Global Biometric System Market Report and Forecast 2024-2032

Global Biometric System Market Outlook

The global biometric system market attained a value of about USD 53.23 billion in 2023. The market is further expected to grow at a CAGR of 13.30% during the forecast period of 2024-2032 to reach nearly USD 163.78 billion by 2032.

Rising Deployment of Authentication Technology in Smartphones to Aid the Market Growth of Biometric System

The global market for biometric system is being driven by the rising cases of digital fraud. The d igitisation of various services allows for smooth operations but are at the same time vulnerable to threats, such as cyberattacks, identity theft, and payment frauds, among others.

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Hence, to diminish the concerns of such fraudulent activities, a biometric system is being deployed in various sectors to enhance the security of operations and safeguard the interests of people. In addition, owing to the rising incomes of people, the penetration of smartphones is encouraging the implementation of various security innovations, which is augmenting the overall market growth of biometric system.

The single-factor authentication segment of the biometric system is the fastest growing segment due to the implementation of fingerprint recognition and face recognition features in electronic appliances like smartphones and laptops.  Furthermore, multi-factor authentication solutions are emerging solutions in applications like WhatsApp, and Facebook to provide enhanced security to its users. Hence, the deployment of authentication technology in consumer electronic devices are propelling the market growth of biometric system.

Biometric System: Industry Definition and Segmentation:

A biometric system refers to a system that allows a person to be identified and authenticated based on recognisable and verifiable data using mathematical algorithms and biometric data.

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The market, based on authentication type and technology, can broadly be segmented into:

• Single-Factor Authentication
• Multi-Factor Authentication

Single-factor authentication can be further divided into fingerprint recognition, iris recognition, palm print recognition, face recognition, vein recognition, signature recognition, and voice recognition, among others.

Multi-factor authentication can be further divided into biometric smart card, biometric pin, and multimodal.

On the basis of offering, the market can be categorised into:

• Hardware
• Software

The hardware segment can be further divided into fingerprint readers, scanners, and camera, among others.

On the basis of type, the market can be divided into:

• Contact Based
• Contactless
• Hybrid

On the basis of vertical, the market can be segmented into:

• Government
• Military and Defence
• Healthcare
• Banking and Finance
• Consumer Electronics
• Travel and Immigration
• Automotive
• Security
• Others

The EMR report looks into the regional markets of biometric system like North America, Latin America, the Asia Pacific, Europe, and the Middle East and Africa.

Deployment of Biometric Solutions by Government Sector to Aid in the Market Growth of Biometric System

The growth in the global market for biometric solutions can be attributed to the rising adoption of authentication solutions by various end-use sectors to streamline security operations. The government sector is significantly contributing to the market growth of biometric system as the issue of security is integral to a country’s safety. Authentication solutions allow to enhance security in restricted areas and are accurate authentication solutions for various government applications, including national identification cards, passports, and voter registrations, among others, thereby propelling the industry growth.

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The development of technologies from fingerprint recognition to face, eye, and voice biometrics with the introduction of artificial intelligence (AI), are augmenting the market growth. In addition, owing to large investments in the IT sector, advances in facial recognition system deployed in law enforcement firms and military operations allows to authenticate a person’s identity from a distance, hence ensuring maximum security, thereby boosting the demand for biometric system in government sector.

Key Industry Players in the Global Biometric System Market

The report presents a detailed analysis of the following key players in the global biometric system market, looking into their capacity, market share, and latest developments like capacity expansions, plant turnabouts and mergers and acquisitions:

• Thales Group
• Safran S.A.
• NEC Corporation
• Assa Abloy AB
• Fujitsu Limited
• Others

The comprehensive report looks at the micro and macro aspects of the industry. The EMR report gives an in-depth insight into the market by providing a SWOT analysis as well as an analysis of the Porter’s Five Forces Model.

Key Highlights of the Report