Global Biometric System Market - 2022-2029

Global Biometric System Market - 2022-2029
Market Overview

Biometric System Market reached US$ XX million in 2021 and is expected to record significant growth by reaching up to US$ XX million by 2029, growing at a CAGR of 15.30% during the forecast period (2022-2029).

Biometrics has long been of interest. There were various ways to prove one's identity reliably. Since the dawn of time, man has understood that each fingerprint is distinct, making fingerprint signatures sufficient to establish an individual's identity. A biometric system is a system that uses biometric data and mathematical algorithms to recognize a certain trait of an individual.

The applications of biometric systems are numerous. Some systems demand enrolment from users upstream. In securing identity documents like the national identity card, passport or driver's license, biometrics is continually expanding. New platforms, such as chip cards based on the microprocessor, are operating this technology.

Market Dynamics

The key reasons driving market expansion include the increasing use of biometrics in consumer electronics and growing e-commerce. Furthermore, the high investment costs may slow down the growth rate of the biometric system market.

Biometrics' expanding application in consumer electronics

Access control door locks, security systems, home automation & IoT, cars, game consoles and mobile devices are examples of independent biometrics-based consumer electronics products. On the other hand, Iris recognition technology promises to increase mobile device security and enhance user experiences. Thanks to many open biometric APIs, developers can now incorporate biometric authentication capabilities in their products and services. Consumers with average incomes can now access biometric technology thanks to the mobile biometrics revolution of recent years.

Many other smartphone manufacturers copied Apple's Touch ID fingerprint scanning system after it set a precedent; more recently, mobile-based facial recognition has gained popularity, again primarily due to Apple, allowing users to prove their identity with a selfie biometrically. The trends have encouraged introduction of biometric technology in other device categories, including laptops, PCs and even linked cars. In the meantime, new applications for biometric technology have been made possible by the development of the Internet of Things and the smart home, including things like smart doorbells with facial recognition features.

The growth of e-commerce and cloud computing

E-commerce can become more convenient and secure when biometric systems are used effectively. For example, fingerprint and iris scans can assist in guaranteeing that a user's identity is safeguarded and that the transaction will go smoothly. Biometrics are being utilized more frequently to safeguard e-commerce. For instance, facial scanning is increasingly being used to make online transactions. Additionally, biometric technologies can aid in reducing fraud. The adoption of biometrics will increase the security and credibility of online shops.

Another sector spreading without end is cloud computing, which significantly impacts the development of the e-commerce industry. Businesses may respond quickly to market possibilities and problems thanks to cloud-based e-commerce software & IT and business leaders can assess new options without making significant upfront investments. The introduction of cloud computing fosters the development of a new service ecosystem that will combine all E-commerce resources.

High investment costs

Biometric systems might still be costly to adopt for some use cases or smaller businesses, despite being more affordable than ever. Due to this, biometric systems may not be the ideal choice for applications when the number of individuals to be identified is relatively small and may be handled manually.

The best performance of biometric systems depends on routine maintenance, which adds to the overall cost. Comparatively more expensive than other conventional security measures are biometric devices. The total cost of biometric software, hardware, programmers, servers and other related equipment is high.

COVID-19 Impact Analysis

COVID-19 had a deep impact on the global population's standard of living. To stop the spread of COVID-19, biometric technologies have received attention as a crucial technology for early detection, patient screening and public safety monitoring. The major industries quickly integrating biometrics into infectious disease prevention and control measures are surveillance, border security, law enforcement, healthcare and biotechnologies.

When trying to trace the virus's progress during COVID-19, biometric systems are crucial and become much more so. COVID-19's effects go beyond simple face recognition. Systems that use biometrics are impacted to varying degrees. Government protection, surveillance and screening are currently being expanded through noncontact technology like face and iris recognition.

Segment Analysis

By end-user, the biometric system market is segmented into BFSI, healthcare, consumer electronics, education, military & defense, government and others.

Wide use of biometrics in the government sector

Government sectors employ biometric technology extensively and there are several benefits. A government can track any suspect entering or leaving the country using airport biometric authentication. High-security facilities can use biometric technology to stop sensitive information breaches that might trigger national emergencies. By utilizing biometric technology, many government agencies may work together to ensure improved coordination and no information loss.

