Global Biometric System Market – Industry Trends and Forecast to 2030

Global Biometric System Market, By Component (Hardware and Software), Authentication Type (Single Factor Authentication and Multifactor Authentication), Type (Contact-based, Contactless, Hybrid), Vertical (Government, Military and Defense, Healthcare, Banking and Finance, Consumer Electronics, Security, Travel and Immigration, Automotive, Others Verticals) - Industry Trends and Forecast to 2030.

Biometric System Market Analysis and Size

Biometric security systems are highly being deployed globally as automated security techniques. The human intervention is reduced to the minimum for recognizing and confirming an individual's identity based on distinctive behavioral features or physiological features.

Data Bridge Market Research analyses that the global biometric system market which was USD 39,950 million in 2022, is expected to reach USD 112608.37 million by 2030, and is expected to undergo a CAGR of 13.83% during the forecast period 2023-2030. This indicates the market value. “Hardware” dominates the component segment of the global biometric system market due to rising demand for mobile biometric devices, the increased emphasis on hardware centric security capabilities, and the expanding doption of biometric technology in consumer electronics for authenrication and identity applications. In addition to the insights on market scenarios such as market value, growth rate, segmentation, geographical coverage, and major players, the market reports curated by the Data Bridge Market Research also include in-depth expert analysis, geographically represented company-wise production and capacity, network layouts of distributors and partners, detailed and updated price trend analysis and deficit analysis of supply chain and demand.

Biometric System Market Scope and Segmentation

Market Definition

The global biometric system refers to the expansive industry focused on the development, manufacturing, and deployment of advanced digital technologies that analyze and authenticate individuals based on their unique physical or behavioral characteristics. These technologies encompass facial patterns, fingerprint sensors, voice cadence, palm prints, and more. Unlike traditional security methods like ID cards or PIN systems, biometric systems convert biological information into digital data, offering heightened security by necessitating physical presence for access. This market caters to a wide range of applications, including national security, law enforcement, enterprise & e-governance, personal information & business transactions, and more. With its strong security features, quick integration, and ease of implementation, the global biometric system market plays a pivotal role in safeguarding valuable assets such as ATMs, smart cards, mobile devices, and access to computers and networks.

Global Biometric System Market Dynamics

Driver

• An Increase In Demand of Bio Metric Technology in Consumer Electronics

The growing adoption of biometric technology as consumer prefer using devices that support bio matric authentication and identification purposes, that driver propelling the global biometric system market. This trend reflects increased demand for secure and convenient access control solutions across various industries, contributing to the market's expansion.

Opportunity

• The Technological Advancement

The emergence of AI-driven biometric devices and continuous technology enhancements offer significant growth opportunities for the global biometric systems market. AI enhances accuracy and usability, while ongoing advancements drive innovation, expanding the market's potential for more secure and efficient authentication and identification solutions.

Restraints/ Challenges

• Cost Associated With Bio Metric System

The cost associated with implementing biometric systems, including hardware, software, and maintenance expenses, can act as a significant restraint for the global biometric system market.

• Data Security Concerns

As biometric data becomes more widespread, protecting this sensitive information from breaches and unauthorized access is paramount. Ensuring robust encryption, compliance with privacy regulations, and safeguarding against potential cyber threats is essential to maintain public trust and market growth.

This global biometric system market report provides details of new recent developments, trade regulations, import-export analysis, production analysis, value chain optimization, market share, the impact of domestic and localized market players, analyses opportunities in terms of emerging revenue pockets, changes in market regulations, strategic market growth analysis, market size, category market growths, application niches and dominance, product approvals, product launches, geographic expansions, technological innovations in the market. To gain more info on the global biometric system market contact the Data Bridge Market Research for an Analyst Brief, our team will help you make an informed market decision to achieve market growth.

Impact and Current Market Scenario of Raw Material Shortage and Shipping Delays

Data Bridge Market Research offers a high-level analysis of the market and delivers information by keeping in account the impact and current market environment of raw material shortage and shipping delays. This translates into assessing strategic possibilities, creating effective action plans, and assisting businesses in making important decisions.

Apart from the standard report, we also offer in-depth analysis of the procurement level from forecasted shipping delays, distributor mapping by region, commodity analysis, production analysis, price mapping trends, sourcing, category performance analysis, supply chain risk management solutions, advanced benchmarking, and other services for procurement and strategic support.

Expected Impact of Economic Slowdown on the Pricing and Availability of Products

When economic activity slows, industries begin to suffer. The forecasted effects of the economic downturn on the pricing and accessibility of the products are taken into account in the market insight reports and intelligence services provided by DBMR. With this, our clients can typically keep one step ahead of their competitors, project their sales and revenue, and estimate their profit and loss expenditures.

Recent Developments

• In May 2021, Jumio and Veridium have announced a collaboration to reduce the fraud cases faced by various organizations while accounting setup and subsequent access requests. This collaboration will deliver more identity verification capabilities and will offer multiple biometric modalities
• In June 2021, Pangiam has purchased Trueface, a pioneer in facial recognition, computer vision, and artificial intelligence. Pangiam now has access to Trueface technology like social distancing compliance monitoring and contactless temperature checks thanks to this acquisition

Global Biometric System Market Scope

The global biometric system market is segmented on the basis of component, authentication type, type, and vertical. The growth amongst these segments will help you analyze meager growth segments in the industries and provide the users with a valuable market overview and market insights to help them make strategic decisions for identifying core market applications.

Component

• Hardware
• Software

Authentication Type

• Single Factor Authentication
• Multifactor Authentication

Type

• Contact-Based
• Contactless
• Hybrid

Vertical

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

Global Biometric System Market Region Analysis/Insights

The global biometric system market is analyzed and market size insights and trends are provided by region, component, authentication type, type, and vertical, as referenced above.

The regions covered in the global biometric system market are North America, South America, Europe, Asia-Pacific, and the Middle East and Africa. The countries covered in the global biometric system market report are U.S., Canada, Mexico, Brazil, Argentina, the Rest of South America, Germany, Italy, U.K., France, Spain, Netherlands, Belgium, Switzerland, Turkey, Russia, Rest of Europe, Japan, China, India, South Korea, Australia, Singapore, Malaysia, Thailand, Indonesia, Philippines, Rest of Asia-Pacific, Saudi Arabia, U.A.E, South Africa, Egypt, Israel, Rest of the Middle East and Africa.

North America dominates the global biometric system market because of the high implementation of biometrics technology by security and government agencies within the region.

Asia Pacific is projected to observe significant amount of the global biometric system market due to rising in concerns of safety and security and rising government projects that include e-passport, national identification programme. Implementation of a programme in the few countries such as China, India, Israel, Indonesia, and South Korea will boost the demand for global biometric system market.

The region section of the report also provides individual market-impacting factors and changes in regulation in the market domestically that impact the current and future trends of the market. Data points like downstream and upstream value chain analysis, technical trends, and Porter’s five forces analysis, case studies are some of the pointers used to forecast the market scenario for individual countries. Also, the presence and availability of global brands and the challenges faced due to large or scarce competition from local and domestic brands, the impact of domestic tariffs, and trade routes are considered while providing forecast analysis of the region data.   

Competitive Landscape and Global Biometric System Market Share Analysis

The global biometric system market competitive landscape provides details by competitor. Details included are company overview, company financials, revenue generated, market potential, investment in research and development, new market initiatives, regional presence, company strengths and weaknesses, product launch, product width and breadth, application dominance. The above data points provided are only related to the companies’ focus related to global biometric system market.

Some of the major players operating in the global biometric system market are:

• Safran (France)
• NEC Technologies India Private Limited (India)
• FUJITSU (Japan)
• Aware, Inc. (U.S.)
• Gemalto Cogent, Inc. (U.S.)
• BIO-key International, Inc. (U.S.)
• Precise Biometrics AB (Sweden)
• secunet Security Networks AG. (Germany)
• Thales Group (France)
• Cognitec Systems GmbH (Germany)
• Crossmatch. (U.S.)
• Fulcrum Biometrics, LLC. (U.S.)
• Daon (Ireland)
• Facebanx (U.S.)
• HID Global Corporation/ASSA ABLOY AB. (U.S.)
• SUPREMA. (South Korea)
• IRITECH, INC. (U.S.)
• M2SYS Technology (U.S.)