At CAGR 18.9%, Biometric Technology Market Grow $137.9 Billion By 2030, Reports Insights

New York, Jan. 23, 2023 (GLOBE NEWSWIRE) -- As per the research report Biometric Technology Market published by Reports Insights, the market was worth USD 34.5 Billion in 2022 and is estimated to surpass USD 137.9 Billion by the year 2030, registering a CAGR growth of 18.9%.

Biometric Technology Market Size, Share & Trends Analysis, By Component: Hardware, Service, and Software), By Deployment (Contact, Contactless, Hybrid), By Type (Physiological Biometric (Hand Geometry, Face Recognition, Fingerprint Recognition, Iris Recognition, and Others) Behavioral Biometric (Signature Recognition, Voice Recognition, and Others)), By Authentication Type (Single-Factor Authentication, Multi-Factor Authentication), By End Use (Government, BFSI, Healthcare, IT and Telecommunication, Transportation & Logistics, Defense & Security and Others), By Region and Segment, Forecast Period 2022 – 2030. Initiatives using eye biometrics, facecial, fingerprint, and such as Indonesia's e-KTP electronic identification initiative and India's UIDAI initiative are also expected to create new market opportunities. Many financial institutions have adopted or are currently using biometric technology and the banking industry is replacing traditional systems with biometric systems. The banking industry is evolving at a digital pace and still requires strict employee and customer identification protocols to prevent fraud and identity theft.

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Biometric technology is defined as the technologies used for identifying and authenticating unique physical characteristics of individuals. This technology is primarily used to authenticate the identity of an individual by verifying certain physical or behavioral metrics such as facial structure, fingerprints, voice tone, palm or finger vein patterns, and iris movements.

Further, biometric technology is referred to as the computerized or automatic technique that plays important role in recognizing and security. This technology offers advanced recognition or authentication methods to replace traditional methods such as passwords, pin codes, and others. Recently, the use of biometrics is getting a favorable response in varied industries such as banks and financial institutions, medical centers, airports, and others. The main reason behind such wide adoption is the provision of sustainable and high-security benefits to individuals or any organization by protecting sensitive data from third-party fraudulent activity.

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Key Market Highlights

• The global biometric technology market size is anticipated to surpass USD 137.9 billion by 2030 and grow at a CAGR of 18.9% during the forecast period (2022-2030).
• Globally, biometric technology is divided based on the component: hardware, software, and service
• In the context of deployment, the market is categorized into contact, contactless, and hybrid.
• The market is also separated as per type: physiological biometric (iris recognition, face recognition, hand geometry, fingerprint recognition, and others) and behavioral biometric (voice recognition, signature recognition, and others).
• Based on authentication type, the market share is segmented into three groups: single-factor authentication, and multi-factor authentication.
• Further, the end-use segment comprises seven aspects: transportation & logistics, government, BFSI, defense & security, healthcare, IT and telecommunication, and others.
• The market is geographically categorized into five regions: Europe, the Asia-Pacific, North America, South America, and the Middle East and Africa.
• North America and Asia Pacific are expected to support industry growth during the forecast period due to the high adoption of security and surveillance solutions.

Biometric Technology Market Segmentation Details:

Based on component, the hardware segment contributed major shares to the market growth in terms of volume. Biometric hardware is mainly adopted due to its easy installation and complete access to each security aspect. This component mainly collects the user’s physical or behavioral traits such as fingerprints and palm prints, iris scans, facial features, and others. Further, such hardware is connected to the business’s data servers which authenticate the entered credentials to further allow information access.

Based on the deployment, the contact-based deployment segment contributed major shares to the biometric technology market growth. Contact-based biometric hardware is primarily used within building infrastructures as it helps to collect and verify finger impressions with information on data servers. This segment is widely adopted in multiple institutions such as fitness centers, athletic clubs, commercial office spaces, residential areas, and others mainly due to its user-friendly interface. 

