Press Release

Biometric Market Represents the 13.2% Growth Rate During the Forecast Period.

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Biometric Market was valued at USD 36,600 Million in 2020 and is expected to register a CAGR of 13.2% during the forecast period. GMI Research contemplates that the biometric market is expected to dominate the market during the forecast period due to the rising problems of identity proof and the increasing demand for technologically advanced surveillance and security. 

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Introduction of the Biometric Market 

Biometrics is the biological measurement used to identify the unique physical and behavioral characteristics of each individual. The biometric system consists of various advancements to enhance its performance in the field of safety and surveillance. The behavioral characteristics consider the person’s voice, signature, and keystroke, while the physical characteristics consider the fingerprint, hand, face, DNA, and iris.

Key Players of the Market 

  • Thales Group
  • NEC Corporation
  • Fujitsu Ltd.
  • Suprema Inc.
  • Iris ID
  • Idemia
  • Crossmatch Technologies
  • Ultinous
  • IDEX Biometrics
  • Synaptics
  • Aware Inc.
  • ASSA ABLOY AB

Biometric Market Dynamics 

The global biometric market is expected to witness a boost in demand during the forecast period. The significant drivers contributing to the market growth include the increasing number of issues of identity proof, which is unique to each individual, and the growing demand for technologically advanced security and surveillance. The rising trend of eVisa and ePassport is further bringing numerous growth opportunities to the market. Biometrics are extensively used in various sectors such as law enforcement, governance, personal and national security, and healthcare. Biometrics safety and identification have become an essential part of electronic devices, including laptops and smartphones. The robust demand for electronic products is surging the demand for biometrics across the globe. 

Several government initiatives are being launched to use this technology for various identification applications and national-level policies. India’s AADHAR project is a classic example of this system and, by far, the biggest biometric identification system in the world.  

The global biometrics market forecast shows that multiple financial institutions like banks are planning to convert their customer base identification with the help of biometrics, which will surge the biometric market size. The fingerprint identification technology is taking a large share of the market as all other technologies are gradually and firmly penetrating the market. Furthermore, the biometrics technology price is less, which is further stimulating the market’s growth. 

With the emergence of the COVID-19, biometrics systems are being extensively approved for public safety monitoring, patient screening, and early detection to remove the spread of the coronavirus. In addition, as per the biometric market report, the rising application of biometrics in surveillance operations systems and face recognition to identify individuals who are not wearing protective masks is another factor strengthening the market demand. 

Biometric Market Segmentation 

Authentication Market Drivers 

The single factor segment is projected to rise at a higher CAGR during the forecast period. Fingerprint recognition is a commonly used biometric solution across multiple sectors like healthcare, banking & finance, others. In addition, in the government and travel & immigration sector, the increasing demand for fingerprint solutions for e-passport or e-visa and issuing of the driving license. Fingerprint biometric solution is easy to install and lower cost, which is further propelling the market growth. 

Offering Market Drivers 

Based on offering, the software segment is expected to grow at a faster CAGR during the forecast period. It is due to the growing adoption of cloud-based solutions coupled with Artificial Intelligence (AI) for Biometric, which is fueling the growth of the software as it gives compatibility between the operating systems and devices for separate applications. The software also allows the feature to integrate add-on characteristics in existing hardware via updating the software to consumers. 

Functionality Market Drivers 

Based on functionality, contact functionality envisages growing at a faster CAGR over the forecast period. It includes fingerprint, palm, and signature verification systems. The growing penetration of fingerprint solutions across industries is propelling the market growth of contact functionality. Signature recognition is also attaining friction due to the low deployment and procurement connected with this technology. 

End-User Market Drivers 

Based on End-user, the government segment is expected to witness remarkable CAGR due to the expanding initiative to assure public safety. To enhance diagnostic & treatment and improve efficiency in clinical processes, the healthcare sector adopts biometrics. Biometrics is used in finance and banking owing to its easy access feature. Travel and immigration also apply biometric due to rising security concerns of several countries. 

Geographical Drivers 

Based on the region, the North American region is expected to rise at a higher CAGR over the forecast period. The US and Canada have developed economies that empower them to fund several public safety activities. Rapid digitalization and the rising adoption of innovative technologies have further stimulated the biometric market growth in the region. The government of North American countries like the US, Canada, and Mexico is increasingly taking initiatives for large-scale funded programs such as e-passports and e-visas, which bring many consumers to choose Biometric. The US Department of Homeland Security and Department of Defense have been enforcing fingerprint biometrics to simplify physical and digital access and combat safety issues. In addition, the presence of key players at a large scale, including Cross Match Technologies (US) and Aware (US), is further adding to the growth of the market in the region.  

Biometric Market Segmentation 

Market Segmentation by Authentication Type 

1. Single-Factor Authentication

2. Fingerprint Recognition

  • AFIS
  • Non-AFIS

                  a. Iris Recognition

                  b. Palm Print Recognition

                  c. Face Recognition

                  d. Vein Recognition

                  e. Signature Recognition

                   f. Voice Recognition

3. Others

  • DNA Recognition
  • Keystroke Recognition
  • Gait Recognition
  • Otoacoustic Emissions

 

4. Multi-Factor Authentication

  • Smart Card with Biometrics
  • Pin with Biometrics
  • Multimodal Biometric

 

Market Segmentation by Offering 

  • Hardware
  • Fingerprint Readers
  • Scanners
  • Cameras
  • Others
  • Software

Market Segmentation by Functionality 

  • Contact Functionality
  • Non-Contact Functionality
  • Combined Functionality

Market Segmentation by End-User 

  • Government
  • Military & Defense
  • Healthcare
  • Banking & Finance
  • Consumer Electronics
  • Travel & Immigration
  • Automotive
  • Security
  • Residential Security
  • Commercial Security
  • Others

Market Segmentation by Region 

North America 

  • US 
  • Canada 

Europe 

  • UK 
  • Germany 
  • France 
  • Spain 
  • Rest of Europe 

Asia-Pacific 

  • China 
  • India 
  • Japan 
  • Rest of APAC 

RoW 

  • Brazil 
  • South Africa 
  • Saudi Arabia 
  • UAE 
  • Rest of world

Introduction of GMI Research 

GMI Research is a market research and consulting firm that provides market insights and intelligence across 12 major sectors, helping our clients make effective investment and business decisions. 

Tags: Global Biometric Market, Biometric Market Size, global biometrics market forecast, biometric market report

See Campaign: https://www.gmiresearch.com/report/global-biometric-market-by-type/
Contact Information:
Company Name: GMI RESEARCH Contact Person: Sarah Nash Email: [email protected] Phone: Europe – +353 1 442 8820; US – +1 860 881 2270 Address: Dublin, Ireland Website: www.gmiresearch.com

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Contact Information:

Company Name: GMI RESEARCH
Contact Person: Sarah Nash
Email: [email protected]
Phone: Europe – +353 1 442 8820; US – +1 860 881 2270
Address: Dublin, Ireland
Website: www.gmiresearch.com

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