Global Biometric Technology Market Insights Forecasts to 2033

• The Global Biometric Technology Market Size was Valued at USD 46.52 Billion in 2023
• The Market Size is Growing at a CAGR of 13.97% from 2023 to 2033
• The Worldwide Biometric Technology Market Size is Expected to Reach USD 171.98 Billion by 2033
• Asia Pacific is Expected to Grow the fastest during the forecast period.

The Global Biometric Technology Market Size is Anticipated to Exceed USD 171.98 Billion by 2033, Growing at a CAGR of 13.97% from 2023 to 2033.

GLOBAL BIOMETRIC TECHNOLOGY MARKET REPORT OVERVIEW

Biometric technology is a method of identifying and verifying individuals based on their unique physical or behavioral traits. These attributes might include fingerprints, facial features, iris patterns, and voice characteristics. The technology is used to automate recognition processes in various applications such as securing access to buildings and devices, verifying identities during financial transactions, managing border security and immigration controls, and ensuring accurate patient identification in the healthcare industry.

Government and law enforcement agencies have begun implementing cloud-based biometric technologies, including the cloud-based Automated Biometric Identification System (ABIS). This adoption presents significant growth opportunities for leading providers of biometric systems. Furthermore, major companies in the biometric technology market have introduced products leveraging this advanced technology.

For instance, in May 2021, Suprema introduced four models of the X-Station 2, a next-generation "versatile intelligent terminal" that supports multiple authentication methods, including mobile access cards, RFID cards, QR codes, and barcodes.

Report Coverage

This research report categorizes the market for the global biometric technology market based on various segments and regions forecasts revenue growth and analyzes trends in each submarket. The report analyses the key growth drivers, opportunities, and challenges influencing the global biometric technology market. Recent market developments and competitive strategies such as expansion, product launch, and development, partnership, merger, and acquisition have been included to draw the competitive landscape in the market. The report strategically identifies and profiles the key market players and analyses their core competencies in each sub-segment of the global biometric technology market.

DRIVING FACTORS:  

“Rising Popularity of Mobile Biometrics”

The increasing use of smartphones and mobile devices has led to the widespread adoption of biometric security features such as fingerprint scanning, facial recognition, and iris scanning. These user-friendly and convenient mobile biometric methods are driving the growth of biometric technology. As more people rely on their mobile devices for various daily tasks, the demand for robust security measures has intensified. Consequently, the integration of biometric authentication in mobile devices not only enhances security but also provides a seamless user experience, further propelling the advancement and popularity of biometric technology in the market.

RESTRAINING FACTORS:

“Concerns About Privacy and Data Security”

Biometric technology collects and stores sensitive personal information, raising significant concerns about privacy and data security. The potential for misuse or unauthorized access to this data presents a major challenge to the widespread adoption of biometric solutions, especially in areas with stringent data protection regulations.

Market Segmentation

The global biometric technology market share is classified into components, offerings, and authentication types.

Which segment is expected to hold the largest share of the global biometric technology market during the forecast period?

“The hardware segment dominates the market with the highest market share over the forecast period”

The significant rise in mobile biometric devices, a heightened emphasis on hardware-based security features, and the growing use of biometric technology in consumer electronics for authentication and identification are key drivers of the expansion of biometric technology. The benefits of biometric hardware, such as accurate identification, high performance, reliability, and strong security, all contribute to the sector's growth. To improve hardware capabilities and reduce costs for small and medium-sized businesses, numerous suppliers are investing in research and development to create innovative technologies.

Why contact is preferred over contactless and hybrid?

“Contact-based biometrics grow with tech adoption”

Contact-based biometric systems, which include fingerprint, palm print, and signature recognition, are expected to see significant growth due to the increasing adoption of fingerprint recognition technology in consumer electronics. This rise in usage is likely to drive the expansion of the contact-based segment. Furthermore, the growing implementation of contact-based biometric systems in athletic facilities, such as wellness gyms, fitness centers, and sports institutions, is also anticipated to boost the segment's development. These systems facilitate efficient membership management and tracking of training sessions, enhancing the operational efficiency of such clubs and improving the overall user experience. As the demand for streamlined and secure access solutions in fitness and sports environments continues to rise, contact-based biometric systems will play a crucial role in supporting this trend.

