Biometrics Technology Market Forecasts to 2028 – Global Analysis By Type (Contactless, Contact-Based), Component (Service, Hardware), Authentication Type, End User, and By Geography
|
Years Covered |
2020-2028 |
|
Estimated Year Value (2021) |
US $8.36 BN |
|
Projected Year Value (2028) |
US $27.93 BN |
|
CAGR (2021 - 2028) |
18.8% |
|
Regions Covered |
North America, Europe, Asia Pacific, South America, and Middle East & Africa |
|
Countries Covered |
US, Canada, Mexico, Germany, UK, Italy, France, Spain, Japan, China, India, Australia, New Zealand, South Korea, Rest of Asia Pacific, South America, Argentina, Brazil, Chile, Middle East & Africa, Saudi Arabia, UAE, Qatar, and South Africa |
|
Largest Market |
North America |
|
Fastest Growing Market |
Asia Pacific |
According to Stratistics MRC, the Global Biometrics Technology Market is accounted for $8.36 billion in 2021 and is expected to reach $27.93 billion by 2028 growing at a CAGR of 18.8% during the forecast period. Biometrics technology is used for the recognition and verification of persons by analyzing their fingerprints, voice, face, iris, and hand geometry signatures. The technology presents several advantages such as a high level of security in the private, public, and commercial sectors. It records unique human characteristics for authorization.
Market Dynamics:
Driver:
Increasing demand for consumer electronics
Manufacturers of consumer electronics are interested in integrating advanced features and functionalities into their products to attract additional customers and increase their client base. Consumers prefer utilizing devices that help with biometric authentication to access bank accounts, email accounts, and other personal data. Likewise, biometric technology-based smartphones are progressively being utilized to secure credentials for accessing buildings, doors, and IT systems, thereby delivering a better experience to users and presenting various opportunities to providers of portable access control solutions. All these factors boost the demand for smartphones at present, and a similar trend is likely to observe in the near future.
Restraint:
Costs associated with biometric systems
Production of the advanced biometric system includes high capital investment in R&D, production, installation, maintenance, and transportation. Software and hardware components of high-performance biometric systems incur huge installation and maintenance costs. More sophisticated biometric advancements need modernized raw materials and subcomponents, consequently incurring additional costs. At users’ end, they need to bear the transportation, installation, and preventive maintenance costs. Thus, the need for heavy capital investment restricts the biometric system market growth.
Opportunity:
Advances in biometric solutions
Advances in sensing technologies and the high utilization of devices such as PCs and mobile phones offer new opportunities for capturing the physiological and behavioral traits of human beings and analyzing related information for biometric authentication. Machine learning and artificial intelligence technology-powered biometric systems are carrying new possibilities to successfully recognize any unusual way of behaving and provide an additional layer of authentication if needed. The rising demand for contactless systems and expanding application areas encourage biometric system manufacturers to consistently invest in R&D activities to upgrade their portfolio of advanced biometric systems.
Threat:
Data security concerns
Nowadays, citizens consider privacy as one of the most important rights, and there is a common perception that biometric systems attack these rights because of their confidential data being known to sources. Such data is supposed to be misused by country rivals or criminal prosecutors for unfair practices and manipulating public opinion. Misuse of the lost data might prompt class action lawsuits or regulatory fines against the organization that leaked the data. Protocols such as limitations in copying and downloading of individual data by third parties trying to decrease the likeliness of loss of information for illegal use are needed to be imposed by concerned authorities.
The government segment is expected to be the largest during the forecast period
The government segment is estimated to have a lucrative growth as biometrics helps in dismissing corruption through various government-deployed projects for large-scale identification. Government agencies also utilize biometric solutions for verifying individuality across international boundaries. Government agencies have also started adopting cloud-based biometric technologies, such as a cloud-based automated biometric identification system (ABIS).
The fingerprint recognition segment is expected to have the highest CAGR during the forecast period
The fingerprint recognition segment is anticipated to witness the fastest CAGR growth during the forecast period due to its heightened utilization in law enforcement and civil applications. Fingerprint scanning is the most widely utilized biometric authentication technique. One of the key users of the fingerprint biometric technique in the private sector, where it is utilized for attendance and background checks of employees.
Region with highest share:
North America is projected to hold the largest market share during the forecast period due to owing to the growing demand for biometrics solutions by the information and technology sector, rapidly transforming outdated IT infrastructure and increasing demand for fingerprint-embedded payment cards. The major market growth is driven by the emerging mobile banking sector across North America.
