| Status : Published | Published On : Sep, 2022 | Report Code : VRSME9008 | Industry : Semiconductor & Electronics | Available Format :
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Global Biometric System Market – Analysis and Forecast (2022-2030)
Industry Insights by Authentication Type (Single-Factor Authentication, and Multifactor Authentication), by Component (Hardware, and Software), by Functionality Type (Contact Functionality, Combined Functionality and Noncontact Functionality) and by Application (Government, Healthcare, Automotive, Banking & Finance, Travel & Immigration, Military & Defense, Consumer Electronics, Security, and Others) and by Geography (U.S., Canada, Germany, U.K., France, China, Japan, India, and Rest of the World)
Industry Overview
The global biometric system market at present is USD 41.2 billion and is expected to reach USD 83.79 billion by 2030, at a CAGR of 13.6%. A biometric system is a technology tool that uses biological information to identify people, such as a person's face, iris, fingerprints, DNA, and typing patterns. It is employed by a number of different sectors, including banking, transportation, government, consumer electronics, healthcare, defense, and commercial safety and security.
Due to the increasing number of government initiatives to use biometrics and the rising demand for security and surveillance, the market for biometric systems is expanding significantly on a global scale. The market size for biometric systems was influenced by various authentication mechanisms.
Market Segmentation
Insight by Authentication Type
The biometric system market is split into single-factor authentication and multifactor authentication, based on the kind of authentication. Because of its simplicity, high speed of installation, and affordability, single-factor authentication accounts for a larger market share.
The several types of single-factor authentication include vein recognition, voice recognition, face recognition, signature recognition, IRIS recognition, and palm print recognition. Due to the widespread use of fingerprint recognition technology in e-visas, travel and immigration, e-passports, and driving licenses, as well as its increased adoption in laptops, computers, and smartphones for security purposes, the category account for the largest share in the market. Whereas, the speech recognition category is projected to expand at the highest rate in the industry, due to its rising demand in the healthcare, banking, and finance industries.
Multifactor authentication can also be further broken down into multimodal biometrics, a smart card with biometrics, and a pin with biometrics. Due to the low cost and use of a safe mechanism for authentication, the pins in the biometrics category account for the greatest proportion of the market share.
Insight by Component
The biometric system market is classified into hardware and software, based on components. The hardware category covers scanners, fingerprint readers, cameras, and other pieces of hardware.
Insight by Functionality Type
The market is categorized into contact functionality, non-contact functionality, and integrated functionality, based on the type of functionality. Due to widespread acceptance and increasing adoption of fingerprint recognition systems, the contact functionality category made up the majority share in the biometric system market.
Insight by Application
Based on application, the market is classified into government, automotive, healthcare, banking & finance, military & defense, travel & immigration, security, consumer electronics, and others. Due to the growing demand for security at border crossing points, the travel & immigration category accounts for the biggest proportion of the biometric system market. Whereas, the automotive category is predicted to expand at the highest rate in the coming years, due to an increase in car theft cases, which is encouraging automakers to equip their goods with biometric security systems to raise customer security standards.
Biometric System Market Report Coverage
|
Report Metric |
Details |
|
Historical Period |
2018–2021 |
|
Base Year Considered |
2021 |
|
Forecast Period |
2022 - 2030 |
|
Market Size in 2021 |
$41.2 Billion |
|
Revenue Forecast in 2030 |
$83.79 Billion |
|
Growth Rate |
CAGR 13.6% |
|
Segments Covered in the Report |
By Authentication Type, By Component, By Functionality Type, By Application. |
|
Report Scope |
Market Trends, Drivers, and Restraints; Revenue Estimation and Forecast; Segmentation Analysis; Covid-19, Companies’ Strategic Developments; Market Share Analysis of Key Players; Company Profiling |
|
Regions Covered in the Report |
North America, Europe, Asia-Pacific, Middle East, and the Rest of the World |
Industry Dynamics
Growth Drivers
The main factors driving the growth of the biometric system market are the increasing number of government initiatives to use biometrics; the rising demand for surveillance and security; the proliferation of biometric technology in industries like automotive, financial institutions, and retail; superior human resource management; and improved convenience and secure identity management. Moreover, other important factors influencing the growth of the biometric system market are technological improvements, special characteristics of biometric systems, and ease of use.
Challenges
The threat of confidentiality and data breach, as well as the high deployment cost, are the main obstacles to the market expansion for biometric systems.
Industry Ecosystem
Players in the sector are launching new products to take advantage of market expansion on a global scale. The substantial capital requirement is another hindrance to the admission of new players. The established companies in the industrial rivalry now have an advantage.
Geographic Overview
Due to expanding government activities, North America has the largest biometric system market globally. In addition, the market for biometric systems is expanding as a result of technical development, progress, and rising security and safety concerns in the region.
On the other hand, because of a rise in the travel and tourism sector, the APAC market is expected to witness the quickest development in the coming years. This can be ascribed to the rising security and safety concerns as well as expanding government initiatives in the region.
Competitive Insight
Key players in the biometric system market are meeting demand by partnering with minor players and acquiring them, introducing new products, and investing in technologically cutting-edge goods all over the world. For instance, a set of PC biometric authentication tools called AuthConductor Client was introduced by Fujitsu in February 2018. Additionally, for the Japan Racing Association, Fujitsu Limited and Fujitsu Frontech Limited jointly developed biometric-enabled cashless gaming devices (JRA).
The major providers of biometric systems in the market are Thales, Safran, Stanley Black & Decker, Fujitsu Ltd., secunet Security Networks AG, NEC Corporation, Precise Biometrics AB, and Assa Abloy.
Recent Development by Key Players
To deliver next-generation eSIM and connectivity solutions for consumer and M2M/IoT devices in January 2022, IDEMIA worked with Microsoft.
The Trusted Digital Identity Service Platform will include a new voice biometric solution from Thales Group in July 2021 for onboarding and authentication. It makes it possible to catch fraudsters who impersonate customers.
The acquisition enabled Fujitsu Frontech North America, Inc. to strengthen its offerings and grow its biometric authentication solutions business on a national and international scale in April 2020.
The Biometric System Market report offers a comprehensive market segmentation analysis along with an estimation for the forecast period 2022–2030.
Segments Covered in the Report
- By Authentication Type
- Single-Factor Authentication
- Multifactor Authentication
- By Component
- Hardware
- scanners
- fingerprint readers
- cameras
- other
- Software
- Hardware
- By Functionality Type
- Contact Functionality
- Combined Functionality
- Non-Contact Functionality
- By Application
- Government
- Healthcare
- Automotive
- Banking & Finance
- Travel & Immigration
- Military & Defense
- Consumer Electronics
- Security
- Others
Region Covered in the Report
North America
- U.S.
- Canada
- Mexico
Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
Asia-Pacific (APAC)
- China
- Japan
- India
- South Korea
- Rest of Asia-Pacific
Rest of the World (RoW)
- Brazil
- Saudi Arabia
- South Africa
- U.A.E.
- Other Countries
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Source: VynZ Research
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Biometric System Market