At 16.3% CAGR, North America Biometric Technologies Market is Projected to be Worth US$ 45,097.67 Million by 2030, says Business Market Insights

According to Business Market Insights' research, the North America biometric technologies market was valued at US$ 13,516.24 million in 2022 and is expected to reach US$ 45,097.67 million by 2030, registering a CAGR of 16.3% from 2022 to 2030. Rising use of biometric technologies in consumer electronics, expanding application range in government sector, and increasing crime rates are among the critical factors attributed to drive the North America biometric technologies market growth.

The consumer electronics industry registers immense growth in developed and developing countries, primarily due to advancements and smart features offered by these devices. Currently, consumer devices are used for a plethora of tasks, ranging from banking to online shopping. Tablets and smartphones, among other mobile devices, have become an integral part of consumers' lives. All these devices are becoming smarter with ongoing advancements in artificial intelligence (AI) and the Internet of Things (IoT), and the integration of these technologies. In addition to all these factors, the biometric technologies market for consumer devices is continuously growing as manufacturers frequently come up with advanced technologies and features in biometric authentication, including fingerprint, face, iris, and voice recognition. The integration of biometric authentication in smartphones and other devices by large companies such as Google, Apple, Huawei, and Samsung further drive the demand for biometric sensors. The growing adoption of biometric-enabled consumer devices such as smartphones, tablets, and speakers worldwide bolster the biometric technologies market. For instance, in August 2022, researchers developed a biometric tool called EarEcho to unlock smartphones using earbuds. Besides reducing the need for passcodes, fingerprints, facial recognition, and other biometrics, the tool would be ideal for situations where users need to verify their identity, e.g., while making mobile payments. With the increasing popularity and use of digital services such as digital payments, mobile wallets, and mobile banking, the demand for advanced user authentication on consumer devices is growing at a fast pace to ensure security and convenience for customers. The introduction of biometric capabilities in consumer devices has revolutionized user identification and credentialing in sectors such as banking and finance by reducing risks of payment fraud, identity theft, and other possible frauds.

On the contrary, high capital requirements hampers the growth of North America biometric technologies market.

Based on component, the North America biometric technologies market is Segmented into hardware, software, and services. The hardware segment held 54.3% share of North America biometric technologies market share in 2022, amassing US$ 7.34 billion. It is projected to garner US$ 26.08 billion by 2030 to register 17.2% CAGR during 2022-2030.

In terms of type, the North America biometric technologies market is segmented into contact, contactless, and hybrid. The contact segment held 54.7% share of North America biometric technologies market in 2022, amassing US$ 7.40 billion. It is anticipated to garner US$ 23.56 billion by 2030 to expand at 15.6% CAGR during 2022-2030.

By authentication type, the North America biometric technologies market is bifurcated into single factor authentication and multi factor authentication. The single factor authentication segment held 67.8% share of North America biometric technologies market in 2022, amassing US$ 9.17 billion. It is projected to garner US$ 28.99 billion by 2030 to expand at 15.5% CAGR from 2022 to 2030.

Based on end user, the North America biometric technologies market is categorized into government, BFSI, healthcare, defense & security, and others. The government segment held 32.7% share of North America biometric technologies market in 2022, amassing US$ 4.42 billion. It is predicted to garner US$ 16.65 billion by 2030 to expand at 18.0% CAGR between 2022 and 2030.

Based on country, the North America biometric technologies market is categorized into the US, Canada, and Mexico. Our regional analysis states that the US captured 81.7% share of North America biometric technologies market in 2022. It was assessed at US$ 11.04 billion in 2022 and is likely to hit US$ 37.49 billion by 2030, registering a CAGR of 16.5% during 2022-2030.

Key players operating in the North America biometric technologies market are Aware, Inc.; Thales SA; Cognitec Systems GmbH; NEC Corp; IDEMIA France SAS; HID Global Corp; Fujitsu Ltd; Leidos Holdings, Inc.; M2SYS Technology; and Precise Biometrics AB; among others.

• In March-2024, Cognitec Systems has joined the SALTO Group, a global leader in access control and ticketing solutions. The acquisition aims to strengthen research, development, and market reach for Cognitec's existing product portfolio while working on new technologies for expanding biometric markets.
  
  
• In January-2023, Cognitec has introduced a new version of its FaceVACS-Entry technology, which now allows for comparison of biometric photos against facial images from ID documents or databases. The device also includes presentation attack detection to ensure a live person interacts with it. The product includes Cognitec's ISO compliance software and a robust matching algorithm for fast verification and identification.
  
  

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