Biometrics Market: Current Analysis and Forecast (2022-2028)

Biometrics Market: Current Analysis and Forecast (2022-2028)

Biometrics is the measurement and statistical analysis of people's unique physical and behavioral characteristics. This technology is mainly used for identification and access control or identification of persons under surveillance. The basic premise of biometrics is the ability to accurately identify each individual through their unique physical or behavioral characteristics. Biometrics has emerged as an advanced layer in many personal and corporate security systems. Modern cybersecurity focuses on reducing the risks of this powerful security solution. Traditional passwords have long been a weak link in security systems. Biometrics attempts to answer this question by associating credentials with physical and behavioral patterns.

The Biometrics Market is expected to grow at a strong CAGR of around 16% owing to the increasing need for convenient and fast modes of authentication and the rising need for easy-to-operate or user-friendly security systems. Further on, high security and assurance, enhanced user experience, non-transferability, and near spoof-proof are some of the most prominent features that influence the adoption of biometrics. The new products launched in the biometrics market are also contributing to the growth of the market. For instance, With effect from 1 November 2022, iPulse will be launching its new product range called VoiceIQ.cloud, allowing clients to procure voice biometrics as-a-service, and hosted on the Microsoft Azure platform like the rest of the IQSuite.cloud product range.

• Based on component, the market is segmented into hardware and software. The hardware segment catered to a significant share of the market in 2020. This is because biometrics hardware balances convenience, security, and user experience. Biometric devices are most commonly used in security, banking, mobile access and authentication, law enforcement, public transportation, schools, home help, and building access. Biometric hardware uses automated methods to confirm or recognize the identity of a living person based on their physiological or behavioral characteristics. These features include fingerprint, facial image, iris, and voice recognition
• By authentication type, the market is bifurcated into single-factor and multi-factor. Among these, the multi-factor authentication type accounted for a prominent share of the global biometrics market in 2020. This is because multi-factor authentication is widely adopted throughout industries due to the high level of security provided by multi-factor authentication. It is a key component of biometrics for better security. While it can be useful for hackers to identify a single authorization factor, multiple layers of real-time access verification and monitoring are important for adhering to the biometrics
• On the basis of biometric type, the market is divided into IRIS recognition, hand geometry, facial recognition, signature verification, fingerprint, and others. Biometrics like face patterns, fingerprints, iris scanning, and others are near-impossible to replicate with current technology. There's a one in 64 billion chance that a user’s fingerprint will match up exactly with someone else's. Features of fingerprint biometrics such as security, ease of use, non-transferable, and accountability are some of the most important features contributing to the growth of this segment
• Based on contact type, the market is bifurcated into contact-based and non-contact-based. Among these two, the contact-based segment catered to a notable share of the market in 2020. The contact-based biometrics include hand geometry, signature verification, and fingerprint recognition. These types of biometric systems are simple and easy to use. The internal process for biometric authentication is technical, from a user’s point of view it’s incredibly easy and quick
• By end-user, the market is categorized as government, healthcare, banking and financial services, and others. The government segment held a commendable share of the market in 2020 and the trend is anticipated to continue during the forecast period. Governments use biometrics systems for various purposes such as biometric voter registration systems, biometric prison management, biometric law enforcement, biometric border control system, military base management system, and others. Biometrics systems help governments in better national security, better coordination amongst agencies, and better scalability
• For a better understanding of the market adoption of the biometrics industry, the market is analyzed based on its worldwide presence in the countries such as North America (The United States, Canada, and the Rest of North America), Europe (Germany, The United Kingdom, France, Italy, Spain, Rest of Europe), Asia-Pacific (China, Japan, India, Rest of Asia-Pacific), Rest of World. Asia-Pacific biometrics market is anticipated to grow at a substantial CAGR during the forecast period. The presence of prominent biometric system manufacturers in the region such as Fujitsu and NEC Corporation is expected to contribute to the growth of the region owing to the rapid economic growth in major countries such as China, India, Japan, and South Korea. The growth of the biometrics market in the region is also due to technological advances and growing public awareness of the use of biometrics systems for security purposes
• Some of the major players operating in the market include Fujitsu, NEC Corporation, Thales, Assa Abloy, Cognitec Systems GmbH, Suprema Inc., IrisGuard Ltd., M2SYS Technology, Leidos Holdings Inc., and Precise Biometrics.