The biometric technologies market size is projected to reach US$ 118.35 billion by 2030 from US$ 37.85 billion in 2022. The market is expected to register a CAGR of 15.3% during 2022–2030. Increasing use of biometric systems at airports is likely to remain a key trend in the market.
Biometric Technologies Market Analysis
Biometrics involves the evaluation and statistical analysis of distinct physical and behavioral traits of individuals. The technology is primarily used for identification and access control; nonetheless, it is also employed to verify the identities of individuals put under observation. Biometric authentication serves the purpose of reliably identifying individuals based on their intrinsic physical or behavioral characteristics. The biometric technologies market report emphasizes the key factors driving the market and prominent company developments.
Biometric Technologies Market Overview
Specific physical and behavioral traits identified and analyzed by biometrics systems include iris or retinal patterns, voice patterns, fingerprints, facial features, and behavioral traits such as gait or typing rhythm. Fingerprint scanners are one of the most used biometric authentication modalities across the world; they capture unique patterns of valleys or ridges on an individual’s fingertip. Biometric technologies are becoming more and more important in daily security tasks. These unique identification features of individuals are utilized as passwords for phones, computers, and laptops; moreover, they are also used to control access to rooms and buildings. Once this biometric data is scanned, it is stored for performing similar operations in the future. Usually, biometric data is stored and encrypted within the device or in a remote server. Biometric technologies are most often used for authentication, identification, and access control purposes in numerous industries. Soaring demand for biometric technologies in industries such as healthcare, security, banking, financial services, and insurance (BFSI) contributes significantly to the overall biometric technologies market growth.
A rise in the global population and rapid urbanization drives the consumer electronics and IT sectors. The expansion of the consumer electronics industry, coupled with the rising demand for smartphones, tablets, laptops, smartwatches, and access control systems, contributes significantly to the expansion of the biometric technologies market size. Consumers are highly concerned about maintaining the privacy of their data and personal information, which reflects a high demand for biometric authentication features integrated into smartphones, tablets, laptops, smartwatches, and other consumer electronic devices. Fingerprint scanners are highly integrated into smartphones and tablets to provide additional security to consumers. The rising use of biometric technologies in consumer electronics is a key factor contributing to the growth of the biometric technologies market.
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Biometric Technologies Market: Strategic Insights
Market Size Value in US$ 37.85 Billion in 2022 Market Size Value by US$ 118.35 Billion by 2030 Growth rate CAGR of 15.3% from 2022 to 2030 Forecast Period 2023-2031 Historic Period 2020-2021
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Biometric Technologies Market: Strategic Insights
| Market Size Value in | US$ 37.85 Billion in 2022 |
| Market Size Value by | US$ 118.35 Billion by 2030 |
| Growth rate | CAGR of 15.3% from 2022 to 2030 |
| Forecast Period | 2023-2031 |
| Historic Period | 2020-2021 |
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Biometric Technologies Market Drivers and Opportunities
Expanding Application Range in the Government Sector to Favor the Market
Government bodies in different countries use biometric technologies for various verification purposes, such as national ID systems, border control infrastructure, or welfare program verification. The adoption of biometric technologies in government operations often sets standards for data formats and systems, leading to wider adoption in the industrial sector and economies of scale for manufacturers. Biometric technologies are being deployed in several government projects. In December 2023, the Citizenship and Immigration Services agency signed a contract valued at US$ 282.5 million with Amentum (Virginia) to install biometric systems to help process lawful immigration applications at 130 CIS Application Support Center (ASC) locations. The agency awarded a five-year contract worth US$ 407 million to Amentum in September 2023 to automate the process of collecting biometric and other data from people applying to live in the country. Further, in December 2023, the Government of India announced that a person eligible for the issuance of Aadhaar cards can proceed with enrolment using an iris scan in case fingerprint scanning is not available or feasible. Increased use of biometrics in government and commercial sectors bolsters the biometric technology market.