For instance, prison administration and law enforcement can work together to track prisoners entering and leaving the facility. To support, track and identify risks & vulnerabilities, the Department of Defense created the Automated Biometric Identification System (ABIS) the year after the National Science and Technology Council created an official biometrics subcommittee.

Geographical Analysis

Asia-Pacific’s rising technological awareness

In the future, the biometric system market in Asia-Pacific is predicted to grow faster. Recent advancements in mobile biometrics have made them more accessible and affordable, opening the door for broader implementation in BYOD (bring your device) programs in businesses, border security and digital customer onboarding. Indeed, due to greater smartphone penetration rates and a rise in transactions involving mobile devices with biometric capabilities, biometric technology is expected to increase in Asia-Pacific.

According to a white paper on China's economic development published in 2019 by the Cyberspace Administration of China, the country's digital economy reached US$ 4.4 trillion in 2018, accounting for 34.8% of GDP. Initiatives using face, fingerprints and eye biometrics, such as Indonesia's e-KTP electronic ID scheme and India's UIDAI project, will likely open up new possibilities.

Competitive Landscape

Major industry players are rapidly expanding the number of acquisitions and mergers due to the rising demand for digitalization around the world. BlackBerry, Siemens, Lockheed Martin, Accenture and Sun Microsystems are the companies with which 3M Cogent has partnered. The company has created a Bluetooth-enabled portable fingerprinting scanner in the mobile biometric technology market.

Major global biometric system market companies include 3M Company, Fujitsu Frontech Limited, Imageware Systems, Inc., Suprema, Inc., Safran S.A., Secunet Security Networks AG, Thales S.A., BIO-key International, NEC Corporation and Precise Biometrics.

NEC Corporation

Overview: NEC Corporation, based in Minato, Tokyo, is a Japanese multinational information technology and electronics corporation. Before rebranding as NEC in 1983, the corporation was known as the Nippon Electric Company, Limited. It offers cloud computing, artificial intelligence (AI), an Internet of Things (IoT) platform and telecommunications equipment and software. It has been Japan's largest PC vendor since the 1980s when it introduced the PC-8000 series.

NEC is the world's top producer of biometric software and digital identity solutions. NEC enables businesses to simply and cost-effectively integrate biometric capabilities into their applications and processes for accurate 1:1 or 1:n real-time matching. Over 1,000 customers in over 30 countries have used NEC's identifying systems.

Product Portfolio: NEC Corporation invests extensively in research and has years of experience providing national-scale Digital Identity services and biometrics to secure airports and international borders. Face Recognition is a biometric modality offered by NEC Biometrics, which can be expanded in the future to incorporate additional biometric modalities such as voice, iris and fingerprint. Many governments globally have utilized NEC's facial recognition systems to identify and authenticate over a billion people.

Key Development: As part of the government's Digital Transformation Plan, NEC Corporation and NEC Asia Pacific, the regional headquarters for NEC Corporation in Southeast Asia, announced in March 2022 that they had finished the modernization of Vietnam's national ID system. The Ministry of Public Security (MOPS), a government agency in Vietnam, chose NEC's Automated Biometric Identification System (ABIS) to replace the country's existing national identification system with the most advanced biometric technologies.

MOPS launched the new national database on population and citizen identification and management systems and public services utilizing the new system on July 1, 2021, to modernize the lives of Vietnamese citizens and reflect the government's determination to move from paper-based to centralized electronic document management. Since then, more than 50 million chip-based digital ID cards have been distributed to eligible Vietnamese citizens.

Why Purchase the Report?
• Visualize the composition of the biometric system market segmentation by authentication, type, offering, end-user and region, highlighting the critical commercial assets and players.
• Identify commercial opportunities in the biometric system market by analyzing trends and co-development deals.
• Excel data sheet with thousands of biometric system market-level 4/5 segmentation points.
• Pdf report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
• Product mapping in excel for the key product of all major market players

The global biometric system market report would provide access to an approx. 69 market data table, 64 figures and 214 pages.

Target Audience 2022
• Biometric System Contact-based Providers/ Buyers
• Industry Investors/Investment Bankers
• Education & Research Institutes
• Emerging Companies
• Biometric System Contact-based Manufacturers