Next-Gen Biometric Authentication Market Size Forecasted To Achieve 25.99 Billion By 2029 With Steady Growth

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What Is the Next-Gen Biometric Authentication Market Size and Projected Growth Rate?
The market size of next-generation biometric authentication has seen a significant surge in recent years. It is projected to expand from $54.64 billion in 2024 to $67.23 billion in 2025, marking a compound annual growth rate (CAGR) of 23.0%. The notable growth within the historical timeframe can be ascribed to the escalating concerns of cybersecurity attacks and data violations, rising demand for secure online transactions, an upsurge in smartphone-based fingerprint identification, an expansion in government-supported biometric identification initiatives, and heightened utilization of biometric attendance systems in work environments.

Anticipated to experience exponential growth in the coming years, the next-gen biometric authentication market is projected to escalate to a value of $152.18 billion by 2029, with a compound annual growth rate (CAGR) of 22.7%. Aspects contributing to growth within the forecast timeframe include elevated use of contactless biometrics in communal areas, proliferation of 3D facial recognition technology, amplified use of liveness detection to deter spoofing, increased deployment of biometric authentication approaches in digital identity affirmation, and a surge in mobile biometrics implementation in e-governance services. Key trends for this forecast period comprise biometric authentication propelled by artificial intelligence, the incorporation of blockchain for fortified identity management, contactless plus touchless biometrics, breakthroughs in behavioral biometrics, and the application of biometric authentication in decentralized finance.

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What Are the Major Segments in the Next-Gen Biometric Authentication Market?
The next-gen biometric authentication market covered in this report is segmented -

1) By Authentication Type: Single Factor Authentication, Multi Factor Authentication
2) By Technology: Fingerprint Recognition, Iris Recognition, Palm Print Recognition, Face Recognition, Signature Recognition, Other Technologies
3) By End Users: Government And Defense, Banking, Financial Services, and Insurance (BFSI), Healthcare, Information Technology And Telecom, Retail, Travel And Hospitality, Others End Users

Subsegmentss:

1) By Single Factor Authentication Type: Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition, Palm Vein Recognition
2) By Multi Factor Authentication Type: Biometric & PIN Combination, Biometric & Password Combination, Biometric & Token-Based Authentication, Biometric & Behavioral Authentication, Adaptive Biometric Authentication

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What Are The Driving Next-Gen Biometric Authentication Market Evolution?
The increase in cyber-attacks is anticipated to fuel the expansion of the next-gen biometric authentication market. Cyber-attacks are harmful endeavours by individuals or groups to breach, destroy, or illicitly access computer systems, networks, or data with the goal of stealing information, causing operational disruption or harm. This surge in cyber-attacks can be attributed to the growing complexity of hacking methodologies, where cybercriminals are creating advanced malware capable of sidestepping classical security protocols and effectively exploiting system weaknesses. Next-gen biometric authentication bolsters cybersecurity by employing advanced AI-driven multi-modal biometrics, blockchain connectivity, and continuous authentication methods to thwart identity theft and therefore significantly lower cybercrimes on digital platforms and crucial infrastructure. For instance, the Australian Cyber Security Centre, a cyber security agency based in Australia, reported in February 2023 that there were 76,000 cybercrimes reported in 2022, a 13% increase from the prior year. Consequently, the uptick in cyber-attacks is catalysing the next-gen biometric authentication market.

Which Firms Dominate The Next-Gen Biometric Authentication Market Segments?
Major companies operating in the next-gen biometric authentication market are Apple Inc., Samsung Electronics Co. Ltd., Siemens AG, Fujitsu Limited, NEC Corporation, Safron S.A, Thales Group, IDEMIA, Synaptics Inc., HID Global Corporation, ZKTeco Co. Ltd., Clear Secure Inc., Fingerprint Cards AB, Precise Biometrics, Suprema Inc., Aware Inc., IriTech Inc., BIO-key International Inc., BioID GmbH, Luxand Inc.

What Trends Are Expected to Dominate the Next-Gen Biometric Authentication Market in the Next 5 Years?
Leading companies in the next-gen biometric authentication market are directing their efforts towards technological improvements such as multimodal biometrics and contactless authentication to increase security, user-friendliness, and identity verification across different sectors. These advancements significantly enhance next-gen biometric authentication by increasing precision, safety, and user comfort thanks to touchless and multiple attribute identity verification processes. For instance, Vision Box, a software firm based in Portugal known for their biometric identity management solutions and automated border control systems, launched the Seamless Kiosk in June 2022. The kiosk is equipped with a full-frontal face capture module that can adjust itself depending on the lighting conditions and the user's height, thus ensuring precise biometric data collection. Furthermore, its modular design allows customers to customize configurations to suit their unique requirements, with options for various document readers, fingerprint scanners, and printer modules for printing boarding passes and bag tags.

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Which Is The Largest Region In The Next-Gen Biometric Authentication Market?
North America was the largest region in the next-gen biometric authentication market in 2024. The regions covered in the next-gen biometric authentication market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa.

Frequently Asked Questions:
1. What Is the Market Size and Growth Rate of the Next-Gen Biometric Authentication Market?
2. What is the CAGR expected in the Next-Gen Biometric Authentication Market?
3. What Are the Key Innovations Transforming the Next-Gen Biometric Authentication Industry?
4. Which Region Is Leading the Next-Gen Biometric Authentication Market?

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