Biometric Technology Market Share Analysis Report, 2023-2032
The global biometric technology market size was exhibited at USD 34.98 billion in 2022 and is projected to hit around USD 225.78 billion by 2032, growing at a CAGR of 20.5% during the forecast period 2023 to 2032.
Key Pointers:
Biometric Technology Market Report Scope
| Report Coverage | Details |
| Market Size in 2023 | USD 42.15 Billion |
| Market Size by 2032 | USD 225.78 Billion |
| Growth Rate From 2023 to 2032 | CAGR of 20.5% |
| Base Year | 2022 |
| Forecast Period | 2023 to 2032 |
| Segments Covered | Authentication Type, Component, Type, Mobility, Application, End User |
| Market Analysis (Terms Used) | Value (US$ Million/Billion) or (Volume/Units) |
| Regional Scope | North America; Europe; Asia Pacific; Central and South America; the Middle East and Africa |
| Regional Scope | NEC Corporation, Precise Biometrics AB, Fujitsu Limited 3M Cogent, Hitachi, FaceFirst, Nuance Communications |
Biometric devices are used for security identification and authentication. These devices can recognize a user and then correctly prove whether the identified user holds the identity they claim to have. Biometric security systems use automated techniques, in which human intervention is reduced to the minimum to recognize and then confirm an individual's identity based on distinctive physiological or behavioral features, such as fingerprints, face pictures, iris recognition, and voice recognition.In biometric authentication technology, an individual’s characteristics data is compared with the same individual's biometric template. The aim is to confirm whether the individuals hold a resemblance to their claimed identity. Furthermore, the systems compare physical or behavioral characteristics to data in a database that has been identified.
Authentication is established when both sets of data align. Biometric authentication is often used to control access to buildings, rooms, and computers.
Biometric technologies are necessary during COVID-19 and become even more important to track the spread of the virus. The impact of COVID-19 is not limited to face recognition. As noncontact technologies such as face and iris recognition are now being used to expand government protection, surveillance, and screening. In contrast, applications that rely on fingerprint and vein recognition modalities are suffering significant losses. Furthermore, the data stored on cloud is sensitive to the shared environment or public and needs a strong authentication and security system, which is provided by the biometric technology.
Government and law enforcement agencies have also started adopting cloud-based biometric technologies, such as cloud-based Automated Biometrics Identification System (ABIS). Thus, there is a huge growth potential for key players offering biometric systems. In addition, major players in the biometric technology market have launched their products based on the biometric technology. For instance, Suprema, a global leader in biometric security and access control, announced the launch of an upgraded version of its X-Station 2 access control terminal, which supports fingerprint authentication. In May 2021, Suprema launched four models of X-Station 2, a next-generation “versatile intelligent terminal” that supports a variety of authentication methods from mobile access cards to RFID cards, QR codes and barcodes. The newest X-Station 2 model comes equipped with a fingerprint recognition module that provides more options for customers.
Moreover, the increasing crime and privacy intrusion rate have raised concerns among people and organizations to secure their assets and personal details. To provide standardized security with the use of advanced technology, biometric solutions have witnessed increased usage in the market. However, the initial investments for biometric technology development and the costs of devices are high owing to heavy R&D activities and complications related to data analysis through an embedded device. The costs associated with maintenance are also critical. Therefore, these are some of the factors that limit the biometric technology market growth. On the contrary, the need for a strong authentication system, which can be fulfilled by multilevel biometric solutions that use several different levels to make it more secure and accountable. In addition, biometric technology plays a vital role in e-commerce through smart cards, keystroke identification, digital certificate, Kerberos authentication, and others. Therefore, these factors are increasing the adoption of biometric technology, which is expected to grow tremendously in the coming years.
The report focuses on growth prospects, restraints, and trends of the biometric technology market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the biometric technology market.
Some of the prominent players in the Biometric Technology Market include:
Segments Covered in the Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2018 to 2032. For this study, Nova one advisor, Inc. has segmented the global Biometric Technology market.
By Authentication Type
By Component
By Type
By Mobility
By Application
By End User
By Region
Cross-segment Market Size and Analysis for Mentioned Segments
Additional Company Profiles
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Additional Countries (Apart
From Mentioned Countries)
Country/Region-specific Report
Go To Market Strategy
Region Specific Market DynamicsRegion Level Market Share Import Export AnalysisProduction AnalysisOthers