Austin, Oct. 24, 2024 (GLOBE NEWSWIRE) -- Market size & Growth Analysis:
As per the S&S Insider Report,“The Biometric System Market was valued at USD 39.07 Billion in 2023 and is expected to reach USD 140.58 Billion by 2032, growing at a CAGR of 15.33% over the forecast period 2024-2032.”
The biometric system market is growing strongly, driven by the growing demand for improved security solutions and rapid progress in biometric technologies. The rise in worries about identity theft, fraud, and unauthorized access has elevated the importance of biometric systems in worldwide security strategies. The average cost of data breaches reached a new high of USD 4.88 million in 2024. Mistakes made by humans continue to play a major role in cybersecurity issues, leading to 88% of data breaches. Detecting these violations typically requires about 194 days, with the entire response process lasting approximately 292 days. In the year 2023, the average ransomware payout was USD 1.54 million, with 75% of businesses facing at least one attack. Phishing remains a significant risk, as 57% of companies are constantly targeted by phishing attacks. Biometric authentication solutions solve these issues by providing a superior level of precision, making them more dependable than traditional password-based systems. Biometric systems are increasingly being utilized by organizations to protect sensitive data and streamline user access.
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Dominant Market Players with their Product Listed in this Report are:
- Apple Inc. (Face ID, Touch ID)
- Samsung Electronics (Samsung Pass, Fingerprint Scanner)
- Thales Group (Gemalto Biometric Enrollment, Biometric Border Control)
- NEC Corporation (NEC Biometric Authentication, NeoFace Watch)
- HID Global (HID DigitalPersona, HID BioClass)
- Crossmatch (DigitalPersona, Verifier 300)
- Fujitsu (Fujitsu PalmSecure, Fujitsu Biometric Authentication)
- Gemalto (CST Biometric Solutions, Biometric Smart Cards)
- IDEMIA (MorphoWave, MorphoBLOOD)
- BioID (BioID Facial Recognition, BioID Web Service)
- Safran Identity & Security (MorphoTrust, MorphoManager)
- Innovatrics (Innovatrics AFIS, Innovatrics Biometric SDK)
- Suprema (Suprema BioStar, Suprema FaceStation)
- Vision-Box (SmartFace, Biometric Boarding Solutions)
- Aware, Inc. (Aware BioSP, Aware NIST Biometric Test Suite)
- Veridium (VeridiumID, 4 Fingers Touchless ID)
- SecuGen (SecuGen Hamster Pro, SecuGen SDA04P)
- ZKTeco (ZKTeco F18, ZKTeco ProFace X)
- Paravision (Paravision Face Recognition, Paravision Document Verification)
- Rank One Computing (Rank One Face Recognition, Rank One Iris Recognition)
"Market Segment Insights: Detailed Analysis Reveals Strategic Growth Pathways"
By Authentication Type
In 2023, single-factor authentication held the largest market share of 59%, due to the high level of simplicity and ease of use. Unimodal authentication: This type generally relies on only one biometric trait, such as fingerprint or face recognition for user verification. In several applications that require quick and efficient verification such as smartphones, laptops, security access points, etc. single-factor systems are often employed.
By Contact Type
In 2023, the contact segment dominated with a 45% market share. Generally, it adopts fingerprint recognition and palm scanning methods, with high accuracy and reliability. The reason it is also the most popular sector (by volume) is that it has been around longer than most, and many applications are using biometric sensors, from access control during entry into secure buildings to time and attendance systems in the workplace or retail.
By Offering
In 2023, the hardware held a market share of 56% and led the market. Growing adoption of secure access control in government security, financial services & healthcare are the factors that lead this segment to dominate this market currently. Hardware solutions deliver dependable and rapid identification techniques, thus improving security and optimizing functionality.
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Key Market Segments:
By Authentication Type
- Single Factor
- Multi-factor
By Contact Type
- Contact
- Contactless
- Hybrid
By Offering
- Hardware
- Software
By Deployment Mode
- On-premises
- Cloud-based
By Application
- Face Recognition
- Iris Recognition
- Voice Recognition
- Vein Recognition
- Fingerprint Recognition
- Others
By End User
- Government
- BFSI
- Consumer Electronics
- Healthcare
- Transportation & Logistics
- Defense & Security
- Others
"Regional Analysis: Uncovering Critical Growth Factors in the Competitive Market Landscape"
North America led the market with a 32% market share in 2023, due to the high demand for advanced security systems in industries like banking, government, and healthcare, along with the presence of major technology companies. The stricter data privacy laws in the region's regulatory framework contribute to the advancement of biometric systems. Important uses in the United States include biometric access control systems in government buildings and secure banking services.
The Asia-Pacific region is anticipated to become the fastest-growing in the biometric system market during 2024-2032, driven by rising government efforts to implement biometric identification initiatives in countries such as India and China. The growth is also being fueled by the implementation of biometric authentication in banking, e-commerce, and smart city initiatives. India's Aadhaar program has set an example for worldwide biometric identification on a large scale, increasing the market potential of the region.
Recent Developments in the Biometric System Market:
| Date | Development/Product Launch | Details |
| Mar-24 | NEC Corporation launched the NeoFace facial recognition software | Offers enhanced accuracy and speed, suitable for large-scale security applications. |
| Jul-24 | Gabon launches new national ID system | new card reflects the willingness of Nguema to ensure that all citizens have a government-issued national ID which can permit them to enjoy a wide array of services. |
| Dec-23 | Thales Group introduced an AI-enhanced biometric card | Combines fingerprint recognition with AI algorithms, improving the user authentication process. |
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Future Trends for the Biometric System Market:
- Integration with AI and Machine Learning: The incorporation of AI and ML algorithms in biometric systems is enhancing the accuracy and speed of biometric recognition, enabling faster and more reliable authentication processes.
- Expansion in E-commerce and Online Banking: With the growth of digital transactions, biometric systems are becoming essential in the e-commerce and online banking sectors for secure customer verification.
- Adoption of Multimodal Biometric Solutions: To improve security and reduce the risk of spoofing, there is a rising trend towards multimodal biometric systems that use two or more biometric traits (e.g., facial and fingerprint recognition).
- Increasing Use in Smart Cities: As smart city projects proliferate; biometric systems are playing a critical role in providing secure access to public services and managing urban safety through surveillance systems.
Table of Contents - Key Points Analysis
1. Introduction
2. Executive Summary
3. Research Methodology
4. Market Dynamics Impact Analysis
5. Statistical Insights and Trends Reporting
5.1 Adoption Rates, 2032, by Region
5.2 Regulatory Compliance Metrics, by Region
5.3 Cost Analysis
5.4 Deployment Time and Ease of Use
6. Competitive Landscape
7. Biometric System Market Segmentation, by Authentication Type
8. Biometric System Market Segmentation, by Contact Type
9. Biometric System Market Segmentation, by Offering
10. Biometric System Market Segmentation, by Deployment Mode
11. Biometric System Market Segmentation, by Application
12. Biometric System Market Segmentation, by End User
13. Regional Analysis
14. Company Profiles
15. Use Cases and Best Practices
16. Conclusion
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