Biometric System Market Size and Forecasts (2021 - 2031), Global and Regional Share, Trends, and Growth Opportunity Analysis

Coverage: Biometric System Market covers analysis by Offering (Hardware and Software), Functionality (Contact Functionality, Non-Contact Functionality, and Combined Functionality), Authentication Type (Single-Factor Authentication and Multi-Factor Authentication), End User (BFSI, Government, Military & Defense, Consumer Electronics, Healthcare, Automotive, and Others), and Geography (North America, Europe, Asia Pacific, and South and Central America)

  • Report Code : TIPRE00011160
  • Category : Electronics and Semiconductor
  • Status : Upcoming
  • No. of Pages : 150
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The biometric system market was valued at US$ 43 billion in 2021; it is estimated to grow at a compound annual growth rate (CAGR) of 14.5% between 2022 and 2031

The biometrics system is used for authentication and identification of individuals by analyzing and measuring their fingerprints, iris, voice, face, hand geometry, palm print, signature, typing pattern, and others. A biometrics system is used to secure sensitive data and avoid fraudulent use of ATMs, mobile phones, smart cards, access to desktops, laptops, and networks. Thus, the growing demand for authentication and identification in commercial and industrial sector is boosting the growth of biometric systems.  

MARKET DYNAMICS
Key factors attributing toward the growth of biometric systems include rising adoption of advanced technology over traditional PIN-based methods and increasing applications of biometric solutions in the commercial and e-commerce. Deployment of fingerprint and iris recognition is gaining high momentum in office buildings and government buildings to secure high amount of confidential information. As biometric solutions help in enhancing security and restricting entry of unauthorized individuals in airports, office premises, shopping complexes, and other confidential spaces, its market will continue to propel during the forecast period.

MARKET SCOPE
The “Global Biometric System Market Analysis to 2031” report aims to provide an overview of the biometric systems with detailed market segmentation based on offering, functionality, authentication type, and end user. The report provides key market statistics based on the performances of the leading players. It also offers key trends and opportunities in the market.

Strategic Insights

MARKET SEGMENTATION
The global biometric system market is segmented into offering, functionality, authentication type, and end user. Based on offering, the biometric system market is segmented into hardware and software. By functionality, the biometric system market is categorized into contact functionality, non-contact functionality, and combined functionality. In terms of authentication type, the biometric system market is segmented into single-factor authentication and multi-factor authentication. From end user point of reference, the biometric system market is segmented into BFSI, government, military & defense, consumer electronics, healthcare, automotive, and others.

REGIONAL FRAMEWORK
The global biometric system market is segmented into five major regions North America, Europe, Asia Pacific, Middle East & Africa, and South & Central America. The report covers analysis and forecast of 18 countries across the world along with trends and opportunities prevailing across the mentioned regions.

From the regional perspective, APAC is projected to grow at the fastest CAGR during the forecast period of 2022–2031. The demand from end users is rising at an impressive rate, in turn, creating demand for advanced security solutions including biometric. Construction of office buildings, government complexes, industrial sectors such as BFSI, healthcare facilities, and automotive plants is further adding impetus to the regional market growth. To protect confidential data of mentioned end users, the integration of voice recognition, fingerprint scanning, iris recognition, facial recognition, and heart-rate sensors is imperative. This factor is expected to contribute massively toward the biometric system market growth.

The below figure showcases the revenue growth trend of the global biometric system market:

Source: The Insight Partners Analysis

The report analyzes factors, such as drivers, restraints, opportunities, and future trends, affecting the biometric system market. It also provides an exhaustive PEST analysis of the factors impacting the biometric system market.

IMPACT OF COVID-19 PANDEMIC

Biometric systems use different scanners to confirm the identity of individuals by measuring behavioral or physiological patterns. There are a few contactless biometric systems that do not need direct touch to perform measurements; however, fingerprint verification systems demand physical appearance of user to make direct physical contact with a scanner to ensure system to read and measure characteristics properly. The system requiring physical presence might boost the chances of cross-contamination. This factor negatively impacted the penetration of touch-based fingerprint biometric devices. However, during the recovery phase of biometric system, the adoption of biometric system with no direct human touch is increasing. The demand for iris and voice recognition experienced a rise to curb the spread of COVID-19 virus. 

