Biometric Technology Market (Updated Version Available)
Biometric Technology Market Size, Share & Trends Analysis, By Component: Hardware, Service, and Software), By Deployment (Contact, Contactless, Hybrid), By Type (Physiological Biometric (Hand Geometry, Face Recognition, Fingerprint Recognition, Iris Recognition, and Others) Behavioral Biometric (Signature Recognition, Voice Recognition, and Others)), By Authentication Type (Single-Factor Authentication, Multi-Factor Authentication), By End Use (Government, BFSI, Healthcare, IT and Telecommunication, Transportation & Logistics, Defense & Security and Others), By Region and Segment, Forecast Period 2022 - 2030
Report ID : RI_673691 | Date : January 2023 |
Format : 
Key Market Overview:
Biometric technology market is estimated to reach over USD 137.9 Billion by 2030 from a value of USD 34.5 Billion in 2022, growing at a CAGR of 18.9% from 2022 to 2030.
Biometric technology is referred to an automated or computerized technique that plays important role in recognizing and authenticating access to individuals. This technology includes verifying certain human body characteristics or behavioral biometrics such as fingerprints, facial patterns, eye retinas and irises, hand measurements, and voice patterns.
Further, biometric technology takes into account such behavioral, physiological, or both traits as input to analyze and identify the presence of the malicious user. Integrating suitable biometric technology is a difficult task for multiple small-sized enterprises. Thus, the selection of such technology involves considering factors such as uninterrupted performance, versatility or flexibility with each component, security, data collection efficiency, and consumer acceptability. All these factors are the main factors of a reliable and secure biometric technology that ultimately strengthens the security of any business or institutions data.
Mainly, the BFSI sector highly relies on such technology due to the swift digitization of banking processes. Biometric technology is progressively shifting traditional token-based access and passwords, PIN, and signature-based branch service access to biometric authentication. Thus, the wide scope of adoption within such a crucial sector offers lucrative opportunities for the market growth.
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Market Dynamics:
Driver:
The expanding commercial or business infrastructure across multiple regions boosts the demand for biometric technologies, especially fingerprint recognition. Such technology prevents end users from consuming their valuable time to input passwords, usernames, or all login credentials while entering the premises. Additionally, the high adoption of security and surveillance solutions in multiple industries accelerates the demand for biometrics. Such solutions are highly being adopted into mobile phones, workstations, smart home gadgets, and others for biometric validation purposes. Further, the adoption of cloud-based biometric technologies especially in the BFSI sector as Automated Biometrics Identification System (ABIS) justifies the huge demand for such biometric innovations in varied sectors.
Restraint:
The risks of personal data theft and data breaches majorly restrict the usage of biometric technology. Further, the lack of skilled technicians to manage a such heavily secured component of the IT framework limits the wide adoption of these technologies, especially in small-sized enterprises. Additionally, there is a high chance of witnessing a large cyberattack on business infrastructure which may possibly give access to all confidential data into the hands of an outsider.
Opportunities
The scope of integrating AI and reasoning innovations into biometric frameworks offers opportunities for market growth in terms of the more controlled layer of verification by businesses. Additionally, the growing research and development expenditures by market players to upgrade the applications of contactless frameworks are expected to provide creative opportunities for the biometric technology market growth.
COVID-19 Impact:
The COVID-19 pandemic created moderate circumstances for biometric technologies as multiple factors witnessed a surge and decline in their usage. The closure of business infrastructure resulted in a reduced need for fingerprint and facial recognition. A large number of business employees shifted towards continuing office tasks as work-from-home. As a result, biometric hardware technology witnessed a significant decline during the initial pandemic. However, businesses started to focus on integrating biometric software for the safe and reliable conduct of business processes. Thus, post-pandemic, the adoption rate of such biometric technology within business infrastructures is expected to witness a sudden increase during the forecast period.