Based on type, the physiological biometrics segment is anticipated to account for the largest contribution to the biometric technology market shares. These biometrics involve the structure of a person’s body. Several physical traits such as iris structure, fingerprint impression, or face structure are mapped for use with biometric security scanners. Moreover, these biometrics reflect the unique identity of any person which makes it a universally accepted mode of ensuring proper usage of biometrics with an individual’s consent.

Based on the authentication type, the multi-factor authentication segment is projected to support the market demand in terms of revenue. This type of authentication is mainly adopted to add extra layers of security over existing security patches. Such multi-layered authentication makes it difficult for any unethical hacker to access sensitive data. Thus, multi-factor authentication is widely adopted within the IT and Telecom, BFSI, and Defense sector to prevent any risks of data theft or data breach within a large network of servers.

Based on end use, the government segment is expected to contribute substantial shares to the market shares in terms of volume. Several biometric technologies such as Integrated Automated Fingerprint Identification System (IAFIS), Transportation Worker Identification Credential (TWIC), and others are integrated within government institutions for specified tasks such as verification of security cards, giving web access to the individuals’ identity within government institution and undergo any background checks.

Based on region, North America is anticipated to contribute major shares to the market growth in terms of revenue and volume. Large numbers of established government institutions and multinational conglomerates heavily rely on such biometric technologies to prevent any fraudulent interventions. Further, the widespread of such technology awareness among businesses and the population also supports the demand for biometrics within the infrastructure as smart door locks, airport access control, and facial scan for accessing e-commerce applications.

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Recent Developments

• In April 2022, a China-based firm called Moqi Technologies debuted as an innovative biometric market player with the launch of its contactless fingerprint scanner. This new company was exclusively chosen by Beijing as one of the prominent small-medium enterprises (SMEs) for its wide range of innovative products.
• In September 2022, a firm located in Sweden named Precise Biometrics introduced two software innovations called Algo and Digital identity. Algo is software used for verifying fingerprint impressions within cars, mobile phones, door locks, and others. Additionally, Digital identity is a facial recognition software used for authentication of visitor management, individual access, and digital services.
• In November 2022, a Japanese conglomerate named NEC Corporation introduced the latest multimodal solution for biometric validation called Bio-Idiom. Bio-Idiom is a flagship biometric authentication brand that combines NEC’s iris and face recognition technology to offer enhanced biometric service to end users.

List of Major Biometric Technology Market Players

Further, the research report provides an inclusive evaluation of the market dynamics that offer insightful information to stakeholders about mergers & acquisitions, product collaborations, and business strategies. Such analysis helps to understand a large number of growth insights across applications, technological advancements, innovative product launches, and business strategies. Following are major market players currently operating in the market —

• Accu-Time Systems, Inc.
• NEC Corporation
• Imageware Systems, Inc.
• 3M Company (Congent Systems, Inc.)
• AFIX Technologies
• Precise Biometrics
• BIO-key International, Inc.
• DERMALOG Identification Systems GmbH
• Suprema, Inc.
• East Shore Technologies, Inc.
• EyeVerify, Inc.
• Fujitsu Limited
• Thales S.A.
• Gemalto NV
• HID Global Corporation
• IDEMIA
• Iris ID, Inc.

Global Biometric Technology Market Segmentation: 

• By Component
  • Hardware
  • Software
  • Service
• By Deployment
  • Contact
  • Contactless
  • Hybrid
• By Type
  • Physiological Biometric
    • Face Recognition
    • Iris Recognition
    • Fingerprint Recognition
    • Hand Geometry
    • Others
  • Behavioral Biometric
    • Signature Recognition
    • Voice Recognition
    • Others
• By Authentication Type
  • Single-Factor Authentication
  • Multi-Factor Authentication
• By End Use
  • Government
  • BFSI
  • Healthcare
  • IT and Telecommunication
  • Transportation & Logistics
  • Defense & Security
  • Others

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