Region with highest CAGR:
Asia Pacific is projected to have the highest CAGR over the forecast period owing to the presence of prominent biometric system manufacturers, technological advancements, increased awareness among the masses about the use of biometric systems for security purposes, and lowered cost of devices based on these technologies. Countries such as China and India are sights of high growth rates in the region.
Key players in the market
Some of the key players profiled in the Biometrics Technology Market include Thales S.A., Suprema, Inc., BIO-key International, Precise Biometrics, NEC Corporation, Imageware Systems, Inc., Fujitsu Frontech Limited, Safran S.A. (IDEMIA), 3M Company and Secunet Security Networks AG.
Key Developments:
In July 2021, 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.
In April 2020, Fujitsu Frontech Limited has announced the acquisition of Fulcrum Biometrics, LLC for strengthening and expanding its biometrics authentication business globally. The acquisition will further strengthen competitiveness in a market where digital innovation is advancing at an unprecedented pace.
Types Covered:
• Hybrid
• Contactless
• Contact-Based
Components Covered:
• Software
• Service
• Hardware
Authentication Types Covered:
• Behavioral Biometrics
• Physiological Biometrics
End Users Covered:
• Military & Defense
• Transport / Visa / Logistics
• Public Sector
• Consumer Electronics
• Medical and Research Labs
• IT and Telecommunication
• Home Safety and Security
• Healthcare
• Government
• Commercial Centers and Buildings
• Banking, Financial Services, and Insurance (BFSI)
• Other End Users
Regions Covered:
• North America
o US
o Canada
o Mexico
• Europe
o Germany
o UK
o Italy
o France
o Spain
o Rest of Europe
• Asia Pacific
o Japan
o China
o India
o Australia
o New Zealand
o South Korea
o Rest of Asia Pacific
• South America
o Argentina
o Brazil
o Chile
o Rest of South America
• Middle East & Africa
o Saudi Arabia
o UAE
o Qatar
o South Africa
o Rest of Middle East & Africa
What our report offers:
- Market share assessments for the regional and country-level segments
- Strategic recommendations for the new entrants
- Covers Market data for the years 2020, 2021, 2022, 2025, and 2028
- Market Trends (Drivers, Constraints, Opportunities, Threats, Challenges, Investment Opportunities, and recommendations)
- Strategic recommendations in key business segments based on the market estimations
- Competitive landscaping mapping the key common trends
- Company profiling with detailed strategies, financials, and recent developments
- Supply chain trends mapping the latest technological advancements
Free Customization Offerings:
All the customers of this report will be entitled to receive one of the following free customization options:
• Company Profiling
o Comprehensive profiling of additional market players (up to 3)
o SWOT Analysis of key players (up to 3)
• Regional Segmentation
o Market estimations, Forecasts and CAGR of any prominent country as per the client's interest (Note: Depends on feasibility check)
• Competitive Benchmarking
o Benchmarking of key players based on product portfolio, geographical presence, and strategic alliances
Table of Contents
1 Executive Summary
2 Preface
2.1 Abstract
2.2 Stake Holders
2.3 Research Scope
2.4 Research Methodology
2.4.1 Data Mining
2.4.2 Data Analysis
2.4.3 Data Validation
2.4.4 Research Approach
2.5 Research Sources
2.5.1 Primary Research Sources
2.5.2 Secondary Research Sources
2.5.3 Assumptions
3 Market Trend Analysis
3.1 Introduction
3.2 Drivers
3.3 Restraints
3.4 Opportunities
3.5 Threats
3.6 End User Analysis
3.7 Emerging Markets
3.8 Impact of Covid-19
4 Porters Five Force Analysis
4.1 Bargaining power of suppliers
4.2 Bargaining power of buyers
4.3 Threat of substitutes
4.4 Threat of new entrants
4.5 Competitive rivalry
5 Global Biometrics Technology Market, By Type
5.1 Introduction
5.2 Hybrid
5.3 Contactless
5.4 Contact-Based
6 Global Biometrics Technology Market, By Component
6.1 Introduction
6.2 Software
6.3 Service
6.4 Hardware
6.4.1 Scanners
6.4.2 Readers
6.4.3 Camera
7 Global Biometrics Technology Market, By Authentication Type
7.1 Introduction
7.2 Behavioral Biometrics
7.2.1 Voice Recognition
7.2.2 Signature Recognition
7.2.3 Middleware recognition
7.2.4 Other Behavioral Biometrics
7.2.4.1 Keystroke
7.2.4.2 Handwriting
7.3 Physiological Biometrics
7.3.1 Face Recognition
7.3.2 Iris Recognition
7.3.3 Fingerprint Recognition
7.3.3.1 Automated Fingerprint Identification System (AFIS)
