Biometric System Market

Biometric System Market Outlook

The Biometric System Market size was USD 42.9 Billion in 2022 and is likely to reach  USD 140.61 Billion by 2031, expanding at a CAGR of 14.1% during 2023 - 2031. The growth of the market is attributed to advanced security mechanisms to combat mounting terrorism and criminal activities.

Biometric is a security system, used for the identification of employees by examination of the physical characteristics or behavior of individual. It is used as a replacement for the traditional identification and security methods, such as pin systems or ID cards. The advantages of biometric systems include the requirement for the presence of the individual access, rather than other forms of identification, which can be misused by quick integration and deployment, good security, and easy implementation.

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The COVID-19 pandemic has a significant impact on the biometric system market. Due to the pandemic, demand for contact-based biometric system felled drastically as it influences the spread of the virus. However, demand for contactless biometric is on the rise during the pandemic due to no human interaction in the process.

Biometric System Market Trends, Drivers, Restraints, and Opportunities

• Increasing use of biometrics in consumer electronic devices is one of the key factors driving the market growth.
• Rising demand and implementation of biometric systems globally is expected to boost the market growth in the coming years.
• Wide usage of biometrics technology to reduce terror attacks is anticipated to fuel the market expansion during the forecast period.
• High initial adoption cost associated with biometric systems presents a major challenge. This is anticipated to hamper the market growth in the projected period.
• Implementation of the technology in electronics gadgets and in other sectors is projected to create significant growth opportunities for the market in the near future.

Scope of Biometric System Market Report

The report on the global biometric system market includes an assessment of the market, trends, segments, and regional markets. Overview and dynamics have also been included in the report.

Biometric System Market Segment Insights

Fingerprint segment to grow at a rapid pace

Based on authentication types, the global biometric system market is divided into voice, iris recognition, face identification, signature identification, palm & vein recognition, and fingerprint. The fingerprint segment is expected to grow at a rapid pace during the forecast period owing to the security and unique pattern for every fingerprints. However, the voice segment is anticipated to hold a key share of the market in the coming years due to preference of consumers for a safer identity mechanism.

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Vast usage to drive the consumer electronics segment

On the basis of end-users, the market is segregated into military & defense, consumer electronics, government, healthcare, banking & finance, travel & immigration, and security. The consumer electronics segment is projected to expand at a considerable CAGR during the forecast period attributed to vast usage of the biometric technology and regular improvement related to the technology. On the other hand, the travel & immigration segment is anticipated to account for a major market share during the forecast period due to increased security regulations imposed by government bodies across the globe.

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North America to constitute a key market share

In terms of regions, the global biometric system market is classified as Asia Pacific, North America, Latin America, Europe, and Middle East & Africa. North America is expected to constitute a key share of the market during the projected period owing to the ease of adoption for advancement in technology along with the presence of key global players in  the region. However, the market of Asia Pacific is anticipated to expand at a rapid pace during the forecast period attributed to the several government initiatives, such as smart cities resulting in adoption of the technology across the region.

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Segments

The global biometric system market has been segmented on the basis of

Authentication Types

• Voice
• Iris Recognition
• Face Identification
• Signature Identification
• Palm & Vein Recognition
• Fingerprint

End-users

• Military & Defense
• Consumer Electronics
• Government
• Healthcare
• Banking & Finance
• Travel & Immigration
• Security

Regions

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

Key Players

• Cogent Systems, Inc.
• BIO-key International Inc.
• Fulcrum Digital
• Safran S.A.
• NEC Corp.
• Cross Match Technologies
• Suprema Inc.
• Thales Group
• Secunet Security Networks AG
• Fujitsu Ltd.

Competitive Landscape

Key players competing in the global biometric system market are Cogent Systems, Inc.; BIO-key International Inc.; Fulcrum Digital; Safran S.A.; NEC Corp.; Cross Match Technologies; Suprema Inc.; Thales Group; Secunet Security Networks AG; and Fujitsu Ltd. As part of their efforts to expand their client base and acquire a competitive advantage over competitors, manufacturers operating in the market have adopted various strategic initiatives, such as partnerships, collaborations, and mergers & acquisitions. Moreover, companies are focusing on investment in R&D for development and launching of new products to maintain their competitive positions in the market.