Global Market for Biometrics Technology is Anticipated to grow at a Significant Pace i.e., USD 62.14 Billion during the Forecast Period 2021-2027

Published Date: Jun, 2021

The global biometrics technology market is expected to witness a CAGR of 20.1% during the forecast period 2021-2027. Owing to its unique identification technique and high security, biometrics technology is used for various applications in industries such as defense, government, healthcare, banking, commercial security, and others (gaming, automobile, retail, and hospitality). This is estimate to propel the growth of the market. The COVID-19 pandemic is the major factor for the development and acceptance of contactless biometric technologies. i.e. verifying personal identities without and physical with the security infrastructure. Furthermore, governments across the globe are taking measures to adopt contactless biometric technologies and to respond quickly to the crisis of COVID-19. Thus, will propel the demand for biometrics technologies among government agencies for public safety surveillance.

Browse 44 market data Tables and 30 Figures spread through 155 Pages and in-depth TOC on " (by Authentication (Single-Factor Authentication and Multi-Factor Authentication), by Application (Physical Characteristics (Fingerprint Recognition, Iris Recognition, Hand Geometry Recognition, Palm Recognition, and Others)and Behavioral Characteristics(Signature Recognition, Voice Recognition, Middleware Recognition, and Others)), by Functionality (Contact-Based Biometric Systems, Contactless Biometric Systems, and Hybrid Biometric Systems), by Offering (Hardware and Software), and by Vertical (Consumer Electronics, Government, Military & Defense, Healthcare, Banking & Finance, Travel and Immigration, and Others), and by Region) - Global Forecast to 2027"


By vertical, Government vertical is expected to lead the biometric system market during the forecast period

Based on vertical, the market is segmented into consumer electronics, government, military & defense, healthcare, banking & finance, travel and immigration, and others. The government sector has a sizeable share in the market during the forecast period. The adoption of fingerprint recognition technology is eminent in the government vertical. The use of biometric technology in elections to solve the problem of voter fraud and restore political stability in the country.  Thus, biometric systems are widely used for a counter issues such as identity theft and illegal migration.

Global Biometrics Technology Market Segmentation Analysis

Segment

Categorization

Leading Category

Authentication

Single-Factor Authentication and Multi-Factor Authentication

Multi-Factor Authentication (Fastest)

Application

Physical Characteristics (Fingerprint Recognition, Iris Recognition, Hand Geometry Recognition, Palm Recognition, and Others) and Behavioral Characteristics (Signature Recognition, Voice Recognition, Middleware Recognition, and Others)

Fingerprint Recognition (Prominent)

Hand Geometry Recognition (Substantial growth)

Palm Recognition (Substantial Growth)

 

Functionality

Contact-Based Biometric Systems, Contactless Biometric Systems, and Hybrid Biometric Systems

Hybrid Biometric Systems (Fastest)

Offering

Hardware and Software

Software (Fastest)

Vertical

Consumer Electronics, Government, Military & Defense, Healthcare, Banking & Finance, Travel and Immigration, and Others

Government (Largest)

Healthcare (High CAGR)

 

Region

North America, Europe, Asia-Pacific, and Rest of the World

North America (Largest)

Asia Pacific (Fastest)

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“APAC to lead biometric system market during the forecast period”

Geographically, APAC is expected to contribute significantly to the global market because of the rise in the use of biometrics technology in countries such as India, China, and Indonesia. Technological developments, a rise in awareness about the use of the biometric systems for security purposes, and low-cost devices based on these technologies will lead to the growth of the market in the Asia-Pacific region. Initiatives such as the UIDAI project in India, e-KTP electronic ID initiatives in Indonesia will provide new business opportunities for the growth of the biometrics market.

In April 2020, FUJITSU FRTONTECH LIMITED acquired Fulcrum Biometrics, the Texas-based biometric hardware, software, and solutions provider. The companies aimed to develop the In May 2020, NEC Corporation launched NeoFace Thermal Express to provide touchless screening. The NeoFace Thermal combined elevated body temperature (EBT) detection, detection of personal protective equipment, such as face masks, and NeoFace biometrics on a scalable and modular platform with video and thermal analytics. NeoFace Thermal Express runs on NEC's cloud-based Digital Services Platform, which provides sensor management, algorithm orchestration, scalability, and interoperability.

Some of the leading players operating in the global biometrics technology market Thales Group, Safran S.A., NEC Corporation, FUJITSU FRONTECH LIMITED, 3M Company, SUPREMA, BIO-key International, Precise Biometrics, FaceFirst, Inc., and Assa Abloy AB.

Scope of the Report

Report Metric

Details

Market Size Available for the Years in the Study

2019–2027

Historical Period

2019–2020

Base Year

2020

Forecast Period

2021–2027

Segments Covered in the Study

Authentication, Application, Functionality, Offering, Vertical,and Region

Geographies Covered in the Study

North America (U.S., Canada, Mexico), Europe (Germany, U.K., France, Italy, Spain, Russia), Asia-Pacific (China, Japan, India, South Korea), and Rest of the World (Brazil, Saudi Arabia, South Africa, U.A.E.)

Companies Covered in the Study

Thales Group, Safran S.A., NEC Corporation, FUJITSU FRONTECH LIMITED, 3M Company, SUPREMA, BIO-key International, Precise Biometrics, FaceFirst, Inc., and Assa Abloy AB.

 

Global Biometrics Technology Market Coverage

Authentication Insight and Forecast 2020-2027

  • Single-Factor Authentication
  • Multi-Factor Authentication

Application Insight and Forecast 2020-2027

  • Physical Characteristics
    • Fingerprint recognition
    • Iris Recognition
    • Hand Geometry Recognition
    • Palm Recognition
    • Others
  • Behavioral Characteristics
    • Signature Recognition
    • Voice Recognition
    • Middleware Recognition
    • Others

Functionality Insight and Forecast 2020-2027

  • Contact- Based Biometric Systems
  • Contactless Biometric Systems
  • Hybrid Biometric Systems

Offering Insight and Forecast 2020-2027

  • Hardware
  • Software

Vertical Insight and Forecast 2020-2027

  • Consumer Electronics
  • Government
  • Military & Defense
  • Healthcare
  • Banking & Finance
  • Travel and Immigration
  • Others

Geographical Segmentation

Global Biometrics Technology Market by Region

North America

  • By Authentication
  • By Application
  • By Functionality
  • By Offering
  • By Vertical
  • By Country – U.S., Canada, and Mexico

Europe

  • By Authentication
  • By Application
  • By Functionality
  • By Offering
  • By Vertical
  • By Country – Germany, U.K., France, Italy, Spain, Russia, and Rest of Europe

Asia-Pacific (APAC)

  • By Authentication
  • By Application
  • By Functionality
  • By Offering
  • By Vertical
  • By Country – China, Japan, India, South Korea, and Rest of Asia-Pacific

Rest of the World (RoW)

  • By Authentication
  • By Application
  • By Functionality
  • By Offering
  • By Vertical
  • By Country – Brazil, Saudi Arabia, South Africa, U.A.E., and Other Countries

 

 

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Global Market for Biometrics Technology is Anticipated to grow at a Significant Pace i.e., USD 62.14 Billion during the Forecast Period 2021-2027