Biometric Technology Market Statistics, 2030
The global biometric technology market was valued at $34,950.35 million in 2020, and is projected to reach $1,27,322.12 million by 2030, growing at a CAGR of 14.1% from 2021 to 2030.
Biometric devices are used for security identification and authentication. These devices can recognize a user and then correctly prove whether the identified user holds the identity they claim to have. Biometric security systems use automated techniques, in which human intervention is reduced to the minimum to recognize and then confirm an individual's identity based on distinctive physiological or behavioral features, such as fingerprints, face pictures, iris recognition, and voice recognition.
In biometric authentication technology, an individual’s characteristics data is compared with the same individual's biometric template. The aim is to confirm whether the individuals hold a resemblance to their claimed identity. Furthermore, the systems compare physical or behavioral characteristics to data in a database that has been identified. Authentication is established when both sets of data align. Biometric authentication is often used to control access to buildings, rooms, and computers.Biometric technologies are necessary during COVID-19 and become even more important to track the spread of the virus.
The impact of COVID-19 is not limited to face recognition. As noncontact technologies such as face and iris recognition are now being used to expand government protection, surveillance, and screening. In contrast, applications that rely on fingerprint and vein recognition modalities are suffering significant losses. Furthermore, the data stored on cloud is sensitive to the shared environment or public and needs a strong authentication and security system, which is provided by the biometric technology.
Government and law enforcement agencies have also started adopting cloud-based biometric technologies, such as cloud-based Automated Biometrics Identification System (ABIS). Thus, there is a huge growth potential for key players offering biometric systems. In addition, major players in the biometric technology market have launched their products based on the biometric technology. For instance, Suprema, a global leader in biometric security and access control, announced the launch of an upgraded version of its X-Station 2 access control terminal, which supports fingerprint authentication.
In May 2021, Suprema launched four models of X-Station 2, a next-generation “versatile intelligent terminal” that supports a variety of authentication methods from mobile access cards to RFID cards, QR codes and barcodes. The newest X-Station 2 model comes equipped with a fingerprint recognition module that provides more options for customers.
Moreover, the increasing crime and privacy intrusion rate have raised concerns among people and organizations to secure their assets and personal details. To provide standardized security with the use of advanced technology, biometric solutions have witnessed increased usage in the market. However, the initial investments for biometric technology development and the costs of devices are high owing to heavy R&D activities and complications related to data analysis through an embedded device. The costs associated with maintenance are also critical. Therefore, these are some of the factors that limit the biometric technology market growth.
On the contrary, the need for a strong authentication system, which can be fulfilled by multilevel biometric solutions that use several different levels to make it more secure and accountable. In addition, biometric technology plays a vital role in e-commerce through smart cards, keystroke identification, digital certificate, Kerberos authentication, and others. Therefore, these factors are increasing the adoption of biometric technology, which is expected to grow tremendously in the coming years.
The report focuses on growth prospects, restraints, and trends of the biometric technology market analysis. The study provides Porter’s five forces analysis to understand the impact of various factors, such as bargaining power of suppliers, competitive intensity of competitors, threat of new entrants, threat of substitutes, and bargaining power of buyers on the biometric technology market.
Segment Review
The biometric technology market is segmented on the basis of component, type, end user, and region. On the basis of component, it is segmented into hardware and software. By type, it is segmented into physiological biometrics and behavioral biometrics. The physiological biometrics segment is further sub segmented into face recognition, iris recognition, fingerprint recognition, hand geometry, and others. The behavioral biometrics segment is further divided into signature recognition, voice recognition, and others. By end user, it is bifurcated into public sector, BFSI, healthcare, it & telecommunication, and others. By region, it is analysed across North America, Europe, Asia-Pacific, and LAMEA.
By Component
Hardware segment accounted for the highest market share in 2020.
The report analyzes the profiles of key players operating in the biometric technology market such as 3M Company (Congent Systems, Inc.), Fujitsu Frontech Limited, Imageware Systems, Inc., Suprema, Inc., Safran S.A. (IDEMIA), secunet Security Networks AG, Thales S.A., BIO-key International, NEC Corporation and Precise Biometrics. These players have adopted various strategies to increase their market penetration and strengthen their position in the biometric technology market.
By End User
Public sector segment accounted for the highest market share in 2020.
Top Impacting Factors
Growing Applications of Biometric Technology in Commercial and Government Sectors
The commercial and government sectors have started adopting biometric technology to overcome the concerns regarding safety and security of public and enterprises. The use of biometric technology is increasing worldwide to have a secure and viable economy. Biometric identity technology is used more often to tighten airport security, secure borders, and eliminate fraud and waste. In the commercial sector, companies have started to deploy enhanced technology to motivate lower liabilities, increase employee accountability, strengthen compliances, and increase efficiencies.
