Press release
Global Biometric System Market to be Driven by the Rapid Digitisation in the Forecast Period of 2022-2027
The report tracks the latest trends in the industry and studies their impact on the overall market. It also assesses the market dynamics, covering the key demand and price indicators, along with analysing the market based on the SWOT and Porter's Five Forces models.
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The key highlights of the report include:
Market Overview (2017-2027)
Historical Market Size (2021): USD 41.47 Billion
Forecast CAGR (2022-2027): 30%
Forecast Market Size (2027): USD 87.72 Billion
The rapid digitisation across major end-use sectors and the growing incidences of digital fraud are propelling the growth of the market for biometric system. The market growth can also be attributed to the rising disposable incomes and the growing smartphone ownership, which, in turn, is surging the requirement for the adoption of innovative security measures.
Moreover, the increasing deployment of single-factor authentication solutions such as fingerprint recognition and face recognition in various consumer electronics such as laptops and smartphones, among others, is fuelling the market. With the growing demand for enhanced security in various smartphone applications, the adoption of multi-factor authentication solutions is increasing and bolstering the market for biometric system.
Industry Definition and Major Segments
A biometric system is a technological system that enables the recognition of unique characteristics of individuals by deploying biometric data and mathematical algorithms. It is typically deployed in identification and access control applications. Biometric systems find widespread utilisation in various sectors ranging from military and defence to consumer electronics to enhance cybersecurity.
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The various authentication types and technologies of biometric system are:
Single Factor Authentication
Fingerprint Recognition
Iris Recognition
Palm Print Recognition
Face Recognition
Vein Recognition
Signature Recognition
Voice Recognition
Others
Multi-Factor Authentication
Biometric Smart Card
Biometric Pin
Multimodal
On the basis of offerings, the market is segmented into:
Hardware
Fingerprint
Readers
Scanners
Cameras
Others
Software
The market, based on type, can be broadly divided into:
Contact Based
Contactless
Hybrid
By verticals, the market is divided into:
Government
Military and Defence
Healthcare
Banking and Finance
Consumer Electronics
Travel and Immigration
Automotive
Security
Others
The regional markets of biometric system are:
North America
Europe
Asia Pacific
Latin America
Middle East and Africa
Market Trends
The market is being aided by the rising deployment of innovative biometric systems in various end-use sectors. As governments across the globe are increasingly focusing on security, they are implementing innovative biometric systems. The growing deployment of authentication solutions in various government applications like national identification cards, voter registrations, and passports, among others, is significantly contributing to the market growth.
The market is expected to be augmented by technological advancements, coupled with the integration of artificial intelligence (AI) in biometric systems. The surging investments in biometric systems from the military and IT sectors, among others, are projected to provide further impetus to the market in the coming years.
Key Market Players
The major players in the market are Thales Group, Safran S.A., NEC Corporation, Assa Abloy AB, and Fujitsu Limited, among others. The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
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