Biometrics & Identity Management Market by Component (Data Storage, Input Extraction, Quality Assessment), System (Behavioural Biometrics, Physiological Biometrics), Deployment, Application - Global Forecast 2024-2030

Biometrics & Identity Management Market by Component (Data Storage, Input Extraction, Quality Assessment), System (Behavioural Biometrics, Physiological Biometrics), Deployment, Application - Global Forecast 2024-2030

The Biometrics & Identity Management Market size was estimated at USD 36.86 billion in 2023 and expected to reach USD 40.48 billion in 2024, at a CAGR 9.87% to reach USD 71.27 billion by 2030.

The biometrics and identity management market comprises technologies and services that authenticate individuals based on one or more intrinsic physical or behavioral traits. This includes fingerprint recognition, face recognition, iris scanning, voice recognition, other modalities, and identity management solutions designed to manage the information, security, and verification processes associated with biometric identifiers. Biometric technologies are significant to various sectors, including banking, finance, healthcare, government agencies, law enforcement, travel and immigration, and consumer electronics. For identity management, the uses include access control, identity verification for government services, and personal identity verification for mobile devices. Several factors influence the growth, including the rising focus on security and the need for reliable authentication systems due to increased security breaches and identity theft. Government initiatives for implementing biometrics in public safety and national identification projects, advancements in artificial intelligence and machine learning for improved accuracy, and the growing adoption of mobile payment solutions contribute to market growth. The biometrics and identity management market is growing with opportunities, especially integrating AI and IoT technologies to develop more sophisticated biometric systems. Cloud-based biometric solutions are becoming increasingly popular due to their scalability and ease of integration. The drive for contactless authentication methods post-pandemic has also opened new avenues, especially in industries like travel and healthcare.

Regional Insights

The Americas region, particularly North America, has been at the forefront of adopting biometrics and identity management solutions. With a strong emphasis on security and the presence of leading market players, the region extensively employs biometrics for various applications such as law enforcement, border control, and civilian use cases. The United States has initiated numerous government programs, such as the Next Generation Identification (NGI) system, leveraging biometric technology for identification and background checks. Latin America is also progressing, with Brazil and Mexico leading in biometric deployments for elections and national ID programs. Private sector uptake is substantial, too, with biometric-enabled devices proliferating across banking and consumer electronics industries. The EMEA region presents a diverse landscape for biometrics and identity management. In Europe, GDPR regulations have shaped the deployment and use of biometrics, focusing on data protection and privacy. European countries use biometrics primarily for border control and national identity schemes. The Middle East is rapidly increasing the uptake of biometrics in applications ranging from smart city initiatives to law enforcement and border security. The UAE and Saudi Arabia are notable for their ambitious identity management programs. The Asia-Pacific (APAC) region is one of the fastest-growing biometrics and identity management markets due to its large population base and booming economies. Countries like China, India, and Japan are key drivers with national initiatives such as China's social credit system, India's Aadhaar biometric database, and Japan's My Number system. The APAC region is known for its willingness to adopt new technologies, leading to a rapid expansion of biometric applications in mobile payments, smart banking, and public security. Different countries address data privacy and regulation in diverse ways, influencing the pace and nature of biometric technology adoption.

Market Insights

• Market Dynamics
  
  The market dynamics represent an ever-changing landscape of the Biometrics & Identity Management Market by providing actionable insights into factors, including supply and demand levels. Accounting for these factors helps design strategies, make investments, and formulate developments to capitalize on future opportunities. In addition, these factors assist in avoiding potential pitfalls related to political, geographical, technical, social, and economic conditions, highlighting consumer behaviors and influencing manufacturing costs and purchasing decisions.
  • Market Drivers
    • Growing Adoption of Biometrics in Enterprises and Banking Sector
    • Government Initiatives to Adopt Biometrics for Identity Management
    • Growing Need for Security Owing to Increasing Threat of Cyber Attacks and Identity Thefts
    • Market Restraints
      • High Cost Associated with the Deployment
      • Market Opportunities
        • Technological Advancements in Biometric IAM Systems
        • Implementation of Blockchain Technology to Create a Smart Biometrics
        • Market Challenges
          • Concern Associated with the Data Security
          • Market Segmentation Analysis
            • Component: Advancement across quality assessment and transmission & signal processing
            • System: Utilization of behavioural biometrics for non-intrusive security measures
            • Deployment: Rising demand for on-cloud biometric and identity management solution due to its scalability, flexibility, and lower upfront costs
            • Application: Development of next generation biometric & identity management solution for banking, financial, airport security
            • Market Disruption Analysis
            • Porter’s Five Forces Analysis
            • Value Chain & Critical Path Analysis
            • Pricing Analysis
            • Technology Analysis
            • Patent Analysis
            • Trade Analysis
            • Regulatory Framework Analysis
            FPNV Positioning Matrix
            
            The FPNV positioning matrix is essential in evaluating the market positioning of the vendors in the Biometrics & Identity Management Market. This matrix offers a comprehensive assessment of vendors, examining critical metrics related to business strategy and product satisfaction. This in-depth assessment empowers users to make well-informed decisions aligned with their requirements. Based on the evaluation, the vendors are then categorized into four distinct quadrants representing varying levels of success, namely Forefront (F), Pathfinder (P), Niche (N), or Vital (V).
            
