Press release
Next-Gen Biometric Authentication Market Growing at 21.1% CAGR Reach USD 249.6 Billion by 2032
The global next-gen biometric authentication market is experiencing growth due to government initiatives and regulations, enhanced security needs and advancements in technology. However, technological limitations hinder market growth. Moreover, increasing cybersecurity threats and integration with IoT and AI offers remunerative opportunities for the expansion of the global next-gen biometric authentication market.
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The next-gen biometric authentication market was valued at $44.6 billion in 2023, and is estimated to reach $249.6 billion by 2032, growing at a CAGR of 21.1% from 2024 to 2032.
The next-gen biometric authentication market is segmented into component, technology, authentication type, end user, and region. On the basis of component, the market is divided into software and services. As per technology, the market is segregated into fingerprint recognition, facial recognition, iris recognition, voice recognition, palm vein recognition, signature recognition and others. On the basis of authentication type, the market is classified into single-factor authentication and multi-factor authentication. On the basis of end user, the market is categorized into government, defense, travel & immigration, home security, banking & financial service, healthcare, and other. Region wise, the market is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
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North America held the largest market share in 2023, owing to extensive adoption across sectors such as finance, healthcare, and government, which is driven by stringent regulatory compliance, high cybersecurity awareness, and substantial investments in advanced security technologies, which dominates the region growth. However, the Asia Pacific is projected to attain the fastest growing region from 2023 to 2032, owing to expanding digital infrastructure, increasing mobile penetration, rising cybersecurity threats, and governmental initiatives promoting biometric authentication technologies.
Competitive Landscape
The major players operating in the next-gen biometric authentication market are CU NextGen, IDEMIA, NEC Corporation, Fujitsu Ltd, Siemens AG, Thales Group, Cross Match Technologies, Fingerprint Cards AB, Suprema Inc., RCG Holdings Limited, and Safran SA.
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Industry Trends
● In January 2023, U.S. Congress directed the Department of Homeland Security to commission an independent review of DHS' beleaguered next-generation biometrics system, while also planning a proposed funding increase for the delayed project.
● In November 2021, IDEMIA partnered with Federal Bank to design and implement a secure biometric system that offers a smarter and more efficient working environment for employees. In addition, this partnership is expected to address a key operational challenge of the pandemic by reducing contact points. Implementation of this robust, reliable, and powerful access control system reaffirms IDEMIA's leadership in contactless biometrics for a secure, convenient, and hygienic access control in India.
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Recent Key Strategies and Developments in Next-Gen Biometric Authentication Industry
● In March 2023, Cerence Inc. launched its latest AI-powered biometrics engine in Cerence Assistant, enhancing personalization and security features for the mobility experience. By leveraging advanced AI technology, Cerence Voice Biometrics offers improved accuracy in creating driver profiles, identifying speakers, and facilitating safer, more personalized interactions with the in-car assistant.
● In June 2022, Vision-Box presented its latest solution Seamless Kiosk, which is based on a new generation of biometric innovation and is intended to revolutionize the traveling experience.
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