Press release
Next Generation Biometric Market was valued at USD 42.28 Bn. in 2022 and expected to grow at a CAGR of 11.2% during the forecast period (2023-2029)
Next Generation Biometric Market
The report offers a comprehensive overview of biometric technology and its role in verifying personnel identity through physical and behavioral characteristics. It covers various biometric identities including fingerprint, facial recognition, voice recognition, iris recognition, and signature recognition. Next-generation biometrics provide enhanced security, convenience, and speed, making them highly sought-after for applications like national ID cards, border control, and government benefits distribution. The global next-generation biometric market is anticipated to reach US$ 71.91 billion by the end of the forecast period.
Maximize Market Research's report employs a robust research methodology that ensures accurate and reliable insights. The report combines primary and secondary research, leveraging data from industry experts, market players, and official sources. This methodology guarantees a comprehensive and detailed analysis of the Next Generation Biometric Market.
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Next Generation Biometric Market Dynamics:
Several factors are driving the growth of the next-generation biometric market. The increasing global population, the adoption of government-sponsored programs, and the growing zero-trust mindset among individuals are key drivers. Recent developments like the "PhilSys" digital ID scheme in the Philippines and expanded public sector biometric use in pension disbursement in Pakistan have further contributed to market growth. Additionally, the rising usage of smartphones, advancements in the banking and finance sector, and the need for effective criminal identification are propelling market demand.
However, the market faces challenges such as high initial investments in biometric security, potential database hacks, the necessity for machine learning and algorithm advancements, and the occurrence of false identity instances.
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Next Generation Biometric Market Segmentation:
by Type
Single factor authentication
Multi factor authentication
The Next-Generation Biometric market is further divided into single-factor authentication and multi-factor authentication based on type segment. With a 62% market share in 2022, the single factor authentication segment is the market leader globally. The major characteristics driving demand for the single-factor authentication category are ease of use, cost effectiveness, and quick responsiveness. They include face, iris, and fingerprint recognition. A significant demand in the market is being driven by rising use of it in government-sponsored programs, financial applications, and the healthcare industry.
by Technology
Contact based
Contactless
Hybrid
The Next Generation Biometric market is divided into three sub-segments based on technology: contact-based, contactless, and hybrid. The hybrid market category, which was valued at US$12.2 billion in 2022, controls the entire world. A multimodal system called hybrid biometric identifies people using their fingerprints, voices, faces, and iris. The hybrid segment aids in lowering the false acceptance rate and false rejection rate, as well as increasing usage of this segment in building access, public transportation, law enforcement, and airport security. Due to the variety of uses, there is now a market need for hybrid products.
by Application
Government
Military and Defence
Healthcare
Banking and Finance
The Next Generation Biometric market is further divided into the Government, Military & Defense, Healthcare, Banking & Finance segments based on the Application Segment. The market is dominated by the Banking and Finance category, which had a 50% share in 2022. Rising advancements in online id verification, remote account opening, etc. are favorably influencing market growth. Increasing smartphone usage has replaced computers in accessing account details, money transfers, and online payments.
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Next Generation Biometric Market Key Players:
1. Safran SA
2. NEC Corporation
3. 3M Cogent Inc.
4. Fujitsu Ltd.
5. Suprema Inc.
6. Cross Match Technologies
7. Fulcrum Biometrics
8. Thales SA
9. Bio-Key International Inc.
10.Precise Biometrics AB
11.Secunet Security Networks AF
12.RCG Holdings Limited
13.Fingerprint Cards AB
14.Siemens AG
15.Facebanx
Table of content for the Next Generation Biometric Market includes:
1. Global Next Generation Biometric Market: Research Methodology
2. Global Next Generation Biometric Market: Executive Summary
• Market Overview and Definitions
• Introduction to the Global Market
• Summary
• Key Findings
• Recommendations for Investors
• Recommendations for Market Leaders
• Recommendations for New Market Entry
3. Global Next Generation Biometric Market: Competitive Analysis
• MMR Competition Matrix
• Market Structure by region
• Competitive Benchmarking of Key Players
• Consolidation in the Market
• M&A by region
• Key Developments by Companies
• Market Drivers
• Market Restraints
• Market Opportunities
• Market Challenges
• Market Dynamics
• PORTERS Five Forces Analysis
• PESTLE
• Regulatory Landscape by region
• North America
• Europe
• Asia Pacific
• Middle East and Africa
• South America
• COVID-19 Impact
4. Global Next Generation Biometric Market Segmentation
• Global Next Generation Biometric Market, by Type (2022-2029)
• Global Next Generation Biometric Market, by Technology (2022-2029)
• Global Next Generation Biometric Market, by Application (2022-2029)
5. Regional Next Generation Biometric Market (2022-2029)
• Regional Next Generation Biometric Market, by Type (2022-2029)
• Regional Next Generation Biometric Market, by Technology (2022-2029)
• Regional Next Generation Biometric Market, by Application (2022-2029)
• Regional Next Generation Biometric Market, by Country (2022-2029)
6. Company Profile: Key players
• Company Overview
• Financial Overview
• Global Presence
• Capacity Portfolio
• Business Strategy
• Recent Developments
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Regional Insights:
The report provides regional insights into the Next Generation Biometric Market. The Asia-Pacific region is the dominant market due to economic expansion, tourism growth, and increased usage of IoT devices. Initiatives like India's "face biometric liveness check" program for pensioners and various digital ID implementations in India are fueling market growth. However, US sanctions against Chinese biometric firms might impact market growth in this region.
Key Offerings:
• Past Market Size and Competitive Landscape (2018 to 2022)
• Past Pricing and price curve by region (2018 to 2022)
• Market Size, Share, Size & Forecast by different segment | 2023-2029
• Market Dynamics - Growth Drivers, Restraints, Opportunities, and Key Trends by region
• Market Segmentation - A detailed analysis by Product
• Competitive Landscape - Profiles of selected key players by region from a strategic perspective
• Competitive landscape - Market Leaders, Market Followers, Regional player
• Competitive benchmarking of key players by region
• PESTLE Analysis
• PORTER's analysis
• Value chain and supply chain analysis
• Legal Aspects of business by region
• Lucrative business opportunities with SWOT analysis
• Recommendations
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