The biometrics market is projected to see significant growth by 2027 due to surging adoption of the product in leading regions across the globe.

Biometrics refers to a means of identification and authentication through the unique biological characteristics of individuals. It helps authenticate a person’s identity based on verifiable and recognizable data, which has supported product penetration globally.

Notably, industry players are implementing profitable strategies to fortify their market presence, thereby propelling business growth. For instance, in August 2021, AnyVision, a leading Recognition AI firm, inked a partnership agreement with biometrics expert Nedap Security. With the agreement, AnyVision integrated its touchless access control functionality with the AEOS Access Control solution developed by Nedap, providing a biometric-based option to Nedap’s AEOS platform.

In another instance, in August 2021, IDEX Biometrics ASA, a key fingerprint authentication and identification solutions provider, introduced TrustedBio Max, the second product in its TrustedBio line of fingerprint authentication solutions. TrustedBio Max has been designed to offer superior single-device functionality for card-based fingerprint authentication.

Furthermore, companies are expanding their product offerings to cater to prevalent consumer demand, which has positively impacted the global product landscape. To cite an instance, in August 2021, Keyless Technologies, a specialist in biometric authentication, announced FIDO2 Certification for its biometrics technology. Certification of its biometric authentication software improved Keyless’ standing in the authentication space.

For comprehensive assessment, the biometrics market has been bifurcated based on technology, end-use, and region. On the basis of technology, the market has further been segmented into palmprint, face recognition, fingerprint, voice, iris, signature, and others.

The fingerprint sub-segment is estimated to see substantial growth by 2027, progressing at a steady CAGR over the forecast timeline. High demand for fingerprint recognition systems in corporate buildings for employee authentication is set to boost segmental growth in the coming years.

With respect to end-use, the biometrics market has been categorized into BFSI, automotive, aerospace, government & defense, consumer electronics, retail & e-commerce, healthcare, and others. The government & defense sub-segment is anticipated to grow at a considerable CAGR through the analysis period to garner a sizable revenue by 2027. The modernizing government sector supporting the deployment of electronic ID cards for citizens is likely to fuel the demand for biometric systems in the government & defense sector over the forthcoming years.

From the regional perspective, the Latin America biometrics market holds a considerable share in the overall industry revenue and is expected to attain a notable valuation by the end of the study timeframe. The growing consumer electronics sector in LATAM is foreseen to drive product uptake through the review period. Additionally, biometrics solutions offer convenient and secure access control, which is slated to foster regional market growth in the future.