Biometric System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Biometric System Market Size, Share, Growth and Global Industry Analysis By Type & Application, Regional Insights and Forecast to 2024-2032

Growth Factors of Biometric System Market

The biometric system market size was valued at USD 29.09 billion in 2021, and the market is now projected to grow from USD 30.77 billion in 2022 to USD 76.70 billion by 2029, exhibiting a CAGR of 13.9% during the forecast period of 2023-2029.

During the pandemic, the market grew due to rising need for advanced authentication systems. The biometric system business has some adverse effects from the coronavirus epidemic, just like other industry verticals. Fingerprint-based biometric authentication systems have suffered as a result of behavioral shifts such as the rigid wearing of masks, social isolation, and refraining from touching metal and other surfaces in public areas. The stringent laws governing the wearing of face masks in public places have had an effect on face recognition software.

Growing crime incidents drive biometric system market growth by increasing demand for security and surveillance during forecast period. Biometric technology was first used to improve security and confirm the identification of a criminal. It was primarily used to scan biometric traits like iris, voice, fingerprint, signature, DNA, hand geometry, and vein patterns in order to identify criminals. Installing biometric technologies is primarily intended to lower crime and terrorist attacks. Biometric technology has been used to solve millions of criminal cases to far. Surveillance is another application for biometric technology. CCTV equipment is equipped with a face recognition technology that captures and stores the facial features of people photographed by the camera. Then, this information aids in the identification and verification of criminals involved in any criminal or terrorist activity. The biometric system market is expected to rise during the forecast period due to the increasing use of technology-based CCTV cameras in developing nations like China, Japan, and India.

Growing need for biometric technology to boost retail and E-Commerce authentication demands during forecast period. During the projected period, biometric technology is a new approach to enhance the customer experience, with a particular emphasis on the supply chain. Because of the increasing demand from consumers for contactless solutions, COVID-19 accelerated the implementation of biometric technology. Customers are still using touchless biometric technology as a result of growing hygiene awareness. These contactless biometric-based payment cards allow biometric card transactions as needed by customers. Since customers must confirm their fingerprint or facial identity using previously stored information, these contactless biometric-based payment cards authorize biometric transactions. Chip technology and fingerprints are used in biometric payment cards to verify the cardholder's identity. The biometric information of the customer is safely kept. Additionally, the market is driven by the growing prevalence of phishing and fraud, which encourages the usage of biometric technology in the retail and e-commerce industries.

Comprehensive Analysis of Biometric System Market

The biometric system market and semiconductor & electronics industry is rising at an exponential rate due to its market segmentation. This market expansion effectively provides a detailed regional assessment considering the dominant supply and demand forces that impact the semiconductor & electronics benefit management industry. These segmentations are methodically segregated by Authentication types, by Contact, by Technology, by Mobility, and by end users. The Authentication types segmentations include Multi-factor Authentication and Single Factor Authentication, By Contact Type segmentations include Contact-Based System, Contact Less System, and Hybrid, By Technology segmentations include Face Recognition, Iris Recognition, Voice Recognition, Vein Recognition, Fingerprint Recognition, and Others, By Mobility segmentations include Fixed and Portable, By End-user segmentations include BFSI, Military & Defense, Consumer Electronics, Travel & Transport, Commercial, Smart Home, Government & Public, and Others.

The Asia pacific region lead the biometric system market by benefitting a market size of USD 15.02 billion in 2021 due to growing crime incidents drive market growth by increasing demand for security and surveillance.

The top players in the market play a crucial role in the semiconductor & electronics industry assuring industrial prospectus growth and setting market standards. These players include, HID Global Corporation (U.S.), Bio Key International (U.S.), NEC Corporation (Japan), Thales Group (U.S.), Fulcrum Biometric Inc. (U.S.), Nuance Communication Inc. (U.S.), Precise Biometric (Sweden), Qualcomm Technology (U.S.),NDreamlog Identification System Inc. (Germany), Daon Inc. (U.S.) these market players provide a level-playing competitive landscape.

In January 2020, Thales Group, a supplier of biometric security systems, teamed together with security service management firm Nedap. Through this collaboration, Nedap incorporates Thales Group's facial recognition technology into its physical security system. Nedap streamlines and expedites the implementation of its physical access management system at airports, shopping centers, business complexes, and hospitals by incorporating Thales' facial recognition technology.

Segmentation Table

ATTRIBUTE DETAILS

Study Period 2018-2029

Base Year 2021

Estimated Year 2022

Forecast Period 2022-2029

Historical Period 2018-2020

Unit Value (USD Billion)

Segmentation By Authentication Type

Multi-factor Authentication

Single Factor Authentication

By Contact Type

Contact-based System

Contact Less System

Hybrid

By Technology

Face Recognition

Iris Recognition

Voice Recognition

Vein Recognition

Fingerprint Recognition

Others

By Mobility

Fixed

Portable

By End-user

BFSI

Military & Defense

Consumer Electronics

Travel & Transport

Commercial

Smart Home

Government & Public

Others

By Region

North America (By Authentication Type, By Contact Type, By Technology, By Mobility, By End-use & By Country)

U.S. (By End-user)

Canada (By End-user)

Mexico (By End-user)

Europe (By Authentication Type, By Contact Type, By Technology, By Mobility, By End-user & By Country)

U.K. (By End-user)

Germany (By End-user)

France (By End-user)

Italy (By End-user)

Spain (By End-user)

Rest of Europe (By End-user)

Asia Pacific (By Authentication Type, By Contact Type, By Technology, By Mobility, By End-user & By Country)

China (By End-user)

India (By End-user)

Japan (By End-user)

South Korea (By End-user)

Rest of Asia Pacific (By End-user)

Middle East & Africa (By Authentication Type, By Contact Type, By Technology, By Mobility, By End-user & By Country)

GCC (By End-user)

South Africa (By End-user)

Rest of Middle East and Africa (By End-user)

South America (By Authentication Type, By Contact Type, By Technology, By Mobility, By End-user & By Country)

Brazil (By End-user)

Argentina (By End-user)

Rest of South America (By End-user)

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