Which segment is anticipated to dominate the global biometric technology market during the forecast period?

“The single factor segment dominates the market with the highest market share over the forecast period”

Based on the authentication type, the global biometric technology market is categorized into single-factor, two-factor, three-factor, four-factor, and five-factor. Single-factor authentication has gained significant prominence due to its practicality, rapid response time, and cost-effectiveness. The most prevalent single-factor technologies include facial recognition and fingerprint scanning, which are widely used in sectors such as government, banking, travel, and immigration. The growing preference for single-factor systems has been further accelerated by the swift adoption of these technologies in consumer electronics. Their integration into everyday gadgets has made authentication more accessible and convenient, reinforcing their role in securing various applications and driving their widespread acceptance.

Regional Segment Analysis of the Global Biometric Technology Market

• North America (U.S., Canada, Mexico) 
• Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
• Asia-Pacific (China, Japan, India, Rest of APAC)
• South America (Brazil and the Rest of South America) 
• The Middle East and Africa (UAE, South Africa, Rest of MEA)

Which region is expected to hold the largest share of the global biometric technology market over the forecast period?

“North America is anticipated to hold the largest share of the global biometric technology market over the forecast period”

In the U.S., biometric techniques are extensively applied across various departments, including defense, homeland security, commerce, justice, and state affairs. The growing use of biometric technology in these sectors is driven by the escalating global threats of terrorism, which have heightened the need for enhanced safety and security measures. Biometric systems are being increasingly implemented to address these security concerns by providing more reliable and efficient means of identification and authentication, thereby strengthening the overall security infrastructure and response capabilities of these departments.

Why Asia Pacific is growing at the fastest CAGR in the global biometric technology market?

“Asia Pacific's biometric ID programs are set to drive market growth”

Initiatives like Indonesia's e-KTP electronic ID program and India's UIDAI project, which utilize biometric technologies such as facial recognition, fingerprint scanning, and iris scanning, are anticipated to create new opportunities in the biometric market. These projects aim to enhance national identification systems by integrating advanced biometric methods, thereby improving the accuracy and efficiency of identity verification processes. As these large-scale biometric initiatives roll out, they are expected to drive significant growth in the market by expanding the adoption of biometric technologies and opening up new avenues for innovation and application across various sectors.

Competitive Analysis:

The report offers the appropriate analysis of the key organizations/companies involved within the global biometric technology market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market.

List of Key Companies

• Accu-Time Systems, Inc.
• AFIX Technologies
• BIO-key International, Inc.
• Suprema
• DERMALOG Identification Systems GmbH
• East Shore Technologies, Inc.
• EyeVerify, Inc.
• Fujitsu Limited
• Crossmatch Technologies
• Aware, Inc.
• SecuGen Corporation
• Gemalto NV
• Thales Group
• Morpho 
• HID Global Corporation
• IDEMIA
• Iris ID, Inc.
• NEC Corporation
• Others

Recent Developments

• In January 2022, IDEMIA partnered with Microsoft to provide next-generation connectivity solutions and eSIM technology for consumer and IoT devices.

• In July 2021, Thales Group introduced a new voice biometric solution as part of its Trusted Digital Identity Service Platform, designed for onboarding and authentication. This solution addresses the increasing need among mobile operator call centers to combat identity fraud while ensuring a smooth and seamless customer experience.

Key Target Audience

• Market Players
• Investors
• End-users
• Government Authorities 
• Consulting And Research Firm
• Venture capitalists
• Value-Added Resellers (VARs)

Market Segment

This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global biometric technology market based on the below-mentioned segments: 

Global Biometric Technology Market, By Component

• Hardware
• Software
• Service

Global Biometric Technology Market, By Offering

• Contact
• Contactless
• Hybrid

Global Biometric Technology Market, by Authentication Type

• Single Factor
• Two Factor
• Three Factor
• Four Factor
• Five Factor

Global Biometric Technology Market, By Regional Analysis

• North America
  • US
  • Canada
  • Mexico
• Europe
  • Germany
  • UK
  • France
  • Italy
  • Spain
  • Russia
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Australia
  • Rest of Asia Pacific
• South America
  • Brazil
  • Argentina
  • Rest of South America
• Middle East & Africa
  • UAE
  • Saudi Arabia
  • Qatar
  • South Africa
  • Rest of the Middle East & Africa