The global biometric system market size is projected to grow USD 36.6 billion in 2020 to USD 68.6 billion by 2025; it is estimated to grow at a CAGR of 13.4% during the forecast period. Major factors driving the market growth include the increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications. Rapid advancements in biometric identification technology and gradual implementation of mobile-based access control solutions are likely to create growth opportunities for the players in the biometric system market.
“Multi-factor authentication are expected to to be the fastest-growing market for biometric system market during the forecast period “
The growing demand for multi-factor authentication is attributed to the rising need for additional security against the theft of sensitive data, especially in government and defense verticals. Combining multiple identifiers adds an extra level of protection, making the system more effective, accurate, and reliable. In addition, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is expected to drive the growth of the multi-factor authentication segment.
“Government vertical is expected to lead the biometric system market during the forecast period”
The use of fingerprint recognition technology is prominent in government vertical. Biometric systems are mainly used in elections to reduce fraudulence in the form of fake or bogus voting. The use of biometric technology in elections not only resolves the problems of voter fraud but also restores political stability in the country by preventing voter duplication. Similarly, law enforcement agencies, particularly in North America, are increasingly adopting faster and reliable biometric technologies to identify and reduce criminal activities. Advanced economies, for example, the US, are continuously upgrading their biometric databases with newer technologies and advanced tracking features.
“RoW to be the fastest-growing market for biometric system during the forecast period”
The biometric system market in RoW has been further segmented into the Middle East & Africa and South America. In 2019, RoW held a share of 9.4% of the overall biometric system market. The Middle East is one of the fastest-growing economies in the world in terms of infrastructure, electronics industry, and other technological advancements. The growth of the biometric system market in the Middle East & Africa can be attributed to their unique geographic location, airport hubs, and increasing passenger traffic. The government sector is the primary investor in the biometric system market in the Middle East, mainly for the national ID projects; the banking sector is another major contributor to market growth in the region. The adoption of biometrics technology in other sectors such as residential and commercial security, healthcare, and travel & immigration is comparatively low, but it is expected to increase in the next few years.
Break-up of primary participants’ profiles:
- By Company Type – Tier 1 – 42%, Tier 2 – 34%, and Tier 3 – 24%
- By Designation – C-level Executives – 22%, Directors – 45%, and Others – 33%
- By Region – North America – 25%, Europe – 18%, APAC – 47%, and RoW – 10%
The key players in the market include Thales (France), Safran (France) , NEC (Japan), ASSA ABLOY (Sweden), and Fujitsu (Japan).
The biometric system market is segmented into authentication type and technology, offering, type, vertical, and region. Based on authentication type, the market has been segmented into single-factor authentication and multi-factor authentication. Single-factor authentication type has been further segmented into the following technologies: fingerprint recognition, iris recognition, palm recognition, face recognition, vein recognition, signature recognition, and voice recognition. Multi-factor authentication type has been segmented by the following technologies: biometric smart card, biometric PIN, and multimodal. Based on type, the market has been classified into contact-based, contactless, and hybrid biometric systems. Based on offerings, the market has been segmented into hardware and software.The report covers nine types of verticals: government, military & defense, healthcare, banking & finance, consumer electronics, security, travel & immigration, automotive, and others. The report covers four major geographic regions: North America, Europe, APAC, and RoW.
Reasons To Buy the report:
- Illustrative segmentation, analysis, and forecast for the market based on authentication type and technology, type, offerings, vertical, and geography have been conducted to give an overall view of the biometric system market.
- COVID-19 impact analysis has been performed to provide an in-depth insight into the biometric system market.
- Major drivers, restraints, opportunities, and challenges for the biometric system market have been detailed in this report.
- The report includes a detailed competitive landscape, along with key players, in-depth analysis, and revenues of key players.