Global Biometrics Market Size and Share Outlook - Forecast Trends and Growth Analysis Report (2024-2032)

Global Biometrics Market Growth

Biometric solutions are gaining popularity due to the need for security solutions in end use markets, such as BFSI, retail and e-commerce, and government.

In the banking sector, biometric security enhances fraud prevention strategies by discouraging financial crime and unauthorised access. Biometric technology offers an effective measure for banks to fulfill their KYC and Anti-Money Laundering (AML) requirements. The banking sector is expanding and according to 2022 data, the sector manages an estimated USD 370 trillion of assets worldwide.

The integration of biometric sensors in physical security systems ensures that access to sensitive areas is restricted to individuals with authenticated biometric credentials. This significantly mitigates the risk of unauthorised entry, thereby bolstering the overall security framework of military bases.

Global military expenditure is continuously rising as a direct response to global deterioration in security. Military spending expanded from USD 1,989.8 billion in 2018 to USD 2,443.4 billion in 2023. The USA led global military spending, accounting for 37.0% in 2023. China followed with 12.0%, and Russia with 4.5%. India spent 3.4%, while Saudi Arabia and the UK each contributed 3.1%. In October 2022, Army Secretary Christine E. Wormuth approved the U.S. Army Biometric Program, focusing on biometric capabilities in areas like data collection, matching, storage, and analysis, all aimed at supporting military operations.

Figure: Global Military Expenditure by Country (2023), Percentage

Biometric systems streamline airport processes, making travel faster and more convenient for passengers. These systems ensure that passengers are accurately identified through unique physical traits, reducing the risk of identity theft and data breaches.

According to the Airports Council International (ACI), the number of global air passengers reached nearly 8.5 billion in 2023, up 27% from 2022 levels and 94% from 2019.

Key Trends and Developments

Rising importance of security in airports; technological advancements; growing digital payments; and increasing importance of security are key trends impacting the biometrics market growth

Sep 5, 2024

NEC Corporation introduced a biometric authentication system, enabling rapid authentication of large crowds in motion, aimed at easing congestion at events in Japan, the U.S., and Singapore.

Jun 3, 2024

Mastercard expanded its Biometric Checkout Program in Latin America, partnering with Ingenico, Fulcrum Biometrics, Fujitsu Frontech, and Scanntech to launch palm-based payments at Tienda Inglesa’s Red Expres in Uruguay.

May 15, 2024

Uniken has launched Palm Vein Authentication on its REL-ID platform for in-branch, rural, and inclusive banking, partnering with Fulcrum Biometrics and using Fujitsu’s PalmSecure™ technology to enhance security.

Jan 17, 2023

Ingenico and Fujitsu Frontech North America, via Fulcrum Biometrics, introduced a secure, accurate biometric payment solution using palm vein identification, enhancing checkout speed, fraud prevention, and customer experience for merchants.

Biometric solutions are adopted for enhanced security in airports

Airports around the world are adopting biometric solutions such as facial and iris recognition for user authentication and contactless boarding. Biometrics reduce the risk of identity fraud and boarding mistakes and bring accuracy in verification. In 2023, airline industry revenue passenger- kilometres (RPKs) reached 94.1% of 2019 levels.

Advancement in biometrics drives the growth of the market

The incorporation of artificial intelligence (AI) and machine learning has improved biometric technology by introducing features such as facial and voice recognition, which increases the precision of biometrics.

Growth in digital payment raises the adoption of biometrics solutions

Biometrics are crucial for digital payment as it eliminate the risk of payment card theft or fraud. In 2022, 195.0 billion real-time payments (RTP) transactions were recorded globally, a 63.2% year-over-year growth. The expansion in digital payment systems expand the use of advanced biometric solutions.

Increasing importance of security necessitating biometrics

Biometrics cannot be easily shared, lost, or duplicated, as they are generally unique to individuals. Biometrics is increasingly being used in identity management, particularly for authentication. The rising importance of safety and security in various sectors such as government, law enforcement and healthcare is resulting in the adoption of biometrics.

Global Biometrics Market Trends

Reportedly, an increasing number of developing nations, including China and India, are adopting biometric technologies for national identification programs and specific applications such as cash transfers, voter registration, and disaster relief. The United Nations Sustainable Development Goals aim to ensure that everyone has a legal identity by 2030, pushing organizations such as the World Bank to establish initiatives like ID4D (Identity for Development) and ID4 Africa. Utilizing biometric technology, these organizations are promoting the expansion of biometric usage in developing countries.

The biometrics market is witnessing an increased integration of new technologies such as IoT and artificial intelligence. AI is anticipated to play a key role in improving biometric accuracy, detecting spoofing attempts and identifying emerging threats. Additionally, the scalability of AI-enabled biometric solutions allows for the deployment across various sectors, including banking and finance, government, and retail, addressing the security and identification needs.