Biometric Technology Market Segmentation:
By Component
The component segment is trifurcated into software, hardware, and service. The hardware component is projected to contribute the largest share of over 42.6% to the biometric technology market growth. The usage of biometric hardware components offers overall control of security and management to the main business IT infrastructure. Such hardware has built-in biometric capturing sensors that collect behavioral or physical traits such as fingerprints, palm prints, facial features, vocal patterns, iris scans, hand geometry, and others. Thus, hardware components are primarily employed due to easy integration within infrastructure and offer flexibility to gain full access to large amounts of employee data. Additionally, biometric software components are also employed on a large scale. Such biometric software is primarily integrated within existing hardware devices to allow remote access to the collected biometric data. This software allows IT professionals to customize the security features as per business requirements.
By Deployment
The deployment is segmented into contact, hybrid, and contactless. The contact-based deployment has supported the increased market growth in terms of volume. Contact-based deployment witnesses an increased demand in the majority of end-use sectors as the biometric hardware collects data like the fingerprint impression and verifies it with the relevant data stored in its server. Such deployment is cost-effective as compared to the other alternatives due to the favorable production costs. Thus, contact-based biometric components are deployed in multiple public organizations such as wellness gyms, athletic clubs, fitness centers, and other sports institutions. Furthermore, contactless biometrics involves sensors as the key part of the hardware component. To authenticate the person\'s identity, they are required to stay in close proximity to hardware or simply place the palm near the device. Several technologies have been developed around this concept such as palm vein authentication technology.
By Type
The type segment is bifurcated into physiological biometrics and behavioral biometric. Physiological biometrics is sub-segmented into face recognition, hand geometry, iris recognition, fingerprint recognition, and others. This segment contributed the largest shares to the biometric technology market growth in terms of revenue. The physiological type of biometric technology measures several unique patterns of any individual\'s automatic physical functions for identification, analysis, and authentication. These types of biometric authentication observe wide adoption as they are easy to use and offer a user-friendly interface as compared to other biometric systems. Furthermore, behavioral biometrics are mainly used to identify measurable patterns of basic human activities such as voice, the style of walking, hand gestures, iris movement, and others. Such behavioral biometrics allow authentication of an individual\'s identity based on their interactions and behaviors rather than physical features or static information. Thus, these types of biometrics are typically deployed on highly secure premises such as government institutions, BFSI, and defense sectors.
By Authentication Type
The authentication type segment is separated into single-factor authentication and multi-factor authentication. The multi-factor authentication contributed the largest shares to the market growth in terms of value. The main goal of this authentication type is to reduce the risks of account takeovers and add an improved layer of security for data theft prevention. This helps to identify any malicious activity if a third-party user tries to access vital personal information. Thus, this authentication type is mainly used to add roadblocks for cyber attackers in case of compromised
By End Use
The end-user segment is categorized into government, transportation & logistics, BFSI, healthcare, IT and telecommunication, defense & security, and others. The government sector accounted for the largest contribution to the biometric technology market shares. Access to vulnerable and critical data of government institutions largely requires the need of individual authentication. Globally, governments emphasize on establishing the positive identity of individuals, especially in high-security areas. Thus, government institutions such as federal departments, the military, law enforcement, and transport and aviation markets largely focus on such biometric measures to prevent any unauthorized access. In the context of law enforcement, biometrics help officials conduct automated criminal searches, make comparisons of suspect\'s biometric information with local or state, and national databases, and further proceed to create mug shot-database comparisons. Furthermore, the BFSI sector also mainly relies on biometric technology for several applications such as customer onboarding (KYC), mobile banking (fingerprint recognition), and ATMs (facial recognition).
By Region
The regional segment comprises Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. North America accounted for the largest share contribution to the market growth. The presence of established defense, banking, and government institutions in this region ultimately lead to the increased adoption of such biometric technology within infrastructures. Additionally, the growing consumer and business awareness in terms of data breaches and data theft boosts the adoption of biometric technology for individual authentication purposes.
Additionally, Asia Pacific is also anticipated to support the market growth with the largest share contribution. Multiple initiatives such as the e-KTP electronic ID initiative in Indonesia and UIDAI-based Aadhaar biometric identity project in India are being carried out to fuel the increase the awareness of biometrics among the population
Biometric Technology Market Competitive Landscape:
The market research report published on the biometric technology market offers an inclusive analysis of macroeconomic statistics such as market dynamics, segmental analysis, SWOT analysis, and others. In terms of market players, the data is related to business collaborations, mergers and acquisitions, product innovations, and strategies adopted by competitors. These factors are examined to offer an insightful understanding of current market circumstances. Following are the major market players that comprise the latest market concentration–
• Accu-Time Systems, Inc.
• NEC Corporation
• Imageware Systems, Inc.
• 3M Company (Congent Systems, Inc.)
• AFIX Technologies
• Precise Biometrics
• BIO-key International, Inc.
• DERMALOG Identification Systems GmbH
• Suprema, Inc.
• East Shore Technologies, Inc.
• EyeVerify, Inc.
• Fujitsu Limited
• Thales S.A.
• Gemalto NV
• HID Global Corporation
• IDEMIA
• Iris ID, Inc.
Recent Developments
• In April 2022, the Chinese biometric device manufacturing company, Moqi Technologies, introduced its contactless fingerprint scanner as a debuting product. This new company has been chosen by Beijing as a prominent small-medium enterprise (SME) for its innovative product portfolio. This fingerprint scanner offers the excellent ability to perform 3D modeling of any finger surface with precise sub-millimeter accuracy and completes cataloging 10-finger registration within just 200 seconds.
• In September 2022, the Sweden-based firm named Precise Biometrics launched two software innovations called Digital identity and Algo. Digital identity is facial recognition software that is mainly used for identification purposes within access, visitor management, and digital services. Additionally, Algo is a fingerprint software used for identification within door locks, mobile phones, cars, and more.
• In November 2022, a Japanese multinational named NEC Corporation launched the latest multimodal biometric validation solution called Bio-Idiom. This flagship biometric authentication brand combines NEC\'s face and iris recognition, which has been recognized as a top grade by the US National Institute of Standards and Technology (NIST).
Biometric technology market is estimated to reach over USD 137.9 Billion by 2030 from a value of USD 34.5 Billion in 2022, growing at a CAGR of 18.9% from 2022 to 2030.
Biometric technology is referred to an automated or computerized technique that plays important role in recognizing and authenticating access to individuals. This technology includes verifying certain human body characteristics or behavioral biometrics such as fingerprints, facial patterns, eye retinas and irises, hand measurements, and voice patterns.
Further, biometric technology takes into account such behavioral, physiological, or both traits as input to analyze and identify the presence of the malicious user. Integrating suitable biometric technology is a difficult task for multiple small-sized enterprises. Thus, the selection of such technology involves considering factors such as uninterrupted performance, versatility or flexibility with each component, security, data collection efficiency, and consumer acceptability. All these factors are the main factors of a reliable and secure biometric technology that ultimately strengthens the security of any business or institutions data.
Mainly, the BFSI sector highly relies on such technology due to the swift digitization of banking processes. Biometric technology is progressively shifting traditional token-based access and passwords, PIN, and signature-based branch service access to biometric authentication. Thus, the wide scope of adoption within such a crucial sector offers lucrative opportunities for the market growth.
| Report Attributes | Report Details |
| Study Timeline | 2016-2030 |
| Market Size in 2030 (USD Billion) | 137.9 Billion |
| CAGR (2022-2030) | 18.9% |
| By Component | Hardware, Software, and Service |
| By Deployment | Contact, Contactless, Hybrid |
| By Type | Physiological Biometrics (Face Recognition, Hand Geometry, Iris Recognition, Fingerprint Recognition, and Others) Behavioral Biometrics (Signature Recognition, Voice Recognition, and Others) |
| By Authentication Type | Single-Factor Authentication, and Multi-Factor Authentication |
| By End Use | Government, BFSI, Healthcare, IT and Telecommunication, Transportation & Logistics, Defense & Security, and Others |
| By Geography | Asia-Pacific [China, Southeast Asia, India, Japan, Korea, Western Asia] Europe [Germany, UK, France, Italy, Russia, Spain, Netherlands, Turkey, Switzerland] North America [United States, Canada, Mexico] Middle East & Africa [GCC, North Africa, South Africa] South America [Brazil, Argentina, Columbia, Chile, Peru] |
| Key Players | Accu-Time Systems, Inc., NEC Corporation, Imageware Systems, Inc., 3M Company (Congent Systems, Inc.), AFIX Technologies, Precise Biometrics, BIO-key International, Inc., DERMALOG Identification Systems GmbH, Suprema, Inc., East Shore Technologies, Inc., EyeVerify, Inc., Fujitsu Limited, Thales S.A., Gemalto NV, HID Global Corporation, IDEMIA, Iris ID, Inc. |
Market Dynamics:
Driver:
The expanding commercial or business infrastructure across multiple regions boosts the demand for biometric technologies, especially fingerprint recognition. Such technology prevents end users from consuming their valuable time to input passwords, usernames, or all login credentials while entering the premises. Additionally, the high adoption of security and surveillance solutions in multiple industries accelerates the demand for biometrics. Such solutions are highly being adopted into mobile phones, workstations, smart home gadgets, and others for biometric validation purposes. Further, the adoption of cloud-based biometric technologies especially in the BFSI sector as Automated Biometrics Identification System (ABIS) justifies the huge demand for such biometric innovations in varied sectors.