Technological Advancements Reinforcing Security Levels
Technological advancements in biometric technologies are focused on enhancing their versatility, security, and reach to the masses. Artificial Intelligence (AI) and Machine Learning (ML) further contribute to the improvement of the accuracy and reliability of biometric systems, lowering the possibilities of false positives and negatives, which would have a positive impact on security and user confidence. The expansion of AI-driven biometrics, particularly facial and behavioral biometrics (gait, voice, and accent recognition), is likely to fuel the emergence of new forms of real-time biometric identity verification through on-premises cameras. Biometric authentication technology has become more prevalent in the industrial sector with the most recent AI advancements. According to IBM, 20% of breaches are the result of compromised credentials.
Moreover, detecting and addressing a data breach can take an average of 287 days, which further worsens the impact. AI-based security solutions are likely to be instrumental for businesses to stay competitive in any sector. IBM mentions that 25% of companies had fully implemented AI-based security in place as of 2021, while 40% had completed partial implementation.
Biometric Technologies Market Report Segmentation Analysis
Key segments that contributed to the derivation of the biometric technologies market analysis are component, type, authentication type, and end user.
- Based on component, the biometric technologies market is divided into hardware, software, and services. The hardware segment held the largest share in 2022.
- By type, the market is segmented into contact, contactless, and hybrid.
- By authentication type, the market is segmented into single factor authentication and multi-factor authentication.
- By end user, the market is segmented into government, BFSI, healthcare, defense and security, and others.
Biometric Technologies Market Share Analysis by Geography
The geographic scope of the Biometric Technologies market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the biometric technologies market share in 2022. The market in this region is segmented into the US, Canada, and Mexico. The market in North America experiences strong and steady growth. A robust economy and government support result in a widescale adoption of high-tech products, hardware, software, and other components across several industries in the US. The market in North America is anticipated to expand at a significant rate during the forecast period owing to the surging demand for biometrics solutions from the IT sector and the rising number of phishing attacks. This encourages market players to develop advanced software to protect their customers from credential theft. For instance, in November 2023, Accu-Time Systems, Inc. announced the launch of the Only|You Face facial recognition system for providing secure, safe, and touchless timekeeping workflows. Only|You Face provides a more hygienic alternative to fingerprint readers or keypads. In Canada, the government is embracing biometrics technologies to strengthen national security measures. Stringent government rules and regulations related to the use of biometrics are driving the market. For example, in January 2024, the Privacy Commissioner of Canada (OPC) drafted guidelines related to the use of biometrics for appropriate purposes. These guidelines refrained from profiling or categorization that leads to unfair, unethical, or discriminatory treatment contrary to human rights law.
Biometric Technologies Market Report Scope
Biometric Technologies Market News and Recent Developments
The biometric technologies market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the biometric technologies market are listed below:
- NEC and Mastercard collaborated to make progress in in-store biometric payments. The partnership executed NEC's face recognition and liveness verification technology, Mastercard's payment enablement, and an enhanced user experience to drive global scalability through a signed Memorandum of Understanding. (Source: NEC Corp, Press Release, November 2023)
- IDEMIA collaborated with Federal Bank Limited in India to enhance their existing access control and personnel management systems with contactless biometric access control. This solution, built on IDEMIA's SmartBio SDK, uses facial and iris verification to verify personnel for attendance and access to the Core Banking System. (Source: IDEMIA, Press Release, February 2021)
Biometric Technologies Market Report Coverage and Deliverables
The “Biometric Technologies Market Size and Forecast (2020–2030)” report provides a detailed analysis of the market covering below areas:
- Biometric technologies market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Biometric technologies market trends, as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Biometric technologies market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the biometric technologies market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
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to segments covered.
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
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to country scope.
Frequently Asked Questions
The biometric technologies market is expected to register a CAGR of 15.3% during 2022–2030
The biometric technologies market size is projected to reach US$ 118.35 billion by 2030
North America dominated the biometric technologies market in 2022.
The rising use of biometric technologies in consumer electronics and expanding application range in the government sector are expected to drive the biometric technologies market.
Increasing the use of biometric systems at airports is likely to remain a key trend in the market.
Aware Inc, Thales SA, Cognitec Systems GmbH, NEC Corp, IDEMIA France SAS, HID Global Corp, Fujitsu Ltd, Leidos Holdings Inc, M2SYS Technology, and Precise Biometrics AB are among the leading payers operating in the biometric technologies market.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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