Global Biometrics Industry Segmentation

“Global Biometrics Market Report and Forecast 2024-2032” offers a detailed analysis of the market based on the following segments:

Market Breakup by Component

• Solution
• Services

Market Breakup by Biometric Type

• Voice Recognition
• Hand Geometry
• Face Recognition
• Iris Recognition
• Signature Recognition
• Fingerprint
• Others

Market Breakup by Contact Type

• Contact Based
• Non-Contact Based
• Hybrid

Market Breakup by Authentication

• Single-Factor Authentication
• Multifactor Authentication

Market Breakup by End Use

• BFSI
• Government and Law Enforcement
• Commercial and Retail
• Healthcare
• Travel and Immigration
• Others

Market Breakup by Region

• North America 
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa

Global Biometrics Market Share

Based on contact type, contact based biometric systems account for a significant market share

Contact based biometric devices require physical contact for collecting data. The commonly found contact based biometrics are fingerprint scanners, palm print scanners, and hand geometry scanners. According to 2023 data, 70% of the American population used fingerprint scanning, making it a prominent method of biometric technology in the United States.

Non-contact-based biometric systems include facial recognition terminals, iris scanners, and retina scanners. As per 2022 data, 18 airports across the United States have implemented facial recognition scanners.

Hybrid biometric devices verify the identity of an individual making use of two or more biometric modalities. The common hybrid biometric systems used are fingerprint, iris, and facial recognition. Hybrid biometrics is being widely used in airport terminals where multi-factor authentication is required. 

Based on end use, the government and law enforcement sector is a major contributor to the global biometrics market revenue

Law enforcement uses various biometric tools, like fingerprint and facial recognition technologies to accelerate criminal identification. Governments employ biometrics for identity verification at international borders and mass surveillance. In 2023, Interpol announced the launch of its new biometric hub, BioHUB, powered by Idemia’s advanced Multibiometric Identification System (MBIS). MBIS 5 integrates next-generation algorithms to deliver higher matching accuracy, faster response times, and an improved user interface, with plans to deploy the system at border control points worldwide.

Biometric technologies are transforming BFSI sector by enhancing accessibility and security. They reduce fraud risks and eliminate the need of passwords or PINs thus, enhancing user experience. Prominent companies using biometric technologies for secure payments include Apple Pay, Google Pay, and Amazon One.

As digitization and demand for secure banking grows, the use of biometrics is rising in the banking sector. The digital wallet users, globally, are expected to reach 5.2 billion by 2026, leading to more usage of biometric solutions.

Global Biometrics Market Players

The market players are focusing on providing advanced biometric solutions with improved security features and customer service

Fujitsu Ltd

Fujitsu is a global leader in providing technology and business solutions. Its business structure is aligned with the modern digital world. Headquartered in Japan, company offers its products and services to various industries including Automotive, Manufacturing, Retail, Financial Services, Transport, Public Sector, Energy and Utilities, and Customer Stories.

NEC Corporation

Founded in 1899, the company offers its products and services across various industries including Aerospace, Agriculture, Aviation, Broadcasting, Finance, Government, Healthcare, Logistics, Manufacturing, Retail, Telecom and Transportation.

M2SYS Technology

The company offers its solutions through its core divisions and products including Cloud Solutions, Biometric technology, Enterprise solutions, and Healthcare solutions. M2SYS is globally recognized for its leadership in digital transformation, with its identification and authentication solutions implemented in countries such as the USA (prison management), Egypt (military database), Bolivia (Prison management), Uganda (NS security fund), Oman (Military database), Turkey (national ID), etc.

Leidos Holdings Inc

Leidos is a leading innovation company addressing national security and health challenges. The company have a presence across various markets including Aviation, Defense, Energy, Government, Health, Homeland, Intelligence, Science, and Space.

Other notable players operating in the global biometrics market are Thales SA, Aware, Inc, Imageware Systems, Inc, Accu-Time Systems, Inc, S.I.C. Biometrics Global Inc, and Phonexia s.r.o, among others.

Global Biometrics Market Analysis by Region

Airports in Asia Pacific are increasingly adopting biometrics for contactless boarding to reduce the risk of identity fraud and boarding mistakes. In 2024, the air passenger number in the Asia Pacific region is projected to witness the highest year-on-year growth rate of 17.2%.

According to 2023 data, the transaction value of digital and mobile payments in Europe has grown by over 30% over the past three years. Leading digital wallet apps contributing to this rise include PayPal, Apple Pay, and Samsung Pay.

Biometrics are being widely used for detecting and preventing illegal entry into the North American countries. As recorded in 2022, the US Department of Homeland Security’s IDENT biometric system has around 260 million people in the database.

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