Global Next Generation Biometrics Market - 2023-2030

Global Next Generation Biometrics Market - 2023-2030

Global Next Generation Biometrics Market reached US$ 42.7 billion in 2022 and is expected to reach US$ 93.8 billion by 2030, growing with a CAGR of 17.5% during the forecast period 2023-2030.

The most often used identification systems are fingerprints, iris recognition and facial recognition. The most recent biometric approaches are vein and DNA recognition. Some benefits of biometric technology are accuracy, privacy, ease of use and interoperability. The unique characteristics of the technology ensure various applications, from government and border security to banking & finance, travel & immigration and defense.

As a result of the expanding usage of digital technology in the BFSI sector, internet finance and digital operations have grown in popularity in recent years. Many banks utilize biometric facial recognition to access accounts via ATMs, doing away with the need to punch a card. For example, Mastercard developed a biometric payment method for physical venues in May 2022 that uses face recognition biometrics rather than smartphones, smart cards or memorized PINs.

During the forecast period, North America is expected to be the dominant region in the global next generation biometrics market holding about 1/3rd of the market. U.S. Army's Electronic Warfare & Sensors section has launched the 'Next Generation Biometric Collection,' that will collect fingerprint, iris data and an advanced face detection system. It is expected to have a more compact and lightweight form factor.

Dynamics

Rising Usage and Demand for Electronics Devices

Rising electronic device usage and demand are important drivers of the next-generation biometrics market. The is due to the importance of biometric technology in improving the security, convenience and personalization of electronic devices. The rise in electronic cards and biometric passports promotes the next-generation biometric sector.

Costa Rica, for example, plans to introduce its biometric passport in September 2022. The new passport was designed with cutting-edge security technologies to thwart fraudulent efforts. It also meets the International Civil Aviation Organization's requirements. Throughout the forecast period, advancements may create chances for market development.

Rising Cyber Crimes

The next-generation biometric market is expected to rise at a rapid pace due to an increase in terrorist activities, as well as increased theft of critical data and information, which has generated worries about national security. Chile, for example, plans to introduce an automatic biometric identification system (ABIS) to tackle organized crime in August 2022. The technology would instantly identify recognized offenders, illegal migrants and the deceased who lack any identity by matching the biometric records of the civil police (PDI), the civil registry and Interpol.

Identity fraud is on the rise all across the world, limiting industry growth. According to Onfido, identity theft increased 43% year on year, with sophisticated fraud reaching 57% as thieves used sharper tactics, such as realistic 2D/3D masks and display attacks (such as displaying a picture of a person on a screen) to try to spoof verification systems.

Privacy Concerns and Data Security

Biometric technologies frequently entail the gathering and storing of private information such as fingerprints, facial photos and iris scans. Concerns about data privacy and the potential exploitation of biometric data might result in governmental limits and consumer opposition. As biometric data becomes a target for cyberattacks, it is necessary to ensure the security of biometric databases and authentication systems.

High-profile security breaches can erode trust in these technologies and hamper industry expansion. Globally, governments and regulatory bodies are enacting severe data protection and privacy legislation, such as the GDPR in Europe and the CCPA in California. Compliance with these restrictions can be difficult for biometric technology companies, limiting industry growth.

Segment Analysis

The global next generation biometrics market is segmented based type, technology, application and region.

Growing Demand for Government to Plan and Schedule in Advance

BFSI is expected to cover around 1/3rd of the global market during the forecast period 2023-2030. Biometric authentication is being implemented by central banks. Customers of Bank of America, JP Morgan Chase and Wells Fargo can log in to mobile banking using fingerprint authentication. Voice authentication is also used to identify consumers in bank contact centers. By removing the need for passwords and raising demand for biometrics in the banking sector, next-generation biometric authentication can improve consumer satisfaction.

According to IDEMIA, the Indian banking industry is now more willing to embrace safe and viable biometric technology in the post-COVID era in July 2021, a pioneer in biometric solutions globally. IDEMIA aims to deliver a wide range of cutting-edge biometric protection and transaction solutions. The advancements in the BFSI industry are projected to boost the market for next generation biometrics in the coming years.

Geographical Penetration

Growing Advancements and Innovations in Asia-Pacific

Asia-Pacific is expected to be the fastest growing region in the global next generation biometrics market holding about 1/4th of the market in 2022. The region is likely to increase as innovation advances and biometric technologies become more widely available at reasonable prices. Furthermore, the next-generation biometrics market is growing as the government and several corporate sectors use this technology to identify individuals.

