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

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.

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Biometric System Market: Strategic Insights

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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.

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.

Report Scope

Biometric System Market Regional Insights

The regional trends and factors influencing the Biometric System Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Biometric System Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Biometric System Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

The Biometric System Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Biometric System Market are:

1. Assa Abloy AB
2. FaceFirst
3. Fujitsu Limited
4. IDEMIA
5. Iris ID, Inc.

Disclaimer: The companies listed above are not ranked in any particular order.