7.3.3.2 Non-Automated Fingerprint Identification System (AFIS)
7.3.4 Palm Print/Hand Recognition
7.3.5 Other Physiological Biometrics
7.3.5.1 DNA Biometrics
7.3.5.2 Vein Recognition
7.3.5.3 Ear Recognition
8 Global Biometrics Technology Market, By End User
8.1 Introduction
8.2 Military & Defense
8.3 Transport / Visa / Logistics
8.4 Public Sector
8.5 Consumer Electronics
8.6 Medical and Research Labs
8.7 IT and Telecommunication
8.8 Home Safety and Security
8.9 Healthcare
8.10 Government
8.11 Commercial Centers and Buildings
8.12 Banking, Financial Services, and Insurance (BFSI)
8.13 Other End Users
8.13.1 Retail
8.13.2 Hospitality
8.13.3 Gaming
8.13.4 Automotive
9 Global Biometrics Technology Market, By Geography
9.1 Introduction
9.2 North America
9.2.1 US
9.2.2 Canada
9.2.3 Mexico
9.3 Europe
9.3.1 Germany
9.3.2 UK
9.3.3 Italy
9.3.4 France
9.3.5 Spain
9.3.6 Rest of Europe
9.4 Asia Pacific
9.4.1 Japan
9.4.2 China
9.4.3 India
9.4.4 Australia
9.4.5 New Zealand
9.4.6 South Korea
9.4.7 Rest of Asia Pacific
9.5 South America
9.5.1 Argentina
9.5.2 Brazil
9.5.3 Chile
9.5.4 Rest of South America
9.6 Middle East & Africa
9.6.1 Saudi Arabia
9.6.2 UAE
9.6.3 Qatar
9.6.4 South Africa
9.6.5 Rest of Middle East & Africa
10 Key Developments
10.1 Agreements, Partnerships, Collaborations and Joint Ventures
10.2 Acquisitions & Mergers
10.3 New Product Launch
10.4 Expansions
10.5 Other Key Strategies
11 Company Profiling
11.1 Thales S.A.
11.2 Suprema, Inc.
11.3 BIO-key International
11.4 Precise Biometrics
11.5 NEC Corporation
11.6 Imageware Systems, Inc.
11.7 Fujitsu Frontech Limited
11.8 Safran S.A. (IDEMIA)
11.9 3M Company
11.10 Secunet Security Networks AG
List of Tables
1 Global Biometrics Technology Market Outlook, By Region (2020-2028) ($MN)
2 Global Biometrics Technology Market Outlook, By Type (2020-2028) ($MN)
3 Global Biometrics Technology Market Outlook, By Hybrid (2020-2028) ($MN)
4 Global Biometrics Technology Market Outlook, By Contactless (2020-2028) ($MN)
5 Global Biometrics Technology Market Outlook, By Contact-Based (2020-2028) ($MN)
6 Global Biometrics Technology Market Outlook, By Component (2020-2028) ($MN)
7 Global Biometrics Technology Market Outlook, By Software (2020-2028) ($MN)
8 Global Biometrics Technology Market Outlook, By Service (2020-2028) ($MN)
9 Global Biometrics Technology Market Outlook, By Hardware (2020-2028) ($MN)
10 Global Biometrics Technology Market Outlook, By Scanners (2020-2028) ($MN)
11 Global Biometrics Technology Market Outlook, By Readers (2020-2028) ($MN)
12 Global Biometrics Technology Market Outlook, By Camera (2020-2028) ($MN)
13 Global Biometrics Technology Market Outlook, By Authentication Type (2020-2028) ($MN)
14 Global Biometrics Technology Market Outlook, By Behavioral Biometrics (2020-2028) ($MN)
15 Global Biometrics Technology Market Outlook, By Voice Recognition (2020-2028) ($MN)
16 Global Biometrics Technology Market Outlook, By Signature Recognition (2020-2028) ($MN)
17 Global Biometrics Technology Market Outlook, By Middleware recognition (2020-2028) ($MN)
18 Global Biometrics Technology Market Outlook, By Other Behavioral Biometrics (2020-2028) ($MN)
19 Global Biometrics Technology Market Outlook, By Physiological Biometrics (2020-2028) ($MN)
20 Global Biometrics Technology Market Outlook, By Face Recognition (2020-2028) ($MN)
21 Global Biometrics Technology Market Outlook, By Iris Recognition (2020-2028) ($MN)
22 Global Biometrics Technology Market Outlook, By Fingerprint Recognition (2020-2028) ($MN)
23 Global Biometrics Technology Market Outlook, By Palm Print/Hand Recognition (2020-2028) ($MN)
24 Global Biometrics Technology Market Outlook, By Other Physiological Biometrics (2020-2028) ($MN)
25 Global Biometrics Technology Market Outlook, By End User (2020-2028) ($MN)
26 Global Biometrics Technology Market Outlook, By Military & Defense (2020-2028) ($MN)
27 Global Biometrics Technology Market Outlook, By Transport / Visa / Logistics (2020-2028) ($MN)
28 Global Biometrics Technology Market Outlook, By Public Sector (2020-2028) ($MN)
29 Global Biometrics Technology Market Outlook, By Consumer Electronics (2020-2028) ($MN)
30 Global Biometrics Technology Market Outlook, By Medical and Research Labs (2020-2028) ($MN)
31 Global Biometrics Technology Market Outlook, By IT and Telecommunication (2020-2028) ($MN)
32 Global Biometrics Technology Market Outlook, By Home Safety and Security (2020-2028) ($MN)
33 Global Biometrics Technology Market Outlook, By Healthcare (2020-2028) ($MN)
34 Global Biometrics Technology Market Outlook, By Government (2020-2028) ($MN)
35 Global Biometrics Technology Market Outlook, By Commercial Centers and Buildings (2020-2028) ($MN)
36 Global Biometrics Technology Market Outlook, By Banking, Financial Services, and Insurance (BFSI) (2020-2028) ($MN)
37 Global Biometrics Technology Market Outlook, By Other End Users (2020-2028) ($MN)
38 Global Biometrics Technology Market Outlook, By Retail (2020-2028) ($MN)
39 Global Biometrics Technology Market Outlook, By Hospitality (2020-2028) ($MN)
40 Global Biometrics Technology Market Outlook, By Gaming (2020-2028) ($MN)
41 Global Biometrics Technology Market Outlook, By Automotive (2020-2028) ($MN)
Note: Tables for North America, Europe, APAC, South America, and Middle East & Africa Regions are also represented in the same manner as above.
List of Figures
RESEARCH METHODOLOGY
We at ‘Stratistics’ opt for an extensive research approach which involves data mining, data validation, and data analysis. The various research sources include in-house repository, secondary research, competitor’s sources, social media research, client internal data, and primary research.
Our team of analysts prefers the most reliable and authenticated data sources in order to perform the comprehensive literature search. With access to most of the authenticated data bases our team highly considers the best mix of information through various sources to obtain extensive and accurate analysis.
Each report takes an average time of a month and a team of 4 industry analysts. The time may vary depending on the scope and data availability of the desired market report. The various parameters used in the market assessment are standardized in order to enhance the data accuracy.
Data Mining
The data is collected from several authenticated, reliable, paid and unpaid sources and is filtered depending on the scope & objective of the research. Our reports repository acts as an added advantage in this procedure. Data gathering from the raw material suppliers, distributors and the manufacturers is performed on a regular basis, this helps in the comprehensive understanding of the products value chain. Apart from the above mentioned sources the data is also collected from the industry consultants to ensure the objective of the study is in the right direction.
Market trends such as technological advancements, regulatory affairs, market dynamics (Drivers, Restraints, Opportunities and Challenges) are obtained from scientific journals, market related national & international associations and organizations.
Data Analysis
From the data that is collected depending on the scope & objective of the research the data is subjected for the analysis. The critical steps that we follow for the data analysis include:
- Product Lifecycle Analysis
- Competitor analysis
- Risk analysis
- Porters Analysis
- PESTEL Analysis
- SWOT Analysis
The data engineering is performed by the core industry experts considering both the Marketing Mix Modeling and the Demand Forecasting. The marketing mix modeling makes use of multiple-regression techniques to predict the optimal mix of marketing variables. Regression factor is based on a number of variables and how they relate to an outcome such as sales or profits.
Data Validation
The data validation is performed by the exhaustive primary research from the expert interviews. This includes telephonic interviews, focus groups, face to face interviews, and questionnaires to validate our research from all aspects. The industry experts we approach come from the leading firms, involved in the supply chain ranging from the suppliers, distributors to the manufacturers and consumers so as to ensure an unbiased analysis.
We are in touch with more than 15,000 industry experts with the right mix of consultants, CEO's, presidents, vice presidents, managers, experts from both supply side and demand side, executives and so on.
The data validation involves the primary research from the industry experts belonging to:
- Leading Companies
- Suppliers & Distributors
- Manufacturers
- Consumers
- Industry/Strategic Consultants
Apart from the data validation the primary research also helps in performing the fill gap research, i.e. providing solutions for the unmet needs of the research which helps in enhancing the reports quality.
For more details about research methodology, kindly write to us at info@strategymrc.com
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