Europe Biometric Technologies Market Forecast to 2030 - Regional Analysis - by Component (Hardware, Software, and Services), Type (Contact, Contactless, and Hybrid), Authentication Type (Single Factor Authentication and Multi-factor Authentication), and E

Europe Biometric Technologies Market Forecast to 2030 - Regional Analysis - by Component (Hardware, Software, and Services), Type (Contact, Contactless, and Hybrid), Authentication Type (Single Factor Authentication and Multi-factor Authentication), and End User (Government, BFSI, Healthcare, Defense & Security, and Others)

The Europe biometric technologies market was valued at US$ 8,917.46 million in 2022 and is expected to reach US$ 26,147.52 million by 2030; it is estimated to register a CAGR of 14.4% from 2022 to 2030.

Technological Advancements Reinforcing Security Levels Drive Europe Biometric Technologies Market

Technological advancements in biometric technologies are focused on enhancing their versatility, security, and reach to masses. Artificial Intelligence (AI) and Machine Learning (ML) further contributing to the improvement of accuracy and reliability of biometric systems, lowering the possibilities of false positives and negatives, which would have a positive impact on security and user confidence. The expansion of AI-driven biometrics, particularly facial and behavioral biometrics (gait, voice, and accent recognition), is likely to fuel the emergence of new forms of real-time biometric identity verification through on-premises cameras. Biometric authentication technology has become more prevalent in the industrial sector with the most recent AI advancements. According to IBM, 20% of breaches are the result of compromised credentials. Moreover, detecting and addressing a data breach can take an average of 287 days, which further worsens the impact. AI-based security solutions are likely to be instrumental for businesses to stay competitive in any sector. IBM mentions 25% of companies had fully implemented AI-based security in place as of 2021, while 40% had completed partial implementation. As of 2021, purchasing AI-powered security could help save a business up to US$ 3.81 million. Although secure biometric passwords are in use and more sophisticated biometric solutions are available in the market, newer technologies concentrate on extracting more sophisticated biometric markers from the human body, each of which adds another difficult-to-fake biometric trait into the secure authentication process. These can include reading DNA signatures, hand geometry, odor recognition, and cardiac pattern recognition. Therefore, technological advancements are creating exciting opportunities for the biometric technology market.

Europe Biometric Technologies Market Overview

Germany, France, the UK, and Italy are among the key countries contributing to the growth of the European biometric technologies market. Growing awareness related to significant benefits provided by biometric technologies, such as increased security, privacy, accuracy, etc., is driving the market in this region. Many companies in Europe are striving to create awareness about biometric technologies by conducting conferences and seminars. In October 2023, ZKTeco Europe, S.L. participated in Adria Security Summit 2023, powered by Intersec, to announce the launch of Biometric innovations, security products, and access control solutions. The company also introduced its latest entranced control solutions that provide benefits of access control and visitor management using traditional biometric readers or card access mobile devices such as QC codes and Bluetooth. The evolution of advanced technologies encourages manufacturers to develop next-generation biometric solutions for customers in Europe. As per the company press release, in January 2022, IDEMIA collaborated with Microsoft Corp to deliver next generation eSIM connectivity services to M2M/IoT device users. The company's next generation eSIM connectivity services support connectivity through SIM cards, eSIM services for consumer and M2M devices (including smart meters and automobiles), and authentication applications by improving resilience against distributed denial of service (DDoS) attacks. Further, expansion of the aerospace industry and the growing adoption of biometric technologies such as facial recognition and fingerprints are creating opportunities in the market. For instance, in October 2023, SITA partnered with Fraport to allow all airlines at Frankfurt Airport to jointly use face biometrics for identification from check-in through boarding procedures. This makes Frankfurt the first airport in Europe to offer biometric touchpoints to all airline passengers, allowing streamlined, streamlined passage throughout the airport.

Europe Biometric Technologies Market Revenue and Forecast to 2030 (US$ Billion)

Europe Biometric Technologies Market Segmentation

The Europe biometric technologies market is categorized into component, type, authentication type, end user, and country.

Based on component, the Europe biometric technologies market is segmented into hardware, software, and services. The hardware segment held the largest share of Europe biometric technologies market share in 2022.

In terms of type, the Europe biometric technologies market is segmented into contact, contactless, and hybrid. The contact segment held the largest share of Europe biometric technologies market in 2022.

By authentication type, the Europe biometric technologies market is bifurcated into single factor authentication and multi factor authentication. The single factor authentication segment held a larger share of Europe biometric technologies market in 2022.

Based on end user, the Europe biometric technologies market is categorized into government, BFSI, healthcare, defense & security, and others. The government segment held the largest share of Europe biometric technologies market in 2022

By country, the Europe biometric technologies market is segmented into Germany, France, the UK, Italy, Russia, and the Rest of Europe. The Rest of Europe dominated the Europe biometric technologies market share in 2022.

Aware, Inc.; Thales SA; Cognitec Systems GmbH; NEC Corp; IDEMIA France SAS; HID Global Corp; Fujitsu Ltd; Leidos Holdings, Inc.; M2SYS Technology; and Precise Biometrics AB are some of the leading companies operating in the Europe biometric technologies market.

Reasons to Buy

Save and reduce time carrying out entry-level research by identifying the growth, size, leading players, and segments in the Europe biometric technologies market.
Highlights key business priorities in order to assist companies to realign their business strategies.
The key findings and recommendations highlight crucial progressive industry trends in the Europe biometric technologies market, thereby allowing players across the value chain to develop effective long-term strategies.
Develop/modify business expansion plans by using substantial growth offering developed and emerging markets.
Scrutinize in-depth Europe market trends and outlook coupled with the factors driving the Europe biometric technologies market, as well as those hindering it.
Enhance the decision-making process by understanding the strategies that underpin commercial interest with respect to client products, segmentation, pricing, and distribution.