Biometrics Market by Technology (Face Recognition, Fingerprint Recognition, Iris Recognition, Voice Recognition, and Others (Palmprint and Signature)), Authentication (Single-factor Authentication and Multifactor Authentication), Component (Mobile, PC, Payments, and Access), End-user (Government & Defense, Healthcare, BFSI, Consumer Electronics, and Others (Retail & E-Commerce and Transport/Visa/Logistics)), and Regional Analysis (North America, Europe, Asia-Pacific, and LAMEA): Global Opportunity Analysis and Industry Forecast, 2021–2028

RA05051

Pages: 215

Oct 2021

Global Biometrics Market Analysis

The global biometrics market size is predicted to garner a revenue of $104,959.6 million in the 2021–2028 timeframe, growing from $37,123.1 million in 2020, at a healthy CAGR of 15.0%.

Market Synopsis

Several major factors of driving market growth include the increasing penetration of smartphones around the globe and the increasing integration of biometric systems with IoT devices.

However, data breaches and significant investment costs are some of the challenges limiting the biometric market expansion.

According to the regional analysis of the market, the Asia-Pacific biometrics market share is anticipated to grow at a CAGR of 15.8%, by generating a revenue of $29,787.5 million during the review period.

Biometrics Market Overview

Biometrics as a service are methods for verifying, recognizing, and identifying people based on their physical or behavioral features. They compare a person's identifiers to a biometric template that has previously been stored in the database. Physiological and behavioral traits are the two types of biometric identification available. Fingerprints, hand geometry, palm veins, face, iris, DNA, retina, and palm prints are physiological qualities, while voice & signature recognition and typing patterns are behavioral traits.

Covid-19 Impact on Biometrics Market

In March 2020, the World Health Organization declared COVID-19 as a pandemic, which resulted in restrictions on travel and disturbances in financial markets, as well as negatively impacted supply chains and production levels. The COVID-19 pandemic has caused massive disruptions and changes in a variety of businesses, as well as a significant rise in the demand for touchless biometric solutions, especially the healthcare biometrics. Because of their precision and alignment with COVID-19's social distancing standards, advanced multifactor and multimodal biometric technologies are becoming increasingly relevant. According to recent government regulations, organizations must avoid utilizing palm print, fingerprint, and hand-key scanners to prevent physical contact and virus spread. These steps are paving the way for user-friendly iris scans and facial recognition technology that may be used in a variety of settings.

Integration of Biometrics with IoT Devices are Anticipated to Drive the Market Growth

One factor projected to drive market revenue growth in the future is the increasing integration of biometric systems with IoT devices. Biometric authentication is a novel method of securing IoT devices. Behavioral biometrics collects critical data sets from now-common smartphones and IoT devices in order to identify a user. Data becomes richer as more IoT-connected devices are deployed, enabling for a continuous authentication procedure to take place while the device is in use. Furthermore, as e-passports become more widely used, demand for biometric systems is likely to rise, boosting market growth in the future years.

To know more about global biometrics market trends, get in touch with our analysts here.

Security Concerns and Implementation Cost Might Restrain the Market Growth

Over the projected timeframe, concerns about data security are expected to stifle the worldwide biometrics market's growth. Grave security difficulties arise from possible hackers and thieves misusing the security system, which can lead to the leakage of vital identity-based information. The sector is beset by high technology costs and accuracy difficulties, particularly in the case of emerging technologies like face and physical recognition. Low precision and reproducibility are the outcome of complex and cumbersome procedures, necessitating ongoing technological improvement.

Technological Advancements are Expected to Increase the Opportunities of Biometrics Market

Electroencephalogram (EEG) and electrocardiogram (ECG) are two new technologies that are projected to open up new markets. These procedures trace the unique nature of an individual's heart and brain patterns, allowing for enhanced fraud resistance. Because of the need for more secure security systems, behavioral identification patterns such as typing rhythm, stride, and voice are becoming more common. The operational signature is a method of capturing a person's usage pattern and using it as a verification template. It's expected to be utilized in telerobotic surgical systems to differentiate between different users.

To know more about global biometrics market opportunities, get in touch with our analysts here.

Biometrics Market
By Technology

Based on technology, the biometrics market has been segmented into face recognition, Fingerprint Recognition, iris recognition, voice recognition, and others of which the Fingerprint Recognition type sub-segment is projected to generate the maximum revenue during the forecast period.