Restraint:
The risks of personal data theft and data breaches majorly restrict the usage of biometric technology. Further, the lack of skilled technicians to manage a such heavily secured component of the IT framework limits the wide adoption of these technologies, especially in small-sized enterprises. Additionally, there is a high chance of witnessing a large cyberattack on business infrastructure which may possibly give access to all confidential data into the hands of an outsider.
Opportunities
The scope of integrating AI and reasoning innovations into biometric frameworks offers opportunities for market growth in terms of the more controlled layer of verification by businesses. Additionally, the growing research and development expenditures by market players to upgrade the applications of contactless frameworks are expected to provide creative opportunities for the biometric technology market growth.
COVID-19 Impact:
The COVID-19 pandemic created moderate circumstances for biometric technologies as multiple factors witnessed a surge and decline in their usage. The closure of business infrastructure resulted in a reduced need for fingerprint and facial recognition. A large number of business employees shifted towards continuing office tasks as work-from-home. As a result, biometric hardware technology witnessed a significant decline during the initial pandemic. However, businesses started to focus on integrating biometric software for the safe and reliable conduct of business processes. Thus, post-pandemic, the adoption rate of such biometric technology within business infrastructures is expected to witness a sudden increase during the forecast period.
Biometric Technology Market Segmentation:
By Component
The component segment is trifurcated into software, hardware, and service. The hardware component is projected to contribute the largest share of over 42.6% to the biometric technology market growth. The usage of biometric hardware components offers overall control of security and management to the main business IT infrastructure. Such hardware has built-in biometric capturing sensors that collect behavioral or physical traits such as fingerprints, palm prints, facial features, vocal patterns, iris scans, hand geometry, and others. Thus, hardware components are primarily employed due to easy integration within infrastructure and offer flexibility to gain full access to large amounts of employee data. Additionally, biometric software components are also employed on a large scale. Such biometric software is primarily integrated within existing hardware devices to allow remote access to the collected biometric data. This software allows IT professionals to customize the security features as per business requirements.
By Deployment
The deployment is segmented into contact, hybrid, and contactless. The contact-based deployment has supported the increased market growth in terms of volume. Contact-based deployment witnesses an increased demand in the majority of end-use sectors as the biometric hardware collects data like the fingerprint impression and verifies it with the relevant data stored in its server. Such deployment is cost-effective as compared to the other alternatives due to the favorable production costs. Thus, contact-based biometric components are deployed in multiple public organizations such as wellness gyms, athletic clubs, fitness centers, and other sports institutions. Furthermore, contactless biometrics involves sensors as the key part of the hardware component. To authenticate the person\'s identity, they are required to stay in close proximity to hardware or simply place the palm near the device. Several technologies have been developed around this concept such as palm vein authentication technology.
By Type
The type segment is bifurcated into physiological biometrics and behavioral biometric. Physiological biometrics is sub-segmented into face recognition, hand geometry, iris recognition, fingerprint recognition, and others. This segment contributed the largest shares to the biometric technology market growth in terms of revenue. The physiological type of biometric technology measures several unique patterns of any individual\'s automatic physical functions for identification, analysis, and authentication. These types of biometric authentication observe wide adoption as they are easy to use and offer a user-friendly interface as compared to other biometric systems. Furthermore, behavioral biometrics are mainly used to identify measurable patterns of basic human activities such as voice, the style of walking, hand gestures, iris movement, and others. Such behavioral biometrics allow authentication of an individual\'s identity based on their interactions and behaviors rather than physical features or static information. Thus, these types of biometrics are typically deployed on highly secure premises such as government institutions, BFSI, and defense sectors.
