Meticulous Research® – leading global market research company published a research report titled ‘Biometric Systems Market by Offering, Biometric Type (Fingerprint Recognition, Voice Recognition), Contact Type, Authentication Type, Platform, Application, End User (Government, Military & Law Enforcement, and Other End Users)– Global Forecast to 2029’.
According to this latest publication from Meticulous Research®, the global biometric system market is expected to grow at a CAGR of12.4%% from 2022 to 2029 to reach $51.6 billion by 2029. The biometric systems market is majorly driven by the growing demand for mobile biometric devices, rising government initiatives influencing the adoption of biometric technologies, increasing use of biometric technology in consumer electronics for authentication and identification applications, and the growing need for security measures in military and law enforcement. However, the substantial costs associated with biometric systems and misconceptions and lack of knowledge pertaining to biometric systems restrain the growth of the market to some extent. The growing demand for biometric solutions in developed and developing regions worldwide is expected to offer significant growth opportunities for the biometric systems market.
To provide efficient analysis, Meticulous Research® has segmented this market based on offering (hardware and software), biometric type, (fingerprint recognition, face recognition, voice recognition, iris recognition, signature recognition, vein recognition, palm print recognition, and other biometric types), authentication type (single-factor authentication and multi-factor authentication), contact type (contact-based, contactless, and hybrid), platform (on-site, mobile devices, PCs, & wearable devices), application (digital identification, access control & authentication, security & surveillance, and other applications), end user (IT & telecom, government bodies, finance & insurance, retail, military & law enforcement, healthcare, recreation, education, transportation/warehousing, and other end users), and geography (North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa). The study also evaluates industry competitors and analyzes regional and country-level markets.
Based on offering, in 2022, the hardware segment is expected to account for the largest share of the biometric system market. The large market share of this segment is attributed to the growing demand for mobile biometric devices, increasing focus on hardware-centric security capabilities, and increasing use of biometric technology in electronic devices. In addition, the benefits associated with biometric hardware, such as accurate identification, high performance, accountability, reliability, and high security & assurance, is enhancing the growth of this segment.
Based on biometric type, in 2022, the fingerprint recognition segment is expected to account for the largest share of the biometric system market. The large market share of this segment is attributed to the growing adoption of fingerprint sensors in law enforcement and government bodies, the rising number of identity threats leading to the emergence of fingerprint technologies, and the increasing use of fingerprint sensors in smartphones and IoT devices. Furthermore, the increasing adoption of biometric-based time and attendance systems in corporate and government organizations for measuring hours of service for workers and productivity supports the growth of the fingerprint recognition market. However, the face recognition segment is expected to record the highest CAGR during the forecast period. The growing adoption of cloud-based facial recognition technology and rising technological advancements such as 3D recognition systems are expected to support the growth of this segment.
Based on platform, in 2022, the on-site segment is expected to account for the largest share of the biometric systems market. The large market share of this segment is attributed to the growing adoption of biometric technology in consumer electronics, rising demand for authentication and identification, and the rising need for surveillance & security. However, the mobile devices segment is expected to grow at the highest CAGR during the forecast period. The rising trend of mobile transactions, growing adoption of biometric features in smartphones, and the increasing use of mobile biometrics in e-commerce and online gaming are expected to support the growth of this segment.
Based on geography, in 2022, the Asia-Pacific is expected to account for the largest share of the biometric system market. The presence of prominent biometric system manufacturers, including Fujitsu Ltd. (Japan) and NEC Corporation (Japan), is expected to contribute to the high revenue share of this region due to the rapid economic growth in major countries such as China, Japan, India, and South Korea. Also, technological advancements and increased awareness among the masses regarding the use of biometric systems for security purposes are factors driving the demand for biometric systems market in the region.
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The key players operating in the biometric system market are NEC Corporation (Japan), CardLogix Corporation (U.S.), Fujitsu Limited (Japan), Thales (France), Integrated Biometrics, LLC (U.S.), Iris ID, Inc. (U.S.), Suprema Inc. (South Korea), HID Global Corporation (U.S.), Precise Biometrics (Sweden), Aware, Inc. (U.S.), Daon, Inc. (U.S.), M2SYS Technology (U.S.), BIO-key International (U.S.), Cognitec Systems GmbH (Germany), BioRugged (South Africa), DERMALOG Identification Systems GmbH (Germany), IDEMIA (France), and ImageWare Systems, Inc. (U.S.).
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