Global Biometric Systems Market 2022-2028

Global Biometric Systems Market 2022-2028

Global biometric systems market is anticipated to grow at a significant CAGR of 12.4% during the forecast period. The market is expected to grow modestly due to variety of factors which includes cohesive support from governments across the globe and favorable regulations that triggers the adoption of biometric market in varied domains and organization. Other factors such as a need for security, rapid adoption of e-passport by countries, theft and security concerns and so forth are contributing to the growth of the biometric systems market. Huge demand is emerging from varied sectors which includes government, military & defense, transport & logistics, commercial safety & security, healthcare, banking & finance, consumer electronics, business organizations and so forth will continue to contribute in the growth of biometric systems market. Adoption of biometrics market in smartphone, PCs, passport offices, banks will continue to contribute significantly in the growth of Biometrics market.

The market for biometric market is expected to see new highs in future due to rapid growth seen in the e-commerce segment. The online buyers are continually increasing which is leading to a totally digitized shopping experience. This increases lot of theft and fraud chances. The biometric systems are being seen getting adopted in e-commerce which can be seen as a solid growth for the biometric systems market during the forecast period. Biometrics system market by technology such as face recognition, fingerprint recognition, iris recognition, palm print/hand recognition, hand geometry recognition, voice recognition, signature recognition and so forth are widely adopted across the globe.

Impact of COVID-19 Pandemic on Global Biometric Systems Market

The fear of the spread of COVID-19 had cessation the contact-based biometric systems market. Additionally, the shut down of various companies across the globe had reduced the requirement of biometric systems. However, the demand for contactless biometric systems increased. The biometric systems with body temperature detection sensors are getting popular as the organizations have to follow COVID-19 guidelines. Soon as the COVID-19 situation normalizes and the industries and organizations get to work, the market of biometric systems will gain momentum in its growth.

Segmental Outlook

The global biometric systems market is segmented based on technology, function, component, and end-user. Based on the technology, the market is segmented into face recognition, fingerprint recognition, iris recognition, palm print recognition, signature recognition, and others. Based on the function, the market is segmented into contact-based, contactless, and hybrid. Based on the authentication level, the market is segmented into single-factor authentication and multi-level authentication. Based on the component, the market is segmented into hardware and software. Based on the disposable devices, the market is segmented into banking & finance, home security, travel & immigration, military defense, healthcare, government, and others.

The Outbreak of COVID-19 had given Upthrust to the Temperature Segment of the Global Biometric Systems Market.

The single-factor authentication systems hold the major market share attributing to the economical and fast responsiveness. Government, travel & immigration, and banks are the major users of single-factor authentication systems.

The increasing demand for efficient and reliable biometric systems is boosting the growth of hybrid biometric systems. Such systems provide enhanced safety and security against spoofing and forgery through multi-level authentication. The countries including the US, India, and UK are using this technology at security checkpoints of country borders due to the high threat of terrorist attacks. NEC had developed such a product in May 2020 which has a multimodal biometric authentication terminal.

Banks and financial institutes are the major users of biometric systems. JP Morgan and Wells Fargo are amongst the few banks that offer their customers to log in to mobile banking through fingerprint authentication.

Regional Outlooks

The global biometric systems market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others, and the Rest of the World (the Middle East and Africa, and Latin America).

North America and Europe are the Dominant Market of Biometric Systems.

North America is the clear leader in the biometric systems market and is expected to retain its position during the forecast period as well due to the growing usage and adoption of biometric systems in the region. The biometric systems in North America are rapidly finding usage in various fields such as homeland security & employee scrutiny. The adoption of biometric systems in the defense has also created solid opportunities for the market in past and with the growing technological advancement biometric systems are further expected to be absorbed more in the defense during the forecast period. Moving further, according to our estimates the Asia-Pacific region is shining brighter than any other region and is expected to be the fastest growing region during the forecast period. The reason behind this estimate is the growing security concerns which is leading the government in India and China to promote biometric systems and creating more awareness among the masses which are hesitant or reluctant to the use of biometric systems so far.

Market Players Outlook

The major companies serving the global biometric systems market include BIO-key International, Fujitsu Ltd., DelaneyBiometrics – Fulcrum Biometrics, Ltd., Suprema, Inc., NEC Corp., and others. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers & acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, Thales had acquired Gemalto in April 2019 for around $5.3 billion. This had enabled Thales to provide biometric systems to critical infrastructure providers including banks, telecom operators, and government agencies.