By Authentication Type
The authentication type segment is separated into single-factor authentication and multi-factor authentication. The multi-factor authentication contributed the largest shares to the market growth in terms of value. The main goal of this authentication type is to reduce the risks of account takeovers and add an improved layer of security for data theft prevention. This helps to identify any malicious activity if a third-party user tries to access vital personal information. Thus, this authentication type is mainly used to add roadblocks for cyber attackers in case of compromised
By End Use
The end-user segment is categorized into government, transportation & logistics, BFSI, healthcare, IT and telecommunication, defense & security, and others. The government sector accounted for the largest contribution to the biometric technology market shares. Access to vulnerable and critical data of government institutions largely requires the need of individual authentication. Globally, governments emphasize on establishing the positive identity of individuals, especially in high-security areas. Thus, government institutions such as federal departments, the military, law enforcement, and transport and aviation markets largely focus on such biometric measures to prevent any unauthorized access. In the context of law enforcement, biometrics help officials conduct automated criminal searches, make comparisons of suspect\'s biometric information with local or state, and national databases, and further proceed to create mug shot-database comparisons. Furthermore, the BFSI sector also mainly relies on biometric technology for several applications such as customer onboarding (KYC), mobile banking (fingerprint recognition), and ATMs (facial recognition).
By Region
The regional segment comprises Europe, Asia Pacific, North America, the Middle East and Africa, and Latin America. North America accounted for the largest share contribution to the market growth. The presence of established defense, banking, and government institutions in this region ultimately lead to the increased adoption of such biometric technology within infrastructures. Additionally, the growing consumer and business awareness in terms of data breaches and data theft boosts the adoption of biometric technology for individual authentication purposes.
Additionally, Asia Pacific is also anticipated to support the market growth with the largest share contribution. Multiple initiatives such as the e-KTP electronic ID initiative in Indonesia and UIDAI-based Aadhaar biometric identity project in India are being carried out to fuel the increase the awareness of biometrics among the population
Biometric Technology Market Competitive Landscape:
The market research report published on the biometric technology market offers an inclusive analysis of macroeconomic statistics such as market dynamics, segmental analysis, SWOT analysis, and others. In terms of market players, the data is related to business collaborations, mergers and acquisitions, product innovations, and strategies adopted by competitors. These factors are examined to offer an insightful understanding of current market circumstances. Following are the major market players that comprise the latest market concentration–
• Accu-Time Systems, Inc.
• NEC Corporation
• Imageware Systems, Inc.
• 3M Company (Congent Systems, Inc.)
• AFIX Technologies
• Precise Biometrics
• BIO-key International, Inc.
• DERMALOG Identification Systems GmbH
• Suprema, Inc.
• East Shore Technologies, Inc.
• EyeVerify, Inc.
• Fujitsu Limited
• Thales S.A.
• Gemalto NV
• HID Global Corporation
• IDEMIA
• Iris ID, Inc.
Recent Developments
• In April 2022, the Chinese biometric device manufacturing company, Moqi Technologies, introduced its contactless fingerprint scanner as a debuting product. This new company has been chosen by Beijing as a prominent small-medium enterprise (SME) for its innovative product portfolio. This fingerprint scanner offers the excellent ability to perform 3D modeling of any finger surface with precise sub-millimeter accuracy and completes cataloging 10-finger registration within just 200 seconds.
• In September 2022, the Sweden-based firm named Precise Biometrics launched two software innovations called Digital identity and Algo. Digital identity is facial recognition software that is mainly used for identification purposes within access, visitor management, and digital services. Additionally, Algo is a fingerprint software used for identification within door locks, mobile phones, cars, and more.
• In November 2022, a Japanese multinational named NEC Corporation launched the latest multimodal biometric validation solution called Bio-Idiom. This flagship biometric authentication brand combines NEC\'s face and iris recognition, which has been recognized as a top grade by the US National Institute of Standards and Technology (NIST).
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| Multi user | : $5460 |
| Corporate user | : $7460 |
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