In both commercial and government sectors, organizations have to issue ID cards, multiple passwords, tokens, and other types of authentication or identification for employees, which can be risky as it may be difficult to manage the cancellations, additions, and database updating of those identities. It can also result in shortage of storage and could be cost and time consuming. Biometric solutions are observed to be the best alternative to solve such complexities.
High Initial Investments and Cost of Devices
The initial investments for biometric technology development and the costs of devices are high owing to heavy R&D activities and complications related to data analysis through an embedded device. The costs associated with maintenance and data are also critical. If someone loses a credit card, he/she can get it re-issued through the valid process; however, if a person loses biometry, it is gone forever. For such cases, high level of data security such as anti-virus software in the system, encryption-decryption of data, and others should to be maintained. For all the corrective measures and maintenance of the device, the costs associated with the biometric systems increase. This in turn limits various end users to invest into these security and identification systems in the biometric technology industry.
Flourishing Use in E-commerce and Cloud Computing
E-commerce is an emerging area in technology where security and validation of user identity is crucial. The e-commerce segment uses a strong security mechanism in order to protect privacy of information and personal details of people. The consistency in privacy protection and authentication plays a major role in boosting the e-commerce market. Biometric technology plays a vital role in e-commerce through smart cards, keystroke identification, digital certificate, Kerberos authentication, and others. Cloud computing is an emerging technology which is used in numerous organizations that need extra resources (storage, extra power) at a low cost.
The data stored on cloud is sensitive to the shared environment or public and needs a strong authentication and security system, which is provided by the biometric technology. Government and law enforcement agencies have also started adopting cloud-based biometric technologies, such as cloud-based Automated Biometrics Identification System (ABIS). Thus, there is a huge growth potential for key players offering biometric technology industry.
By Region
Asia-Pacific would exhibit the highest CAGR of 17.3% during 2021-2030
Key Benefits for Stakeholders
- The study provides in-depth analysis of the global biometric technology market share along with current & future trends to illustrate the imminent investment pockets.
- Information about key drivers, restrains, & opportunities and their impact analysis on the global biometric technology market trends are provided in the report.
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the biometric technology market.
- An extensive analysis of the key segments of the industry helps to understand the global biometric technology market forecast.
- The quantitative analysis of the global biometric technology market growth from 2021 to 2030 is provided to determine the market potential.
Biometric Technology Market Report Highlights
| Aspects | Details |
 By Component |
|
 By Type |
|
 By End User |
|
 By Region |
|
 By Key Market Players |
|
Analyst Review
A lot of advancements in the field of biometrics have been witnessed over the past few years. Biometric technology is observed by many as the most effective and safe method of individual identification.
Furthermore, it is described as the automatic techniques of recognizing or confirming the identity of a living person in particular centered on a physiological or behavioral trait. In addition, biometrics is a quickly developing technology that is extensively used in a lot of fields including forensics. It can be used for criminal identification and prison security, and has the potential to be employed in a huge array of civilian relevance projects. Biometrics can be exercised to check illegal access to ATMs, cellular phones, smart cards, desktop PCs, workstations, and computer networks. It can play a huge role to make business safe from scammers and cyber-attacks. In addition, biometric technology is very useful during banking transactions carried out by telephone and Internet or electronic banking. In automobiles, biometric technology can replace keys with keyless entry devices. Moreover, biometric technology is capable of ensuring fast and reliable protected access to information. Currently, techniques such as password verification have a lot of issues causing people to write them down and forget them at times which leads to stealing and hacking. Therefore, these factors play a major role in the growth of biometrics technology market.
Facial recognition technology is increasingly being used in the U.S., companies such as Delta Airlines uses it for passenger check-in. Airports are planning to use the technology; officials at Miami International plan to have face recognition for all international flights by 2021. Apple has it on its iPhones, while in Portland, Oregon, it is used to unlock the doors for customers at another store. Furthermore, facial recognition technology is employed in countries such as China, Singapore, the United Arab Emirates and Japan. Moreover, according to BBC, China reportedly uses 200 million surveillance cameras, one camera for every seven of its citizens. By 2021, about 400 million new cameras are expected to be installed in the country. The cameras are intended primarily for security and traffic control purposes. China also uses this technology in schools. In July 2021, the South China Morning Post reported that the country is working on the world's most powerful facial recognition system – one able to identify any of its 1.3 billion citizens within three seconds. Therefore, with such advancements, the biometric technology market is subjected to grow at a rapid speed in the upcoming years. Some of the key players profiled in the report include 3M Company (Congent Systems, Inc.), Fujitsu Frontech Limited, Imageware Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, NEC Corporation and Precise Biometrics. These players have adopted various strategies to increase their market penetration and strengthen their position in the industry.
Loading Table Of Content...
