market Key Players
1. Thales Group (Paris)
2. Idemia (France)
3. ASSA ABLOY (Sweden)
4. NEC Corporation (Japan)
5. Fujitsu (Japan)
6. Precise Biometrics (Sweden)
7. Secunet Security Networks AG (Germany)
8. Stanley Black & Decker Inc. (France)
9. Aware Inc (US)
10. Cognitec Systems GmbH (Germany),
11. Daon, Inc. (US)
12. DERMALOG Identification Systems GmbH (Germany)
13. Neurotechnology (Lithuania)
14. Innovatrics (Slovakia)
15. Veridos GmbH (Germany)

Frequently Asked Questions:

1] What segments are covered in the Biometric Technologies Market report?
Ans. The segments covered in the Biometric Technologies Market report are based on Material Type and Application.

2] Which region is expected to hold the highest share in the Biometric Technologies Market?
Ans. The Asia Pacific is expected to hold the highest share in the Biometric Technologies Market.

3] What is the market size volume of the Biometric Technologies Market by 2029?
Ans. The market size of the Biometric Technologies Market by 2029 is expected to reach at US$ 107.92 Bn.

4] What is the forecast period for the Biometric Technologies Market?
Ans. The forecast period for the Biometric Technologies Market is 2023-2029.

5] What was the market size volume of the Biometric Technologies Market in 2022?
Ans. The market size of the Biometric Technologies Market in 2022 was valued at US$ 42.86 Bn.