Biometric Technology Market By Component (Hardware, Software), Type (Contact-based, Contact-less, Hybrid), Authentication Type (Single-Factor, Multi-Factor), Mobility (Fixed, Portable), Application (Face, Hand Geometry, Voice, Signature, Iris, AFIS, Non-AFIS), End-use Industry (Government & Defense, Banking & Finance, Consumer Electronics, Healthcare, Transportation & Logistics,), & Region for 202
Published Date: August - 2024 | Publisher: MIR | No of Pages: 320 | Industry: latest updates trending Report | Format: Report available in PDF / Excel Format
View Details Download Sample Ask for Discount Request CustomizationBiometric Technology Market By Component (Hardware, Software), Type (Contact-based, Contact-less, Hybrid), Authentication Type (Single-Factor, Multi-Factor), Mobility (Fixed, Portable), Application (Face, Hand Geometry, Voice, Signature, Iris, AFIS, Non-AFIS), End-use Industry (Government & Defense, Banking & Finance, Consumer Electronics, Healthcare, Transportation & Logistics,), & Region for 202
Biometric Technology Market Valuation – 2024-2031
The need to prevent identity theft and fraud while maintaining practical and dependable access control is the main factor propelling the biometric technology market, which is driven by the growing need for improved security and authentication solutions across a range of industries, including government, healthcare, and finance. According to the analyst from Market Research, the biometric technology market is estimated to reach a valuation of USD 183.09 Billion by 2031 over the forecast subjugating around USD 47.31 Billion in 2024.
The increased usage of smartphones and other smart devices equipped with biometric capabilities, like as fingerprint and facial recognition, is propelling the biometric technology market forward, giving consumers greater security and a smooth authentication experience. It enables the market to grow at a CAGR of 20.33% from 2024 to 2031.
Biometric Technology MarketDefinition/ Overview
Biometric technology is the automated recognition of people based on their distinct physical or behavioral characteristics, such as fingerprints, facial features, iris patterns, or voices. This technology is widely utilized in applications like as secure building and device access control, identity verification for financial transactions, border security and immigration control, and patient identification in the healthcare industry.
Furthermore, biometric technology improves security and convenience across a wide range of industries by providing a dependable and fast authentication method.
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What are the Key Drivers that Foster the Adoption of Biometric Technology?
The growing demand for strong security systems as a result of increased security breaches and identity thefts is a major driver of the biometric technology market. Biometrics provides a secure and user-friendly solution by leveraging unique biological patterns, such as fingerprints and iris scans, that are difficult to recreate, hence improving security across a wide range of industries, including banking, healthcare, and government institutions.
Governments around the world are progressively using biometric technologies to improve national security, establish immigration controls, and streamline public administration functions. The use of biometrics in national identity systems, voter registrations, and passport controls promotes market growth by encouraging improved levels of accountability and efficiency in government services.
Furthermore, rapid technological improvements have greatly improved biometric systems’ accuracy, reliability, and speed. Innovations like as 3D facial recognition, multispectral fingerprint scanners, and behavioral biometrics are broadening the breadth and usability of biometrics in daily devices like smartphones and home automation systems. This integration promotes consumer adoption and market expansion.
What are the Challenges Hindering the Growth of the Biometric Technology Market?
Biometric data collection and storage present substantial privacy concerns because it is very sensitive and unique to each individual. If unauthorized parties get access to or mishandle biometric data, it is at risk of being misused. These privacy concerns cause public suspicion and opposition to biometric technologies, especially in nations with tight data protection regulations.
Despite technological advancements, biometric systems still struggle with accuracy and reliability. Poor-quality scans, physical changes in persons, and environmental circumstances all contribute to misleading rejections or acceptances. These technical restrictions reduce the effectiveness of biometric systems and discourage enterprises from implementing them, particularly in vital security applications.
Furthermore, deploying biometric systems incurs significant expenditures, including the purchase of advanced scanners and software, integration into existing security frameworks, and maintenance. Many organizations, particularly small and medium-sized businesses, find these fees unreasonably expensive, limiting biometric technology market penetration.
Category-Wise Acumens
What Factors Contribute to the Market Leadership of the Hardware Components?
According to analysis, the hardware segment is estimated to hold the largest market share in the service segment during the forecast period. Hardware components such as fingerprint scanners, iris recognition cameras, and facial recognition systems are crucial to biometric system accuracy and efficiency. Their ability to provide great performance with minimal faults adds to their widespread use in security-sensitive applications ranging from smartphones to border control systems.
The hardware segment benefits from ongoing technical advancements that enhance the capabilities and integration possibilities of biometric devices. Sensor technology, materials, and miniaturization advancements have made biometric gear more small, durable, and capable of operating in a variety of environments, broadening its applicability across industries.
Furthermore, increased concerns about identity theft, cyberattacks, and illegal access to personal and professional data have led to a global demand for stronger security measures. This tendency fuels the demand for biometric hardware, which offers a secure and user-friendly solution to these security concerns.
What are the Key Driving Forces for the Dominance of Single-Factor Authentication in the Biometric Technology Market?
The single-factor authentication segment is estimated to dominate the biometric technology market during the forecast period. Single-factor authentication (SFA) systems, such as those that use facial or fingerprint recognition, provide a mix of security and ease without the extra steps required by Multi-Factor Authentication (MFA). This makes SFA more tempting for daily applications where speed and ease of use are important.
SFA solutions are less expensive and easier to implement than MFA systems. This cost advantage makes SFA an attractive alternative for enterprises seeking to install biometric technologies without incurring large financial costs.
