Next Generation Biometrics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

Next Generation Biometrics Market - Growth, Trends, Covid-19 Impact, and Forecasts (2023 - 2028)

The next generation biometrics market has registered a CAGR of 35.53%, during the forecast period (2021 -2026). One of the key trends witnessed in the next generation biometrics market is a paradigm shift in business discourse toward more privacy and fewer security threats. The end-users are increasingly looking for integrated solutions, rather than depending on conventional methods.

Key Highlights

• The next generation biometric market is anticipated to grow at a significant growth rate, due to the rising number of terrorist activities, coupled with the increasing theft activities on the part of crucial data and information that have raised concerns regarding national security. Major factors, such as growth in e-passport program, government support, and extensive use in criminal identification, are majorly driving the market.
• The rise in airport security initiatives and attempts to reduce the crime rates have increased the investments in biometric systems, globally. Various government initiatives, such as e-passports, e- driving licenses, border management, and national IDs, are being implemented in the developed countries using advanced biometrics
• IRIS recognition is one of the fastest-growing segments among the type of solution. Few benefits of this technology are that it is easy to use, difficult to forge, and is accurate. The iris recognition application in the consumer electronics sector is expected witness the highest growth rate during the forecast period, mainly because of the commercialization of various iris scan-based electronic devices, like smartphones, tablets, smart watches, notebooks, and others.
• However, factors, such as high deployment costs and fear of privacy intrusion, are expected to hamper the growth of the market.

Key Market TrendsBanking and Financial Industry to be the Fastest-growing Sector

• Major Banks are rolling out biometric authentication. JP Morgan Chase, Bank of America and Wells Fargo allow their customers to log in to mobile banking via fingerprint authentication.
• Voice authentication is also deployed in bank call centers to identify customers. Next generation biometric authentication can improve customer satisfaction by eliminating the need for passwords and as a result, increase the demand for adoption of biometrics in the banking sector.
• Wells Fargo is working on a payment solution that will make use of the voice of its customers to authenticate transactions and access services. While other banks and financial institutions still have limited approach toward voice biometrics and use it only to let customers access information, like account balance, etc., Wells Fargo took the step to use voice biometrics to authenticate payments.

Asia-Pacific to Witness a Significant Growth Rate over the Forecast Period

• The market in the region is expected to witness significant growth in emerging economies, which is estimated to grow steadily over the forecast period. Apart from the consumer electronics and government sectors, the healthcare sector is expected to experience a growth in the application of next-generation biometrics in this region.
• Developing countries, such as China and India, are driving the growth of biometric systems. China has initiated a biometric national ID program, which commenced in 2013, whereas, India started the program in 2011. These countries are driving the growth of biometric systems. However, the increase in computer storage of essential documents has increased the need for next-generation biometric systems.

Competitive Landscape

The next generation biometrics market is highly fragmented as several companies are entering the market, with technological innovation that is aligned with the market need. Moreover, the next generation biometric market is highly competitive, due to the expected demand in the future. Some of the key players in the market are Cross Match Technologies, Fujitsu Ltd., Fingerprint Cards AB, Siemens AG.

• April 2019 - Thales has completed the EUR 4.8 billion acquisition of Gemalto, forming a global security giant, to offer biometrics and other digital identity and security technologies to critical infrastructure providers, such as banks, telecom operators, government agencies, and utilities.

Additional Benefits:

• The market estimate (ME) sheet in Excel format
• 3 months of analyst support

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