Biometric System Market by Component (Hardware and Software), Type (Contact-based, Contactless, and Hybrid), Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), End-User (BFSI, Government, Defense & Security, Consumer Electronics, Travel & Immigration, Healthcare, Automotive, and Others): Global Market Size Estimates and Forecast (2022-2030)

Code: BMIRE00026887 | Pages: 100 | Industry: Technology, Media and Telecommunications | Date: Oct 2022 | Type: Global

The biometric system market crossed US$ 43.32 billion mark in 2022 and is expected to hit US$ 115.59 billion by 2030, recording a CAGR of 13.1% during the forecast period.

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Adoption of multimodal authentication driven by technological advancements is likely to surge the biometric system market growth. Technology advancement in various sectors, including the BFSI, healthcare, and others, is speeding up the adoption of biometric systems as a secondary layer of protection in businesses. Modern biometric systems have cutting-edge anti-spoofing virtually impossible. Installing biometric systems improves flexibility and accuracy since they have more security features, greater security that is specific to each individual, and increased threshold recognition capabilities. Thus, the market’s expansion is being driven by the growing developments in biometric systems.  

Within the report, the biometric system market is segmented into component, type, authentication type, end-user, and geography. By component, the biometric system market is further segmented into hardware and software. On the basis of type, the biometric system market is divided into contact-based, contactless, and hybrid. By authentication type, the biometric system market is categorized into single-factor authentication and multi-factor authentication. Based on end-user, the biometric system market is divided into BFSI, Government, defense & security, consumer electronics, travel & immigration, healthcare, automotive, and others. Geographically, the biometric system market is sub segmented into North America, Europe, Asia Pacific, and Rest of the World (RoW).

Growing inclination toward cloud-based biometrics is shooting lucrative opportunities for biometric system market growth.  

As there is a global shift towards cloud-based solutions from device-based systems, there is an increase in the use of mobile biometric technologies. The user’s biometric data gets logged and stored in the cloud, which reduces the time which would have been required to process and store data manually. Cloud-based biometric aids in parallel processing, letting multiple people work on the data without many challenges. In addition, developing biometric identification is parallel to cloud services development. Modern technological solutions emphasize integrating different segments into complex solutions for fulfilling every customer’s needs without solely focusing on physical security. Thus, the combination of biometrics and cloud services being a part of multi-factor authentication devices, contributing to the growth of biometric system market.

  

Rising adoption in consumer electronics is one of the major factors accelerating the biometric system market growth.

Mobile biometric technologies are increasingly being used as there is a global shift from device-based systems to cloud-based solutions. The user’s biometric data is recorded and stored in the cloud, which shortens the time needed to process and store the data manually. With cloud-based biometrics, numerous persons can work on the data without difficulty in parallel processing. Furthermore, the development of cloud services and biometric identification are concurrent. The emphasis of contemporary technical solutions, which go beyond a strict focus on physical security, is on integrating many components into sophisticated systems that meet the needs of every customer. As a result, devices that use multi-factor authentication include biometrics and cloud services. Such factors collectively are anticipated to boost biometric system market growth.

 

Recent strategic developments in Biometric System Market Biometric System Market

The biometric system Market has undergone several significant developments, and a few of these have been mentioned below:

  • In June 2021, The Trusted Digital Identity Service Platform by Thales Group had a new voice biometric solution for onboarding and authentication. It enables the identification of scammers who impersonate clients.
  • In January 2022, IDEMIA and Microsoft worked to develop cutting-edge eSIM and connection solutions for consumer and M2M/IoT devices.

The Biometric System Market Biometric System Market is driven by several players by implementing strategic activities such as investments, new launches, mergers & acquisitions, and partnerships. Assa Abloy AB; Iris ID, Inc.; NEC Corporation; Secunet Security Networks AG; and Thales Group are among the prominent players operating in the market.

Target audience for the report:

 

  • Biometric systems-related solutions providers
  • Biometric systems-related service providers
  • Biometric systems related associations, organizations, forums, and alliances
  • Government bodies, such as regulating authorities and policy makers
  • Venture capitalists, private equity firms, and start-up companies
  • Biometric systems distributors and sales firms
  • End users of biometric systems
  • Research institutes, organizations, and consulting companies

Scope of the report:

In this report, the biometric system market has been segmented on the basis of:

  • Offering:
    • Hardware
    • Software
  • Type
    • Contact-based
    • Contactless
    • Hybrid
  • Authentication Type:
    • Single-Factor Authentication
    • Multi-Factor Authentication
  • End-User:
    • BFSI
    • Government
    • Defense & Security
    • Consumer Electronics
    • Travel & Immigration
    • Healthcare
    • Automotive
    • Others
  • Region
    • North America
    • Europe
    • Asia Pacific (APAC)
    • Rest of the World (RoW)
  • Companies profiled
    • Assa Abloy AB
    • Iris ID, Inc.
    • NEC Corporation
    • Secunet Security Networks AG
    • Thales Group

The List of Companies
- Assa Abloy AB
- Iris ID, Inc.
- NEC Corporation
- Secunet Security Networks AG
- Thales Group

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