Biometric System Market Size Worth USD 76.70 Billion by 2029 | Report by Fortune Business Insights

According to Fortune Business Insights, the global biometric system market size is projected to reach USD 76.70 Billion in 2029, at a CAGR of 13.9% during the forecast period, 2022-2029

Pune, India, Jan. 17, 2023 (GLOBE NEWSWIRE) — The global biometric system market size was valued at USD 29.09 billion in 2021 and USD 30.77 billion in 2022. The market is expected to reach USD 76.70 billion by 2029 with a CAGR of 13.9% during the forecast period. Rise in demand of biometric technology for authentication in e-commerce and retail to boost the product demand.

Increasing demand for surveillance and security owing to the increasing number of criminal activities is set to drive market growth. Usage of biometric data for making passwords for laptops, phones, and computers is anticipated to propel the market progression. Fortune Business Insights™ shares this information in its report titled “Biometric System Market Forecast, 2023-2029.”

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Key Industry Development

January 2022- Idemia launched MorphoWave Contactless fingerprint terminals which operates on artificial intelligence-based technology and can scan fingerprint without human touch.  

Report Scope & Segmentation

Key Takeaways

• Increasing coverage of fingerprint based attendance systems in commercial sector and consumer electronics garnered higher revenue in 2021
• Biometric system market size in Asia Pacific was USD 15.02 Billion in 2021
• The growth of closed-circuit television camera technology in emerging countries is driving the growth of the biometrics market.
• Increased awareness of health, security, surveillance and cloud connectivity is becoming the driving forces.
• The public and government sector is projected to generate the highest CAGR over the forecast period, 2023-2029

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Drivers and Restraints

• Increasing Number of Criminal Cases to Fuel Market Progression
• Increasing cases criminal cases and activities led to the demand for security and surveillance, which is anticipated to drive the biometric system market growth.
• Biometric systems are used for scanning biometric characteristics such as iris, voice, fingerprint, signature, DNA, hand geometry, and vein patterns.
• The main aim is to reduce crimes and terrorist attacks. Growing technology-based CCTV cameras in emerging countries such as India, China, and Japan is expected to drive market growth.
• Launch of various government initiatives and policies are expected to push market growth.
• However, the high initial investments in biometric devices are anticipated to hamper market growth.

Segments

Multi-factor Authentication to Lead Due to Rising Popularity in Travel and Tourism Sector

On the basis of authentication type, the market is divided into multi-factor authentication and single factor authentication. Multi-factor authentication is gaining popularity in the travel and tourism sector. There is increasing use of multi-factor authentication in BFSI, automotive, and consumer electronic industries.

Contact-based System to Govern Owing to High Usage in Various Industries

Based on contact type, the market is categorized into contact-based system, contact less system, and hybrid. Contact-based system is expected to have a major part owing due to its heavy use in BFSI, consumer electronics, and commercial & smart home industries.

Fingerprint Recognition to Dictate Due to Increasing Demand from the Commercial Sector

Based on technology, the market is categorized into face recognition, iris recognition, voice recognition, vein recognition, fingerprint recognition, and others. Fingerprint recognition is expected to have a major part due to increasing demand from commercial sector and consumer electronics.

Fixed Segment to Dictate as Due to Heavy Use in Various Industries

Based on mobility, the market is categorized into fixed and portable. Fixed segment is expected to have a major part due to heavy use of fixed biometric scanner in BFSI, commercial, government & public and smart home industries.

Consumer Electronics to Dictate as Due to High Usage of Fixed Biometric Scanner

Based on end-user, the market is categorized into BFSI, military & defense, consumer electronics, travel & transport, commercial, smart home, government & public, and others. The consumer electronics segment is expected to have a major part due to heavy use of fixed biometric scanner.

Regional Insights

Asia Pacific to Lead Market Share Owing to Increasing Usage of Biometric Technology

Asia Pacific is anticipated to head the biometric system market share due to increasing use of biometric technology-based signature recognition, and access control in consumer electronics, government & public, and automotive industries. The market reached the valuation of USD 15.02 billion in 2021 owing to increasing demand for biometric scanners and sensor manufacturing in China. Asia Pacific is set to have the highest presence of key players in India and China. There are many small-scaled and medium-scaled biometric system manufacturers in emerging countries such as Singapore, Japan, and South Korea.

North America is set to flourish significantly due to the adoption of advanced technology in military and defense as well as in the automotive sector in the U.S. and Canada.

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Competitive Landscape

Partnership Strategies by Market Players to Set Growth Progression

HID Global Corporation is the main key player which holds the highest market share as it is a major manufacturer of sensors and scanners, which are the main components of biometric systems. Other market players, such as Bio Key International, NEC Corporation, Thales Group, Fulcrum Biometric Inc., Nuance Communication Inc., Precise Biometric, Qualcomm Technology, Dreamlog Identification System Inc, Cognitec System Gmbh, Daon Inc., Dreamlog Identification System Inc., and Idemia, have their production plants in various countries. In July 2020, Nedap partnered with Thales Group. The partnership will help Nedap to integrate facial recognition system provided by Thales Group to its physical security system. This is set to simplify and accelerate deployment of its physical access management solution in airports, malls, commercial complexes, and hospitals.

List of Key Players Profiled in the Report

• HID Global Corporation (U.S.)
• Bio Key International (U.S.)
• NEC Corporation (Japan)
• Thales Group (U.S.)
• Fulcrum Biometric Inc. (U.S.)
• Nuance Communication Inc. (U.S.)
• Precise Biometric (Sweden)
• Qualcomm Technology (U.S.)
• Dreamlog Identification System Inc. (Germany)
• Daon Inc. (U.S.)

Major Table of Contents:

• Global Biometric System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
  • • Key Findings
    • By Authentication Type (USD Bn)
      • Multi-Factor Authentication
      • Single Factor Authentication
    • By Contact Type (USD Bn)
      • Contact-Based System
      • Contact Less System
      • Hybrid
    • By Technology (USD Bn)
      • Face Recognition
      • Iris Recognition
      • Voice recognition
      • Vein recognition
      • Fingerprint Recognition
      • Other
    • By Mobility (USD Bn)
      • Fixed
      • Portable 
    • By End-User (USD Bn)
      • BFSI
      • Military & Defense
      • Consumer Electronics
      • Travel & Transport
      • Commercial
      • Smart Home
      • Government & Public
      • Others
    • By Region (USD Bn)
      • North America
      • Europe
      • Asia Pacific
      • Middle East & Africa
      • South America
• North America Biometric System Market Size Estimates and Forecasts (Quantitative Data), By Segments, 2018-2029
  • • Key Findings
    • By Authentication Type (USD Bn)
      • Multi-Factor Authentication
      • Single Factor Authentication
    • By Contact Type (USD Bn)
      • Contact-Based System
      • Contact Less System
      • Hybrid
    • By Technology (USD Bn)
      • Face Recognition
      • Iris Recognition
      • Voice recognition
      • Vein recognition
      • Fingerprint Recognition
      • Other
    • By Mobility (USD Bn)
      • Fixed
      • Portable 
    • By End-User (USD Bn)
      • BFSI
      • Military & Defense
      • Consumer Electronics
      • Travel & Transport
      • Commercial
      • Smart Home
      • Government & Public
      • Others
    • By Country (USD Bn)
      • U.S.
      • Canada
      • Mexico

TOC Continued…!

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FAQs

How big is the biometric system market?

Biometric system market size was USD 29.09 Billion in 2021.

How fast is the biometric system market growing?

The biometric system market will exhibit a CAGR of 13.9% during the forecast period, 2022-2029.

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