Soaring Demand Set to Propel Next-Gen Biometric Authentication Market to $150.66 Billion by 2029

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What Will the Next-Gen Biometric Authentication Industry Market Size Be by 2025?
The market size for next-generation biometric authentication has experienced significant growth in the past few years. Estimates project growth from $54.64 billion in 2024 to $66.97 billion in 2025, with a compound annual growth rate (CAGR) of 22.6%. The historic growth is linked to a rise in cybersecurity threats and data breaches, an increased requirement for secure digital transactions, the expansion of fingerprint authentication via smartphones, the introduction of biometric identification programs by the government, and a surge in the utilization of biometric attendance systems in the workplace.

What's the Long-Term Growth Forecast for the Next-Gen Biometric Authentication Market Size Through 2029?
In the coming years, it is predicted that the next-generation biometric authentication market will experience a dramatic increase in size. By 2029, it's projected to reach $150.66 billion with a compound annual growth rate (CAGR) of 22.5%. This surge for the predicted period can be linked to the increasing use of contactless biometrics in public areas, advancements in 3D facial recognition technology, the prevalent use of liveness detection to counteract spoofing, the surge in biometric authentication application in digital identity verification, and the development of mobile biometrics in e-governance services. Key trends for the predicted period consist of biometric authentication facilitated by artificial intelligence, the use of blockchain for secure identity administration, touchless and contactless biometrics, progression in behavioural biometrics, and the use of biometric authentication in decentralized finance.

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What Are the Key Growth Drivers Fueling the Next-Gen Biometric Authentication Market Expansion?
The continual increase in cyber-attack incidents is predicted to fuel the expansion of the next-gen biometric authentication market. Cyber-attacks are typically harmful attempts made by individuals or groups to infiltrate, damage, or unlawfully access computer systems, networks, or data, usually with an aim to thieve information, disrupt functions, or inflict damage. The heightened frequency of these attacks can be attributed to the escalating complexity of hacking strategies, as cyber thieves persistently innovate advanced malicious software that can circumvent traditional security safeguards and more effectively exploit system weaknesses. The next-gen biometric authentication augments cybersecurity by employing sophisticated AI-powered multi-modal biometrics, blockchain incorporation, and ongoing authentication methods to combat identity theft, thus significantly minimizing cybercrimes on digital platforms and critical infrastructure. As an illustration, the Australian Cyber Security Centre, a cybersecurity agency based in Australia, reported that in 2022, it received 76,000 reports of cybercrimes, a 13% increase from the preceding year. Consequently, the proliferating incidents of cyber-attacks are propelling the growth of the next-gen biometric authentication market.

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What Are the Key Trends Driving Next-Gen Biometric Authentication Market Growth?
Top companies in the next-gen biometric authentication market are prioritizing technological enhancements like multimodal biometrics and contactless authentication, aiming to refine security, user experience, and identity verification throughout various industries. Multimodal biometrics and contactless authentication are tools used to beef up next-gen biometric authentication, magnifying accuracy, security, and user comfort through touchless and multi-attribute identity checks. For example, in June 2022, Vision Box, a Portugal-based software firm offering biometric identity management solutions and automated border control systems, unveiled the Seamless Kiosk. This kiosk boasts a comprehensive facial capture module that self-adjusts for height and lighting conditions, securing precise biometric data capture. It brings a flexible design that permits clients to customize configurations that conform to their unique requirements. Available options consist of varying document readers, fingerprint scanners, and printer units that can generate boarding passes and bag tags.

How Is the Next-Gen Biometric Authentication Market Segmented?
The next-gen biometric authenticationmarket 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

Subsegments:

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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Which Companies Are Leading the Charge in Next-Gen Biometric Authentication Market Innovation?
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.

Which Regions Are Leading the Global Next-Gen Biometric Authentication Market in Revenue?
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.

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