Global Biometric Technology Market Industry Insights by Type (Face, Hand Geometry, Voice, Signature, Iris, AFIS, Non-AFIS, Others), By End Use (Government, Banking & Finance, Transport/Logistics, Defense & Security, Others) - Forecast by 2025

Global Biometric Technology Market estimated to be USD 22.0 billion in 2020 and is predicted to reach USD 58.0 billion by 2025, growing at a CAGR of 21.4% during the forecast period. Some of the major factors responsible for the growth of biometric technology across the globe is surging demand for high level security in the private, public, and commercial sectors.

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On the basis of end use, the biometric technology market is categorized into government, banking & finance, transport/logistics, defense & security, and others. During the forecast period, the government segment is expected to be largest among all the segments. The technology is widely used to counter issues such as identity theft and illegal migration.

The primary factors driving the growth of the global biometric technology market are:

- Growing concerns regarding internal and external securities
- Growing use of the technology in government and private sectors for employee identification and attendance
- Rising adoption of biometrics systems in the BFSI sector for securing financial transactions across the globe
Challenges

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Higher in price as compared to their alternates may hinder the growth of the global biometric technology market.

Geographically, North America is the largest revenue contributor in the biometric technology market. In the region, biometric techniques are widely used in various departments such as commerce, defense, homeland security, justice, and state.

Asia-Pacific is observed to witness the fastest growth in the market, as the region comprises of the large population base and increasing awareness about the technology. In addition, countries such as China and India are sights of high growth rates in the region.

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Key players operating in the global biometric technology market include NEC Corporation, Precise Biometrics AB, Fujitsu Limited, 3M Cogent, Hitachi, FaceFirst, Accu-Time Systems, Inc., AFIX Technologies, BIO-key International, Inc., and Nuance Communications.

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