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Biometric Technologies Market: Stellar Growth Amidst Increasing Cybersecurity Threats and Rising Trends
Biometric Technologies Market
What Is The Projected Market Size Of The Global Biometric Technologies Market And Its Growth Rate?
The biometric technologies market encompasses several segments and sub-segments which include:
• By Offering: Hardware, Software
• By Type: Contact-Based, Contact-Less, Hybrid
• By Authentication Type: Single-Factor Authentication, Multi-Factor Authentication
• By Application: Face, Hand Geometry, Voice, Signature, Iris, Automated Fingerprint Identification System (AFIS), Non-Automated Fingerprint Identification System (AFIS), Other Applications
• By Vertical: Government, Consumer Electronics, Military And Defense, Healthcare, Banking And Finance, Travel And Immigration, Automotive, Security, Other Verticals
The market cap is on the rise with:
• 2024 Market Size: $58.46 billion
• 2025 Market Size: $65.67 billion (12.3% CAGR)
What Is Driving The Growth In The Biometric Technologies Market?
The Biometric Technologies market is experiencing significant growth due to the surge in integration with consumer electronics. The mounting cybersecurity threats and security concerns finessed by the banking and finance sectors are prime factors behind the market advancement. In addition, the wide-scale adoption of these technologies in healthcare for patient identification alongside its implementation in time and attendance systems further empowers market growth.
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Who Are the Key Players Driving Biometric Technologies Market Growth?
• Key market players are leveraging the use of two-factor authentication (2FA) to enhance their offerings and boost the overall market growth.
• The 2FA is being widely used in biometric technologies to mitigate vulnerability to traditional attacks, reduce unauthorized access and secure identity verification.
• For instance, just 19% of government agencies and 62% of companies were found using hardware authentication tokens and multi-factor authentication respectively, as per a 2023 report from DataProt, a Switzerland-based non-governmental organization.
What Are The Key Trends In The Biometric Technologies Market?
With the global biometric technologies market escalating from $58.46 billion in 2024 to $65.67 billion in 2025, major trends driving this progression include:
• Increasing number of cybersecurity threats.
• Surging security concerns.
• Wide-scale adoption in healthcare for patient identification.
• Use in time and attendance systems.
• Use in border control and immigration.
What Are The Segments Of The Global Biometric Technologies Market?
Key segments of this industry incorporate the following types of biometric technology:
• Contact-based: Requires physical contact with the device's sensors or system for access.
• Contactless: No physical contact is needed with the device.
• Hybrid: A combination of contact-based and contactless technologies.
Additional offerings include hardware and software that use single-factor and multi-factor authentication applicable to various verticals for diverse applications such as face, hand geometry, voice, signature, iris, automated and non-automated fingerprint identification system (AFIS), and other applications.
Which Region Leads The Biometric Technologies Market?
Amadeus, a Spain-based technology company expert in providing solutions for the travel and tourism industry, acquired Portugal-based Vision-Box for €320 million in January 2024. This acquisition helped Amadeus enhance its market presence and superior technology offerings and improve its solutions for the travel and tourism industry. Vision-Box manufactures security technology for border control and hence marks the international strides made by the Biometric Technologies Market.
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What Is Covered In The Biometric Technologies Market Global Market Report?
- Market Size Analysis: Analyze the Biometric Technologies Market size by key regions, countries, product types, and applications.
- Market Segmentation Analysis: Identify various subsegments within the Biometric Technologies Market for effective categorization.
- Key Player Focus: Focus on key players to define their market value, share, and competitive landscape.
- Growth Trends Analysis: Examine individual growth trends and prospects in the Market.
- Market Contribution: Evaluate contributions of different segments to the overall Biometric Technologies Market growth.
- Growth Drivers: Detail key factors influencing market growth, including opportunities and drivers.
- Industry Challenges: Analyze challenges and risks affecting the Biometric Technologies Market.
- Competitive Developments: Analyze competitive developments, such as expansions, agreements, and new product launches in the market.
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