Furthermore, the increased adoption of biometric technology in consumer electronics, notably smartphones, and laptops that largely leverage SFA methods such as fingerprint and facial recognition, supports the rise and dominance of this segment of the market.​
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Country/Region-wise Acumens
What are the Specific Trends Driving North America Forward in the Market?
According to analyst, North America is estimated to dominate the biometric technology market during the forecast period. North America, particularly the United States, has a strong technological infrastructure and several prominent technology companies. This creates an ideal setting for the development and early adoption of new technologies, such as biometric systems. The region’s emphasis on research and development promotes innovation in biometric technologies.
The United States government’s strong investment in security and defense, where biometric technologies are widely employed for identity verification, border security, and military applications, helps to drive market growth. Government measures not only raise demand for biometric systems but also establish guidelines for their usage in various sectors.
Furthermore, consumers in North America use biometric systems at a high rate, particularly in mobile banking and personal electronics applications. This is driven by a customer base that is technologically aware and increasingly concerned with privacy and security, driving demand for biometric solutions that provide safe and convenient user authentication.​
What are the Factors Leading to a Significant Share in the Asia Pacific Region?
The Asia Pacific region is estimated to exhibit the highest growth within the biometric technology market. Many Asia-Pacific countries, including India, China, and Japan, are adopting large-scale biometric systems for national security, identity verification, and public welfare schemes. India’s Aadhaar program, which uses biometric data to provide residents with unique identities, has considerably increased the use of biometric technology in the region.
Asia-Pacific is a significant hub for consumer electronics production and consumption. Biometric technologies are increasingly being integrated into personal devices due to consumer demand for secure and convenient authentication methods.
Furthermore, the need for improved security solutions is rising in industries like banking, retail, and transportation as the region’s economies expand. This has resulted in a greater adoption rate of biometric systems in various sectors, supporting market growth in the region.​
Competitive Landscape
The competitive landscape of biometric technology is characterized by rapid innovation and diversification, with many firms developing innovative solutions to fulfill the growing demand for secure and convenient authentication techniques.
Some of the prominent players operating in the biometric technology market include
- Accu-Time Systems Inc.
- AFIX Technologies
- BIO-key International Inc.
- DERMALOG Identification Systems GmbH
- East Shore Technologies Inc.
- EyeVerify Inc.
- Fujitsu Limited
- Gemalto NV
- HID Global Corporation
- IDEMIA
- Iris ID Inc.
- NEC Corporation
Latest Developments
- In January 2022, IDEMIA collaborated with Microsoft to provide next-generation connectivity solutions including eSIM for consumer and loT devices.
- In July 2021, Thales Group submitted a voice biometric setup, part of the Trusted Digital Identity Service Platform, for onboarding and validation. It helps identify scammers attempting to imitate clients.
Report Scope
| REPORT ATTRIBUTES | DETAILS |
|---|---|
| Study Period | 2021-2031 |
| Growth Rate | CAGR of ~20.33% from 2024 to 2031 |
| Base Year for Valuation | 2024 |
| Historical Period | 2021-2023 |
| Forecast Period | 2024-2031 |
| Quantitative Units | Value in USD Billion |
| Report Coverage | Historical and Forecast Revenue Forecast, Historical and Forecast Volume, Growth Factors, Trends, Competitive Landscape, Key Players, Segmentation Analysis |
| Segments Covered |
|
| Regions Covered |
|
| Key Players | Accu-Time Systems Inc., AFIX Technologies, BIO-key International Inc., DERMALOG Identification Systems GmbH, East Shore Technologies Inc., EyeVerify Inc., Fujitsu Limited, Gemalto NV, HID Global Corporation, IDEMIA, Iris ID Inc., and NEC Corporation. |
| Customization | Report customization along with purchase available upon request |
Biometric Technology Market, By Category
Component
- Hardware
- Software
Type
- Contact-based
- Contact-less
- Hybrid
Authentication Type
- Single-Factor Authentication
- Multi-Factor Authentication
Mobility
- Fixed
- Portable
Application
- Face
- Hand Geometry
- Voice
- Signature
- Iris
- AFIS
- Non-AFIS
- Others
End-Use Industry
- Government and Defense
- Banking and Finance
- Consumer Electronics
- Healthcare
- Transportation and Logistics
- Others
Region
- North America
- Europe
- Asia-Pacific
- South America
- Middle East & Africa
Research Methodology of Market Research
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Reasons to Purchase this Report
• Qualitative and quantitative analysis of the market based on segmentation involving both economic as well as non-economic factors• Provision of market value (USD Billion) data for each segment and sub-segment• Indicates the region and segment that is expected to witness the fastest growth as well as to dominate the market• Analysis by geography highlighting the consumption of the product/service in the region as well as indicating the factors that are affecting the market within each region• Competitive landscape which incorporates the market ranking of the major players, along with new service/product launches, partnerships, business expansions and acquisitions in the past five years of companies profiled• Extensive company profiles comprising of company overview, company insights, product benchmarking and SWOT analysis for the major market players• The current as well as the future market outlook of the industry with respect to recent developments (which involve growth opportunities and drivers as well as challenges and restraints of both emerging as well as developed regions• Includes an in-depth analysis of the market of various perspectives through Porter’s five forces analysis• Provides insight into the market through Value Chain• Market dynamics scenario, along with growth opportunities of the market in the years to come• 6-month post-sales analyst support
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Pivotal Questions Answered in the Study
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