Authored By: Sarah
11 Jul 2024

 Biometrics Market Size to grow by USD 38.11 billion between 2024-2028

According to a research report “ Biometrics Market” by End-user (Government, Healthcare, BFSI, Others) Component (Hardware, Software) Geography (North America, APAC, Europe, Middle East and Africa, South America)- Global Forecast to 2028 published by Technavio, the market size is estimated to grow by USD 38.11 billion, at a CAGR of almost 15.2% during the forecast period. In today's business landscape, the demand for robust security solutions is paramount, particularly in sectors such as finance, government, transportation, healthcare, and defense, where confidential data and information are of utmost importance. Biometric technology, with its ability to authenticate an individual's identity more securely than traditional methods like passwords or ID cards, is gaining significant traction. With the increasing instances of cybercrime and data breaches, the adoption of biometrics is becoming a necessity. For instance, in the retail sector, the rise in credit card payments at POS terminals has led to a surge in fraudulent activities. To mitigate these risks, financial institutions and credit card companies are turning to biometric technologies to secure users' confidential details, thereby enhancing overall security and protecting against potential data breaches.

Browse market data tables, figures, and in-depth TOC on “Biometrics Market” by End-user (Government, Healthcare, BFSI, Others) Component (Hardware, Software) Geography (North America, APAC, Europe, Middle East and Africa, South America) Global Forecast to 2028. Download Free Sample

 

By End-user, the Government segment is projected to dominate the market size in 2024

In the dynamic and expanding biometrics market, hardware plays a pivotal role in driving growth through segmentation. Biometric hardware encompasses devices such as scanners, which capture and archive distinctive data, including fingerprints, iris patterns, facial features, and voice prints. Fingerprint scanners are currently the most prevalent biometric scanners, followed closely by facial recognition scanners. These scanners are utilized in numerous applications, including access control, time and attendance monitoring, and identity verification. The global biometrics market is poised for substantial expansion due to the burgeoning adoption of biometric authentication across diverse industries. Additionally, cameras serve as a crucial component in the biometrics market, particularly in applications involving facial recognition technology.

By Component, Hardware  segment is expected to hold the largest market size for the year 2024

The global biometrics market experiences significant demand from government sectors due to increasing security concerns and the need for advanced identification systems. Governments utilize biometric technology for various applications, including border control, national security, law enforcement, and criminal identification. At the local and state levels, biometrics is employed for background checks during employment screening and issuing identification cards and licenses. Concurrently, at the national level, biometrics plays a pivotal role in defense, border control, and law enforcement initiatives. With growing commitments to enhance security measures, governments worldwide are driving the expansion of the biometrics market.

North America is forecasted to hold the largest market size by region in 2024

The biometrics market represents a significant growth opportunity for businesses seeking advanced security solutions. Biometric technology, which includes fingerprint, facial recognition, iris scanning, and voice recognition, offers enhanced security and convenience. Market growth is driven by increasing security concerns, government initiatives, and the integration of biometrics into various applications such as border control, financial services, and healthcare. Companies investing in biometrics can expect robust returns and a competitive edge in the marketplace.

The Biometrics Market growth and forecasting report also includes detailed analyses of the competitive landscape of the market growth and forecasting and information about 20 market companies, including:

  • 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
  • Veridium IP Ltd.
.

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Research Analysis Overview

The Biometrics Market is experiencing significant growth due to the increasing demand for multifactor authentication in various sectors. Artificial intelligence and machine learning are key technologies driving this market, enabling the recognition of behavioral and physiological traits for authentication. Sensing technologies, such as cameras, sensors, and scanners, are essential subcomponents of biometric systems. Technological advances in these areas are leading to the integration of biometric authentication in mobile phones, computers, laptops, tablets, consumer electronics, home automation devices, and even automotive verticals. Preventive maintenance and additional costs are concerns for customers adopting biometric technology. However, the advanced features and enhanced security offered by biometric systems far outweigh these concerns. The market for biometric technology is expected to continue growing, fueled by the increasing adoption of surveillance solutions and the integration of biometrics into various industries. The use of biometric technology in sectors such as electronics, finance, healthcare, and government is expected to drive market growth. Raw materials, such as cameras, sensors, and scanners, are essential components of biometric systems, and their prices can impact the overall cost of the market.

Market Research Overview

The Biometrics Market is experiencing significant growth due to the increasing need for individuality verification in various sectors, including immigration databases and criminal records. Biometric samples such as fingerprints, iris scans, and facial recognition are used for identification purposes at international boundaries, visa aspirants, and for access control in sensitive areas. The market is driven by incentives like rebates, incentives, and subsidies for implementing biometric systems. However, concerns over corruption, data breaches, and system failure rates remain a challenge. The largest share of the market is held by civil verticals, followed by defense and law enforcement. Biometric smart cards, contactless systems, and multifactor authentication are expanding areas of the market. Technological advances in artificial intelligence, machine learning, behavioral traits, and physiological traits are driving innovation in biometric systems. However, additional costs associated with hardware components like cameras, sensors, scanners, and electronic locking systems, as well as preventive maintenance and capital investment, can be a barrier to entry. Regulatory fines, class action lawsuits, and public opinion can also impact the market. Biometric systems are used for securing IT systems, doors, buildings, financial information, medical records, email accounts, and bank accounts. Biometric authentication is becoming essential for securing connected devices and consumer electronics in the automotive verticals and electronics industry. Surveillance solutions and authentication sectors are key areas of growth for the biometric technology market.

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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