The demand for biometric identification technology is increasing among end-users such as gaming retail, banking and finance, healthcare and so on. For example, in June 2021, the China Construction Bank (CCB) elected to use biometric credentials in its digital renminbi operations in collaboration with IDEX Biometrics. Previously, the institution made a digital yuan wallet app available. Because of the NFC-enabled biometrics smart card, users will not need a smartphone to use virtual currency.

In September 2022, Incode, the next-generation identity confirmation platform, announced that it had partnered with TOTM Technologies as a distributor to supply identification solutions, Incode Omni, to the Indonesian market as part of its Asia-Pacific expansion. TOTM Technologies is committed to expanding the reach of Indonesian enterprises. As a result of these advancements in Asia-Pacific, the next-generation biometric market is likely to grow throughout the forecast period.

Competitive Landscape

The major global players in the market include IDEMIA, NEC Corporation, Fujitsu Ltd., Siemens AG, Thales Group, Cross Match Technologies, Fingerprint Cards AB, Suprema Inc, RCG Holdings Ltd. and Safran SA.

COVID-19 Impact Analysis

Due of the epidemic, the adoption of contactless biometric technologies has surged. Because they reduce physical interaction with devices and surfaces, touchless authentication methods like as facial recognition and iris scanning have seen a boom in demand. Because of the epidemic, there has been a surge in interest in biometric technologies for health monitoring and fever detection.

In airports, healthcare facilities and business offices, biometric devices are utilized to measure body temperature and other signs. Biometric authentication is in high demand in the healthcare industry to protect patient data, electronic health records and telemedicine applications. Biometrics improve security and allow healthcare providers to access patient data remotely.

AI Impact

The development of biometric authentication has transformed the way personal data and identities are protected and secured. AI makes it easier to integrate many biometric modalities, like facial recognition, fingerprint scanning, iris scanning, voice recognition and behavioral biometrics. It enables more robust and precise identification, as well as the matching of various biometric features. Biometric modalities are becoming increasingly popular across a wide range of industry sectors.

Facial recognition is one of the most convenient biometric identification technologies. However, the South African Department of Home Affairs only has facial photos of 85% of the population. As a result, depending entirely on facial recognition for eKYC/onboarding clients would exclude a sizable section of the population.

Russia- Ukraine War Impact

The war has raised security worries, especially in Eastern Europe. Countries in the region have prioritized border security to monitor and regulate the transit of individuals and potential threats. Face recognition, iris scanning and detection of fingerprints are some of the next-generation biometric technologies that are increasingly being used for border control and identity verification. There is an increasing demand for safe identification solutions in conflict zones and locations with high security concerns.

Next-generation biometrics provide strong authentication solutions that can be used to validate identities in sensitive and high-risk contexts such as military and law enforcement activities. Biometric technology is being used for identification and tracking in security and military activities in war zones. Integration of biometric technologies has become a critical component of military and security strategies.

By Type
Face Recognition
Fingerprint Recognition
Iris Recognition
Palm Print Recognition
Signature Recognition
Others

By Technology
Contact-based
Contactless

By Application
Government
Defense
BFSI
Home Security
Healthcare
Others

By Region
North America
U.S.
Canada
Mexico
Europe
Germany
UK
France
Italy
Russia
Rest of Europe
South America
Brazil
Argentina
Rest of South America
Asia-Pacific
China
India
Japan
Australia
Rest of Asia-Pacific
Middle East and Africa

Key Developments
On September 2022, Onfido, the world's leading provider of digital identity validation and verification, has introduced Motion, a cutting-edge liveness solution for biometrics that will enhance its Real Identity Platform. Motion is iBeta Level 2 certified and provides seamless, secure and all-inclusive consumer verification.
On August 2022, IDEX Biometrics ASA, a Norwegian biometrics firm and Realtime AS, a major global biometrics developer, have announced a strategic collaboration to develop and commercialize the world's first Web3 biometric transaction card with cold storing, digital property wallets and digital identities. The market is expected to receive these all-in-one biometrics payment cards that comply with EMV requirements in the first half of 2023.
On June 2022, Vision-Box, an international firm that provides technical consulting and software development, unveiled its latest solution, Seamless Kiosk, which is based on a new generation of biometric innovation and is designed to revolutionize the travelling experience.

Why Purchase the Report?
To visualize the global next generation biometrics market segmentation based on type, technology, application and region, as well as understand key commercial assets and players.
Identify commercial opportunities by analyzing trends and co-development.
Excel data sheet with numerous data points of next generation biometrics market-level with all segments.
PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
Product mapping available as excel consisting of key products of all the major players.

The global next generation biometrics market report would provide approximately 61 tables, 62 figures and 204 pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies