Global Biometrics Market will be worth nearly USD 33 billion by 2022 and is projected to grow at a CAGR nearly 14.7% through 2028.
The increasing supply of biometrics-enabled personal devices and rising adoption in sectors including banking, retail, mobile commerce etc. are driving market growth. Additionally, the global biometric market is expanding due to the high demand for identity-based IT solutions and advanced security measures to prevent online terrorism activities.
A biometric system uses a person's personal information to identify them based on unique biological characteristics such as retinal identification, fingerprint, voice recognition, facial recognition, and vein patterns in the palm or fingers. Biometrics are widely used in various real-life applications, including personal recognition, identification, verification, and more. Alongside, they are used for safety, security, permission, banking, crime prevention, forensics, medical applications, and communication.
Data breaches and cyberattacks are becoming more frequent, putting the personal information of millions of people at risk, which increases the need to address the growing security concerns. A total of 116 million cyberattacks and data breaches were reported in May 2021. Over 90% of cybersecurity problems are caused by human mistake, and 52% of firms acknowledge that staff members are their biggest weakness when it comes to IT security, as well as 47% when it comes to acceptable data sharing via mobile devices. As a result, biometric technology is developing.
Biometric is a specialized hardware sensors in mobile phones, fingerprint detectors, unique facial recognition cameras (3D), and iris recognition. Biometrics have grown in popularity in recent years, particularly with the introduction of two-factor authentication.
Some of the instance for data breach are
In 2017, approximately 143 million consumerswere affected by an attack on Equifax, which occurred a business loss of morethan USD 4 billion. The organization was found liable for the breach and got acharge ofUSD 425 million by the Federal Trade Commission.
Rising demand for automation in the workplace
Modern working life has evolved dramatically in the last decade, and digitization has helped companies positively. Working habits and communications are more adaptable and digital than ever before mainly, due to the millennial workforce's expansion. Moreover, the traditional office space has also evolved into digital collaborative working platforms. As a result, increasingly sophisticated access control and security products and systems are required. Therefore, biometrics plays a vital role in physically and digitally empowering workplaces.
Furthermore, biometrics not only secures the modern workplace but can also save the resources of IT and security teams and empower workers with significant control over working. It may be the most critical potential. It boosts productivity and efficiency, which eventually increase the demand for the biometrics market.
Data safety and security
Data security and safety are one of the biggest problems faced by biometrics. Biometrics are being implemented more frequently among various applications in order to overcome from data security and privacy challenges. Biometrics are vulnerable to attack and have flaws. For instance, it is occasionally possible to trick a biometric sensor by creating fake artifacts. This practice of spoofing puts biometric systems at risk. Some spoofing techniques can occasionally be counterintuitive because computer vision operates very differently from human vision.
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Global biometrics market can be segmented into solution type, functionality type, By Application (Spying, Demining, Patrolling & Surveillance, Firefighting, Others), end use industry, and region. Based on solution type, the market can be segmented into fingerprint recognition, facial recognition, iris recognition, hand/palm recognition, voice recognition, vein scanner and others including DNA recognition, signature recognition, etc. By functionality type, the market can be segmented into Contact Based, Contact Less, Hybrid. By end use industry, the market can be segmented into, Government and Defense, BFSI, Consumer Electronics, IT and Telecom, Healthcare and Lifesciences, Retail and E-commerce, Others
Market Players
Key developments
- In October 2022, NEXT Biometrics Receives USD 2.2 MillionOrder for FAP 20 fingerprint sensors From Indian original equipment manufacturersOEM to strengthen their position in India
- In September 2022, ASSA ABLOY acquired Control id, a SãoPaolo-based company specializing in biometric access control in time andattendance devices. This acquisition will help ASSA ABLOY to expand its productline of innovative biometric technologies, especially facial recognition.
- Fujitsu Limited announced the development of a newmulti-factor biometric authentication technology in January 2021 to provide acutting-edge shopping experience. The system employs non-contact biometrics andidentification to accomplish palm vein recognition.
| Attribute | Details |
| Base Year | 2022 |
| Historic Data | 2018 – 2021 |
| Estimated Year | 2023 |
| Forecast Period | 2023 – 2028 |
| Quantitative Units | Revenue in USD Million, and CAGR for 2018-2022 and 2023 – 2028 |
| Report coverage | Revenue forecast, company share, growth factors, and trends |
| Segments covered | · Solution Type · Functionality Type · Application · End Use Industry |
| Regional scope | North America; Asia-Pacific; Europe; South America; Middle East |
| Country scope | United States; Canada; Mexico; China; Indian; Japan; South Korea; Australia; Singapore; Malaysia; Germany; United Kingdom; France; Italy; Spain; Poland; Colombia; Brazil; Argentina; Peru; Chile; Africa, Saudi Arabia; South Africa; UAE; Iraq; Turkey |
| Key companies profiled | NEC Electronics Corporation, Thales Group, BIO-Key International, Inc., Assa Abloy AB, IDEMIA France SAS, DERMALOG Identification Systems GmbH, Cognitec Systems, GmbH, Fujitsu Limited, IDEX Biometrics ASA, Next Biometrics Group ASA, SecuGen Corporation, Aware Inc., Precise Biometrics, Fingerprint Cards AB, M2SYS Technology |
| Customization scope | 10% free report customization with purchase. Addition or alteration to country, regional & segment scope. |
| Pricing and purchase options | Avail customized purchase options to meet your exact research needs. Explore purchase options |
| Delivery Format | PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request) |
