Biometric System Market worth .9 billion by 2027, at CAGR of 14.1%

Posted by Vikas Gadiya on April 19th, 2023

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Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of biometric system in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology in the near future.

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Industry Trends of the Global Biometric System Market:

1. IDEMIA collaborated with Microsoft to deliver next-generation eSIM and connectivity solutions for consumer and M2M/IoT devices.

2. Thales Group launched a new voice biometric solution, a part of the Trusted Digital Identity Service Platform, for onboarding and authentication. It allows detecting fraudsters attempting to mimic customers.

3. The acquisition allowed Fujitsu Frontech North America, Inc. to strengthen its offerings and expand its biometric authentication solutions business domestically and globally.

What are the Driving Factors of Evolution of technologies and consolidation of Biometric System Market?

The global biometric system market is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%.

Single factor authentication is estimated to contribute largest market share in the said market during the forecast period

Single-factor biometric systems are cost-effective and fast. Furthermore, the systems with single-factor authentication are much faster and simplified. However, these systems are prone to high-security risks. Nevertheless, technologically improving hardware and software solutions and biometric systems integrated with AI have increased the level of accuracy and security offered by single-factor authentication.

Biometric System Market : Top Leading Companies Profiles Key Benefits For Stakeholders:
Consumer electronics vertical is estimated to be the fastest-growing market during the forecast period

Biometrics is one of the revolutionary technologies in the consumer electronics sector owing to its security and cost-effectiveness. In the consumer electronics industry, smartphones are significantly contributing to the growth of the adoption of biometrics technology. Consumer electronic companies are increasingly developing and deploying advanced and cost-effective biometric security features. There have been rapid advancements in the designs of chips and algorithms of voice and facial recognition. Also, the declining cost of biometric technologies installed in consumer electronics is playing a key role in driving market growth.

Major players in the biometric system market include Thales Group(Paris), Idemia (France), ASSA ABLOY (Sweden), NEC Corporation(Japan) and Fujitsu(Japan), Precise Biometrics(Sweden), secunet Security Networks AG (Germany), Stanley Black & Decker, Inc.(France), Aware Inc (US), Cognitec Systems GmbH(Germany) among others.

Biometric System Market - Geographical Regional Vision by Marketsandmarkets^TM
Asia Pacific is expected to grow at the highest rate

The market in APAC will grow at the highest CAGR during the forecast period. The biometric system market in APAC is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The presence of prominent biometric system manufacturers, including Fujitsu and NEC Corporation, is expected to contribute to the revenue share of this region owing to the rapid economic growth in major countries such as China, Japan, India, and South Korea.

Regions & Countries Covered:

North America - (U.S., Canada, Mexico)

Europe - (U.K., France, Germany, Italy, Spain, Rest of Europe)

Asia Pacific - (China, Japan, India, South Korea, South East Asia, Rest Of Asia Pacific)

Latin America - (Brazil, Argentina, Rest Of Latin America)

The Middle East & Africa - (GCC Countries, South Africa, Rest Of the Middle East & Africa)

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