            Market Share Analysis
            
            The market share analysis is a comprehensive tool that provides an insightful and in-depth assessment of the current state of vendors in the Biometrics & Identity Management Market. By meticulously comparing and analyzing vendor contributions, companies are offered a greater understanding of their performance and the challenges they face when competing for market share. These contributions include overall revenue, customer base, and other vital metrics. Additionally, this analysis provides valuable insights into the competitive nature of the sector, including factors such as accumulation, fragmentation dominance, and amalgamation traits observed over the base year period studied. With these illustrative details, vendors can make more informed decisions and devise effective strategies to gain a competitive edge in the market.
            
            Recent Developments
            • Visa and Tech5 sign agreement to enhance digital payment and ID ecosystems
              
              Tech5 has solidified a partnership with financial services provider Visa to lay down a comprehensive foundation for propelling digital payment methods and identity management services by harnessing innovative biometric and digital identity solutions. Both entities are committed to driving global digital government initiatives, offering citizens and non-residents seamless access to Visa card credentials via digital avenues while fostering financial literacy and digital inclusivity through educational programs.
              
              Provision IAM Raises Funding from Curql to Drive Growth
              
              Provision IAM has recently secured investment led by Curql Collective, a strategic Credit Union Service Organization committed to pioneering fintech advancements. This funding initiative empowers Curql's network of 113 credit union partners in rectifying a significant industry pain point, the extensive hours dedicated annually to managing access and conducting audits, which does not preclude the persisting concerns over identity security risks.
              
              Oliu Identity Management Platform Launches a Ready-to-Deploy Solution for SME Market
              
              ATB Ventures has unveiled an innovative solution tailored for SMEs within its Oliu digital identity platform, marking a major advancement in identity management that addresses the unique challenges faced by smaller enterprises. Oliu, a cloud-based subscription, offers a pay-as-you-go model with low-code implementations and adaptability via flexible APIs. These features ensure SMEs can implement high-level security without the burden of substantial initial costs and ongoing overheads typically associated with traditional identity verification systems.
            Strategy Analysis & Recommendation
            
            The strategic analysis is essential for organizations seeking a solid foothold in the global marketplace. Companies are better positioned to make informed decisions that align with their long-term aspirations by thoroughly evaluating their current standing in the Biometrics & Identity Management Market. This critical assessment involves a thorough analysis of the organization’s resources, capabilities, and overall performance to identify its core strengths and areas for improvement.
            
            Key Company Profiles
            
            The report delves into recent significant developments in the Biometrics & Identity Management Market, highlighting leading vendors and their innovative profiles. These include ACTATEK (UK) Ltd., Allegion PLC, Apple Inc., Assa Abloy AB, Aurora Computer Services Ltd., Aware, Inc., CardLogix Corporation, Credence ID, LLC, Diamond Fortress Technologies, Inc., EKEMP INT'L Ltd., ePortID LLC, Facephi Biometría, S.A., FaceTec, Inc., Fujitsu Limited, Herta Security, IDEMIA France SAS, Imprivata, Inc., Interbio, Iris ID Systems, Inc., Iritech, Inc., Johnson Control International PLC, M2sys Technology LLC, NEC Corporation, Precise Biometrics AB, RSA Security LLC, Securtime, SekureID, Sensory Inc., Thales Group, Unisys Corporation, Wow Effect Communications, and Xator Corporation.
            
            Market Segmentation & Coverage
            
            This research report categorizes the Biometrics & Identity Management Market to forecast the revenues and analyze trends in each of the following sub-markets:
            • Component
              • Data Storage
              • Input Extraction
                • Detectors
                • Sensors
                • Quality Assessment
                • Transmission & Signal Processing
                • System
                  • Behavioural Biometrics
                  • Physiological Biometrics
                    • Face Recognition
                    • Fingerprint
                    • Iris Recognition
                    • Palm Vein
                    • Retina
                    • Deployment
                      • On-Cloud
                      • On-Premise
                      • Application
                        • Banking & Financial Institutions
                        • Border Control & Airport Security
                        • Consumer Electronics
                        • Enterprise
                        • Government & Law Enforcement
                        • Healthcare
                        • Retail & Commerce
                        • Region
                          • Americas
                            • Argentina
                            • Brazil
                            • Canada
                            • Mexico
                            • United States
                              • California
                              • Florida
                              • Illinois
                              • New York
                              • Ohio
                              • Pennsylvania
                              • Texas
                              • Asia-Pacific
                                • Australia
                                • China
                                • India
                                • Indonesia
                                • Japan
                                • Malaysia
                                • Philippines
                                • Singapore
                                • South Korea
                                • Taiwan
                                • Thailand
                                • Vietnam
                                • Europe, Middle East & Africa
                                  • Denmark
                                  • Egypt
                                  • Finland
                                  • France
                                  • Germany
                                  • Israel
                                  • Italy
                                  • Netherlands
                                  • Nigeria
                                  • Norway
                                  • Poland
                                  • Qatar
                                  • Russia
                                  • Saudi Arabia
                                  • South Africa
                                  • Spain
                                  • Sweden
                                  • Switzerland
                                  • Turkey
                                  • United Arab Emirates
                                  • United Kingdom
                                  
                                  
                                  Please Note: PDF & Excel + Online Access - 1 Year