Biometric System Market Report Analysis

Biometric System Market
  • CAGR
    CAGR (2023 - 2031)
    14.50%
  • Market Size 2023
    US$ 56.37 Billion
  • Market Size 2031
    US$ 166.54 Billion

Report Coverage

  • Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
  • Key future trends
  • Detailed PEST/Porter’s Five Forces and SWOT analysis
  • Industry landscape and competition analysis & recent developments
  • Detailed company profiles
  • Global and regional market analysis covering key market trends, major players, regulations, and recent market developments

Key Players

  • Assa Abloy AB
  • FaceFirst
  • Fujitsu Limited
  • IDEMIA
  • Iris ID, Inc.
  • NEC Corporation
  • Precise Biometrics
  • Secunet Security Networks AG
  • SUPREMA

Regional Overview

Regional Overview
  • North America
  • Europe
  • Asia-Pacific
  • South and Central America
  • Middle East and Africa

Market Segmentation

Market Segment By Offering
  • Hardware and Software
Market Segment By Functionality
  • Contact Functionality
  • Non-Contact Functionality
  • Combined Functionality
Market Segment By Authentication Type
  • Single-Factor Authentication and Multi-Factor Authentication
Market Segment By End User
  • BFSI
  • Government
  • Military & Defense
  • Consumer Electronics
  • Healthcare
  • Automotive
MARKET PLAYERS

Various companies are focusing on organic growth strategies, such as product launches, product approvals, patents, and events. Inorganic growth strategies such as acquisitions, partnerships, and collaborations have encouraged the expansion of business and customer base. The market players operating in the biometric system market are anticipated to experience lucrative growth opportunities in the coming years with the rising demand for biometric systems.

The report also includes the profiles of key biometric systems companies, along with their SWOT analysis and market strategies. In addition, the report focuses on leading industry players with information such as company profiles, components and services offered, financial information for the last three years, and key developments in the past five years. The list of a few companies engaged in the biometric system market is mentioned below.

  • Assa Abloy AB
  • FaceFirst
  • Fujitsu Limited
  • IDEMIA (Advent International)
  • Iris ID, Inc.
  • NEC Corporation
  • Precise Biometrics
  • Secunet Security Networks AG
  • SUPREMA
  • Thales Group

The Insight Partner's dedicated research and analysis team consists of experienced professionals with advanced statistical expertise and offers various customization options in the existing study.

Biometric System Market Report Scope

Report Attribute Details
Market size in 2023 US$ 56.37 Billion
Market Size by 2031 US$ 166.54 Billion
Global CAGR (2023 - 2031) 14.50%
Historical Data 2021-2022
Forecast period 2024-2031
Segments Covered By Offering
  • Hardware and Software
By Functionality
  • Contact Functionality
  • Non-Contact Functionality
  • Combined Functionality
By Authentication Type
  • Single-Factor Authentication and Multi-Factor Authentication
By End User
  • BFSI
  • Government
  • Military & Defense
  • Consumer Electronics
  • Healthcare
  • Automotive
Regions and Countries Covered North America
  • US
  • Canada
  • Mexico
Europe
  • UK
  • Germany
  • France
  • Russia
  • Italy
  • Rest of Europe
Asia-Pacific
  • China
  • India
  • Japan
  • Australia
  • Rest of Asia-Pacific
South and Central America
  • Brazil
  • Argentina
  • Rest of South and Central America
Middle East and Africa
  • South Africa
  • Saudi Arabia
  • UAE
  • Rest of Middle East and Africa
Market leaders and key company profiles
  • Assa Abloy AB
  • FaceFirst
  • Fujitsu Limited
  • IDEMIA
  • Iris ID, Inc.
  • NEC Corporation
  • Precise Biometrics
  • Secunet Security Networks AG
  • SUPREMA
    • Historical Analysis (2 Years), Base Year, Forecast (7 Years) with CAGR
    • PEST and SWOT Analysis
    • Market Size Value / Volume - Global, Regional, Country
    • Industry and Competitive Landscape
    • Excel Dataset
    Report Coverage

    Report Coverage

    Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends

    Segment Covered

    Segment Covered

    Offering, Functionality, Authentication Type, End User, and Geography

    Regional Scope

    Regional Scope

    North America, Europe, Asia Pacific, Middle East & Africa, South & Central America

    Country Scope

    Country Scope

    This text is related
    to country scope.

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    The List of Companies

    1. Assa Abloy AB
    2. FaceFirst
    3. Fujitsu Limited
    4. IDEMIA
    5. Iris ID, Inc.
    6. NEC Corporation
    7. Precise Biometrics
    8. Secunet Security Networks AG
    9. SUPREMA
    10. Thales Group