Biometrics Market to exceed $31bn by 2023

Biometrics technology has marked its significant presence across the security landscape and is being deployed widely across all the sectors globally. Biometrics market size accounted for USD 9.58 billion in 2015 and is expected to exceed a revenue of USD 31 billion by 2023, per Global Market Insights, Inc.

Biometrics technology is based on the concept of statistical analysis of biological data, which is believed to be less prone to hacking than the password trends. The biometrics identifiers are physiological and/or behavioral characteristics of respective individuals which are analyzed to authenticate the identity of the individuals. Example of these identifiers are fingerprint, face recognition, palm veins, palm print, DNA, iris recognition, hand geometry, and retina.

There has been a lot of fraudulent cases recorded lately and the industries are much alert towards their data security and privacy, which is leading towards huge adoption of biometrics technology worldwide. In 2014, JP Morgan Chase, a banking MNC, was a victim of data breach in which hackers accessed the critical data of approximately 83 million customers. This made the BFSI sector more vigilant and increased the biometrics adoption across this industry.

Banks and financial institutions have now integrated biometrics technology with their mobile applications to ensure highly secured online access to their customers. For instance, ING Group and Deutsche Bank are using biometric authentication on their mobile banking app with the help of Apple’s Touch ID. The biometrics market growth in the BFSI industry is estimated to record a CAGR of 20% over the period of 2016-2023.

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Biometrics application in the government sector is yet another significant area for potential growth prospects. The increasing number of fraud and hacking cases have promoted the adoption of this technology by the government to set high security and privacy standards. The growing popularity of electronics passports containing biometrics identifiers such as fingerprints, iris, facial data, etc., along with the government inclination towards building a robust infrastructure are few of the factors catalyzing biometrics market size in the government sector. The biometrics application in this sector is expected to reach USD 6.5 billion by 2023.

Moreover, the residential biometrics application is also estimated to witness significant growth over the coming years owing to the growing trend of fingerprint door locks and rising demand for home safety and security. The biometrics application in the residential security segment is anticipated to surpass USD 1.1 billion by 2023.

Favorable regulatory landscape has made North America a vital contributor towards the biometrics market share. The U.S will primarily drive the regional revenue over the coming timeframe. The Asia Pacific biometrics market will also witness significant growth trends over the coming timeframe, with an estimated CAGR of 17.2% over the period of 2016-2023. Government norms favoring the biometrics authentication are the major revenue drivers across this region. For instance, the concept of e-Aadhaar by Unique Identification Authority of India (UIDAI), emphasizes on logging through biometrics technology to ensure secured and authenticated identification of individuals.

The industry players are continuously exploring new technologies to sustain their market value and stay ahead of the competition. The coming years will offer huge growth opportunities for the security device manufacturers on account of security being a key parameter to be looked after across all the sectors. Consumer Electronics, Commercial, Residential, Transportation, and Healthcare industries will also witness huge adoption of biometrics technology over the next few years. The market is consolidated with top players such as 3M Cogent, NEC Corporation, and Morpho (Safran) accounting for the majority of the overall industry revenue.

Browse key industry insights spread across 80 Pages with 43 market data tables & 35 figures from the report, “Biometrics Market Size By Application (Banking & Finance, Commercial, Residential, Consumer Electronics, Defense & Security, Government, Transportation, Healthcare), By Product (AFIS, Non-AFIS, Hand Geometry, Signature, Voice, Iris, Face), Industry Analysis Report, Regional Outlook, Application Potential, Price Trends, Competitive Market Share & Forecast, 2016 - 2023” in detail along with the table of contents:

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