Next Generation Biometric Market: Global Industry Analysis And Forecast (2023-2029)

Next Generation Biometric Market was valued at US$ 42.28 Bn. in 2022 and expected to grow at a CAGR of 11.2% during the forecast period (2023-2029). Thanks to the growing trend of single factor authentication segment use have boosted demand for Next Generation Biometric Market.
Next Generation Biometric Market Overview:
Biometry is used to verify personnel identity by analyzing the physical and behavioral characteristics. Different types of biometrics are biological, morphological, and behavioral. The common type of biometric identities used in today’s are fingerprint, facial recognition, voice recognition, iris recognition, and signature recognition. Next-generation biometrics provides high security and assurance, they are convenient and fast, non-transferable, and hard to fake. Growing demand for security applications like national ID cards, border crossing, and government benefits, etc. are influencing the growth of the global next-generation biometric market. As a result global next-generation market is expected to reach US$ 71.91 Bn. during the forecast period.To know about the Research Methodology :- Request Free Sample Report
Next Generation Biometric Market Dynamics:
Growing population, increasing social benefits from government-sponsored programs, and increasing zero-trust mindset of the peoples are the factors driving the growth of the next-generation biometric market. Recently “The Government of the Philippines” took a loan of US$ 600 Mn. from WORLD BANK to boost its economy, which involves a digital ID scheme called “PhilSys”. Under the PhilSys scheme, more than 50 Mn. citizens enrolled their biometric data for the digital ID. According to the “Associated Press of Pakistan” (APP), public sector biometric use is expanding to maintain transparency in the disbarment of pension payments. Because Pakistan distributes US$ 336.8 Mn a month for its 1.4 Bn pensioners. These are some recent developments expected to boost the market growth.

Increased usage of smartphones, the growing banking, and finance sector, and the need for criminal identification are creating the demand for the next generation biometric market. According to the “UK’s University of Plymouth” study, “Gait biometric authentication” for smartphones provides high security from cybercrimes. “Garanti BBVA” a Turkish bank expected to introduce a biometric remote customer onboarding system from “Aware’s Knomi” company and Chile-based “Cencosud Scotia bank” agreed with “FacePhi” company to provide credit cards to the customers, by using FacePhi’s optical character reading and facial authentication technologies. These are some recent developments boosting the growth of the market.

Increasing digital cards and biometric passports are boosting the global next-generation biometric market positively. Costa Rica’s expected to introduce its biometric passport from 2022. Cross-border digital identity services from “MasterCard” are expected to enter the market in 2022. These developments can create a huge market during the forecast period.
Some of the factors affecting the growth of the market are high investment needed in biometrics for security, chances of biometric database hacks, need for advancement in machine learning and algorithms, and occurrence of false identity.
Next Generation Biometric Market Segment Analysis:
Based on Type Segment, The Next-Generation Biometric market is sub-segmented into single-factor authentication and multi-factor authentication. The single factor authentication segment dominates the global market and it held a share of 62 % in 2022. Because of easier to operate, cost-effective and fast responsiveness are the main features creating demand for the single-factor authentication segment. They consist of fingerprint, iris, and face recognition. Increasing its usage in government-initiated programs, banking applications, and healthcare sectors is creating a huge demand in the market.

Based on Technology Segment, the Next Generation Biometric market is sub-segmented into contact-based, contactless, and hybrid. The hybrid segment dominates the global market and was valued at US$ 12.2 Bn. in 2022. Hybrid biometric is a multimodal system that involves fingerprint, voice, face, and iris identification. The hybrid segment helps in reducing the false acceptance rate, false rejection rate, and increased usage of this segment in airport security, law enforcement, building access, and public transport. This wide range of applications has created the demand for the hybrid segment in the market.

