Biometric System Market Worth $85 Billion by 2028, Globally, Driven by Deployment of Fingerprint and Iris Recognition | The Insight Partners

The global biometric system market size is estimated to grow at a CAGR of 14.5% between 2022 and 2028, it was valued at USD 43 billion in 2021 to reach USD 85 billion by 2028.

New York, Jan. 25, 2023 (GLOBE NEWSWIRE) — According to The Insight Partners, “Biometric System Market Size, Share, Growth and Global Forecast to 2028 – COVID-19 Impact and Global Analysis by Offering (Hardware and Software), Functionality (Contact Functionality, Non-Contact Functionality, and Combined Functionality), Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), End User (BFSI, Government, Military & Defence, Consumer Electronics, Healthcare, Automotive, and Others), and Geography”; the global biometric system market growth is impelled by rising adoption of advanced technology over traditional PIN-based methods and increasing applications of biometric solutions in the commercial and e-commerce.

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Global Biometric System Market – Report Scope:

Market Size Value in USD 43 Billion in 2021
Market Size Value by USD 85 Billion by 2028
Growth rate CAGR of 14.5% from 2022 to 2028
Forecast Period 2022-2028
Base Year 2021
No. of Pages 150
Historical data available Yes
Segments covered Offering, Functionality, Authentication Type, End User, and Geography

Global Biometric System Market: Competitive Landscape and Key Developments

Assa Abloy AB, FaceFirst, Fujitsu Limited, IDEMIA (Advent International), Iris ID, Inc., NEC Corporation, Precise Biometrics, Secunet Security Networks AG, SUPREMA, and Thales Group among the key players operating in the biometric system market. These companies have a widespread presence worldwide, which provides lucrative opportunities to serve a large number of customers and expand the market.

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Advanced Technology Over Traditional PIN-based Methods to Drive Global Biometric System Market Growth:

Advanced technology such as facial recognition, fingerprint recognition, and iris recognition has become increasingly popular in recent years as an alternative to traditional PIN-based methods. These technologies offer improved security and convenience, as they are more difficult to replicate or steal than a simple PIN code. Additionally, biometric systems are becoming more accurate and efficient, which has led to increased adoption in various industries, such as finance, healthcare, and government. This has resulted in a growing market for biometric systems as more and more organizations look to adopt this technology.

Trending Technologies in Global Biometric System Market:

The biometric authentication techniques are becoming common throughout enterprise and consumer systems. Below mentioned are a few upcoming technologies for biometric authentication:

Physical Identity Verification: Due to expansion of AI-driven biometrics, majorly in behavioural (voice, gait, and accent recognition) and facial biometrics, would accelerate new forms of real-time biometric identity verification via on-premises cameras.

Identity Proofing: One of a key strength of biometric authentication is a belief that user must be physically present to offer biometric data. Even stronger measures, such as AI-driven video identity verification and live identity verification testing helps in prevent emerging forms of fraud identities.

Advanced Biometric Authentication: At present, reliable and precise forms of biometrics and biometric passwords are available globally. New technologies are emphasizing on illustrating advanced biometric markers from body, all offering hard-to-fake marker for secure authentication. It consists of heartbeat pattern recognition, odour recognition, DNA signature reading, and hand geometry.

Continuous Authentication: Authentication usually happens during login or multiple times depending on user access to different resources. In case of continuous authentication, the process utilizes behavioural patterns and other markers to maintain authentication to guarantee constant user verification over time periodically.

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Global Biometric System Market: Key Insights

The biometric system market is expected to experience significant growth in the coming years, driven by increasing demand for security and convenience in various industries such as healthcare, finance, and government. One of the key drivers of this market growth is the increasing use of biometric systems in mobile devices and other consumer products. As more and more people rely on their smartphones and other devices for daily tasks, the need for secure and convenient authentication methods has grown. Biometric systems, such as fingerprint and facial recognition, provide a convenient and secure way for users to access their devices and applications.

Another key driver of market growth is the increasing use of biometric systems in border control and national ID programs. Governments worldwide are investing in biometric technology to improve border security and create more efficient and secure national ID systems. This is particularly true in developing countries where traditional forms of identification, such as paper-based ID cards, are often unreliable and easily forged.

However, there are also concerns about data privacy and security and the potential for biases in certain types of biometric systems, which could limit market growth in some regions. Using biometric systems can raise concerns about data privacy, as various organizations collect and store personal information such as fingerprints, facial scans, and iris scans. Additionally, there are concerns that certain types of biometric systems, such as facial recognition, may be more prone to biases, particularly for people of color or individuals with certain physical characteristics. These concerns could limit the adoption of biometric systems in some regions and may need to be addressed to sustain growth in the market.

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Biometric System Market: Segmental Overview

The global biometric system market is segmented on the basis of offering, functionality, authentication type, and end user. Based on offering, the market is bifurcated as hardware and software.

On the basis of the functionality, the market is segmented into contact functionality, non-contact functionality, and combined functionality.

On the basis of the authentication type, the market is bifurcated into single-factor authentication and multi-factor authentication.

The market, on the basis of the end user, is classified as BFSI, government, military & defense, consumer electronics, healthcare, automotive, and others.

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Biometric Identity Management Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Type (Fixed, Mobile); System (Behavioural Parameters System, Iris Recognition System, Retina Recognition System, Face Recognition System, Voice Recognition System, Others); Application (Land Borders, Naval Borders, Airports) and Geography

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Mobile Biometrics Market Size Forecast to 2028 – Covid-19 Impact and Global Analysis – by Technology (Face Recognition, Finger Print Recognition, Iris Recognition, Others); Authentication Type (Single Factor Authentication, Multiple Factor Authentication); Industry Vertical (BFSI, Consumer Electronics, Healthcare, Travel, Government, Military and Defense, Others) and Geography

Voice Biometrics Market Size Forecast to 2028 – COVID-19 Impact and Global Analysis By Component (Solution and Services), Type (Active Voice Biometrics and Passive Voice Biometrics), Authentication Process (Automated IVR, Agent-assisted, Mobile Application, and Employee Authentication), Deployment (Cloud and On-premise), Vertical (BFSI, Retail & Commerce, Government & Defence, IT & Telecom, Healthcare & Life Sciences, Transportation & Logistics, Travel & Hospitality, Energy & Utilities, and Others), and Application (Authentication & Customer Verification, Forensic Voice Analysis & Criminal Investigation, Fraud Detection & Prevention, Risk & Emergency Management, Transaction Processing, Access Control, Workforce Management, and Others)

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