Biometrics Technology Market Size, Market Share, Application Analysis, Regional Outlook, Growth Trends, Key Players, Competitive Strategies and Forecasts, 2022 To 2030

Countries across the world are facing challenges from increasing number of terror attacks and crimes and looking for advanced solutions which improve the security at both public and private places. Traditional individual authentication technologies such as passwords and tokens can be easily hacked by unauthorized person. Biometrics technology enables the users to overcome this challenge and reduces risk of providing access to unauthorized person as this technology uses an authorized person's physiological or behavioral characteristics for identification. This is increasing the adoption of biometrics technologies particularly in government, defense and banking applications. In addition, biometrics technologies are gaining importance in commercial and private organization for attendance and access control application. All these factors represent huge opportunity for biometrics solutions providers.

This report analyses global biometrics technology market in order to provide in-depth information related global demand supply, technology and regional market trends. The study also provides exhaustive information related global as well as regional market drivers, challenges and opportunities. The report also include cross sectional analysis for each regional market based on types of biometrics technologies and applications. The study includes market estimates and forecast of the biometric technologies for the period 2022 to 2030. This quantitative information is provides for the global, regional as well as country specific market. This report also includes market attractive analysis to identify key invest areas in the global biometrics technology market. PESTEL analysis include in the report provides extensive idea above factors influencing and limiting the growth of this market.

The report also profiles key players in the global biometrics technology market which include business overview, financial overview, key product offerings and recent development related to biometric technologies. Competitive positioning provides detailed information of market competition and market winning strategies adopted by the key players in the global market.

Biometrics systems find their application in various sectors such as government, defense services, banking and finance, consumer electronics, healthcare, home safety & security, commercial safety & security, transport/visa/logistics and others. Biometrics systems usage was dominated by the transport/visa/logistics sector in the overall market and it accounted for largest revenue share of the total market in 2021. Due to the stringent security regulation and increasing number of terrorist attacks, transportation service providers across the world are focusing to improve the security at public transport facilities. This can be best achieved through biometrics and hence this sector is expected to stay dominant throughout the forecast period. Moreover, biometrics is being used in e-passport projects which use face, hand geometry and iris detection technology. Moreover, growing biometrics applications in the government sector is supporting the penetration of the biometrics systems in the market. Significant demand for biometrics technologies is also expected from banking industry in order to reduce frauds. Biometrics also can be used for the purpose of authentication in order to perform online banking or financial transactions. Biometrics ensures high level security and hence is largely being used in the consumer electronics sector. Many computers and laptops use biometrics technology for access control and some manufacturers such as Apple, Samsung etc. have started introducing biometric sensors in their smart phones. Biometrics technology is also gaining popularity in residential and commercial security applications. With the substantial demand from all the above sectors, the overall biometrics technology market is expected to see the significant growth through the forecast period.

The global Biometrics market comprises of various application types such as face, hand geometry, voice, signature, iris, automated fingerprint identification system (AFIS), non automated fingerprint identification system (non-AFIS) and others which include keystroke dynamics, DNA and typing rhythms. In 2021, non automated fingerprint identification system (non-AFIS) accounted for the largest revenue segment in the overall market. At present, range of fingerprint sensors are available in the market such as silicon (thermal, capacitive and e-field) area or swipe, infrared, optical, pressure and ultra-scan amongst others. Non automated fingerprint identification system (non-AFIS) was introduced for business applications which replaced ID cards, passwords and other traditional methods used for identification and attendance application in organizations. Iris recognition technology is largely being used in banking, defense, commercial and IT sector. Iris recognition technology easily operates as a standalone system and can be integrated into existing security systems. Hence, due to their flexibility and reliability, iris recognition technology is expected to observe a significant growth through the forecast period 2022 - 2030. Biometric solutions based on hand geometry technology are also expected to see a steady growth with introduction of stringent government regulations required to improve safety in the commercial sectors such as nuclear plants, hospitality, universities, banking, and healthcare. This technology also finds its applications in time & attendance maintenance systems. Moreover, technologies such as signature, voice and other emerging technologies such as typing rhythms and DNA are also expected fuel the growth of biometrics technology market in the near future.

Geography Segmentation Analysis - Biometrics Technology Market

The global biometrics technology market is classified into North America, Europe, Asia-Pacific and Rest of the World (RoW) by regions. Asia-pacific accounted for the largest as well as the fastest growing market in the global biometrics technology market. In Asia Pacific, majority of the growth is expected from India and China due to the increasing adoption of biometrics technology in government sector. The national border control projects and projects such as the e-passports, Adhaar are the major reasons responsible for the adoption of biometrics technology particularly in India. Aadhaar project in India uses iris, face and fingerprint recognition technology for providing individual identity card. In the U.S., biometric technology is broadly used in the government sector for authority verification in order to provide access at government facilities and computer networks. The U.S. and Canada have introduced Passenger Accelerated Service System programs in order to allow its frequent passengers to pass through the inspection points quickly. This system uses hand geometry recognition technology. Europe has a significant revenue share in the global biometrics technology market. Introduction of stringent security regulations in Europe such as the General Data Protection Regulation (GDPR) increased the demand for biometrics technologies in the region. Major countries such as UK, Germany, Russia, France and others have initiated e-passport programs which have influenced the demand for biometrics technology from transportation sector. Europe have also forced commercial organizations such as airlines, gyms etc. to use biometrics technologies for effective identification and authentication.

Historical & Forecast Period

This study report represents analysis of each segment from 2020 to 2030 considering 2021 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2022 to 2030.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Biometrics Technology market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Biometrics Technology market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Market Segmentation

Technology

• Face recognition
• Hand geometry
• Voice recognition
• Signature recognition
• Iris recognition
• Automated Fingerprint Identification System (AFIS)
• Non-AFIS
• Others AFIS

Application

• Government
• Military & Defense
• Healthcare
• Banking & Finance
• Consumer Electronics
• Residential and Commercial Security
• Travel & Immigration
• Others

Key Questions Answered in this Report

• What are the key micro and macro environmental factors that are impacting the growth of Biometrics Technology market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2030.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Biometrics Technology market?
• Which is the largest regional market for Biometrics Technology market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Biometrics Technology market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Biometrics Technology market worldwide?