Based on the Application Segment, the Next Generation Biometric market is sub-segmented into Government, Military & Defense, Healthcare, Banking & finance. The Banking and Finance segment dominates the market and it held a share of 50% in 2022. Increasing usage of smartphones has replaced the computers in accessing the account details, money transfer, and online payments, and raising developments in online id verification, remote account opening, etc. are driving the growth of the market positively.
Next Generation Biometric Market Regional Insights:
Asia-Pacific is the dominating region in the Next Generation Biometric market. Economic expansion in developing countries, increased attraction towards tourism and increased usage of IoT devices are the factors driving the growth of the market in this region. The government of India is expecting to launch a “face biometric liveness check” program for pensioners, this digital ID initiative is expected to benefit 6.8 Mn pensioners in India. In December 2021, the Government of India introduced “Facial Recognition Technology” (FRT) for onboarding passengers under “DIGI YATRA SCHEME”. And in November 2021, “Mantra Softech” agreed with the UP government to distribute ration through the use of biometric. These are some recent developments expected to boost the growth of the biometric market in this region. In December 2021, US Treasury has placed “SenseTime” Chinese AI and biometric firm into the blacklist. This US sanction may slow the growth of the next-generation market in this region.

North America is the second dominating region in the market. The presence of major key players, increasing investment in biometric technology, and increasing data breaches are the factors attributing to the growth of the market. Under the Enhanced Border Security and Visa Entry Reform Act of 2002, the US mandated the use of biometric visas. “U.S. Patent and Trademark Office” granted biometric patents to “FingerprintCard” for the design and manufacturing of fingerprint sensing cards. These are the recent developments expected to boost the next generation biometric market growth.

The objective of the report is to present a comprehensive analysis of the global Next Generation Biometric 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 has been presented in the report. External as well as internal factors that are supposed to affect the business positively or negatively have been analyzed, which will give a clear futuristic view of the industry to the decision-makers.

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


Base Year
2022
Forecast Period
2023-2029


Historical Data
CAGR
Market Size in 2022
Market Size in 2029


2018 to 2022
11.2%
US$ 42.28 Bn
US$ 88.91 Bn


Segments Covered


by Type
Single factor authentication
Multi factor authentication
by Technology
Contact based
Contactless
Hybrid
by Application
Government
Military and Defence
Healthcare
Banking and Finance


Regions Covered


North America
United States
Canada
Mexico
Europe
UK
France
Germany
Italy
Spain
Sweden
Austria
Rest of Europe
Asia Pacific
China
S Korea
Japan
India
Australia
Indonesia
Malaysia
Vietnam
Taiwan
Bangladesh
Pakistan
Rest of APAC
Middle East and Africa
South Africa
GCC
Egypt
Nigeria
Rest of ME&A
South America
Brazil
Argentina
Rest of South America



Next Generation Biometric Market Key Players are:
1. Safran SA
2. NEC Corporation
3. 3M Cogent Inc.
4. Fujitsu Ltd.
5. Suprema Inc.
6. Cross Match Technologies
7. Fulcrum Biometrics
8. Thales SA
9. Bio-Key International Inc.
10.Precise Biometrics AB
11.Secunet Security Networks AF
12.RCG Holdings Limited
13.Fingerprint Cards AB
14.Siemens AG
15.Facebanx

Frequently Asked Questions:

1. Which region has the largest share in Next Generation Biometric Market?
Ans: Asia-Pacific held the largest share in 2022.

2. What is the growth rate of the Next Generation Biometric Market?
Ans: The Next Generation Biometric Market is growing at a CAGR of 11.2% during the forecasting period 2023-2029.

3. What segments are covered in Next Generation Biometric Market?
Ans: Next Generation Biometric Market is segmented into type, technology and application.

4. Who are the key players in Next Generation Biometric Market?
Ans: Safran SA, NEC Corporation, 3M Cogent Inc., Fujitsu Ltd., Suprema Inc., Cross Match Technologies, Fulcrum Biometrics, Thales SA, Bio-Key International Inc., Precise Biometrics AB, Secunet Security Networks AF, RCG Holdings Limited, Fingerprint Cards AB, Siemens AG, Facebanx

5. What is the study period of this market?
Ans: The Next Generation Biometric Market is studied from 2022 to 2029.