Global Biometrics Market

The global biometrics market is anticipated to expand at a robust CAGR during the forecast period, 2021-2028. Biometric authentication is a new approach to Internet of Things (IoT) security. In order to identify a user, behavioral biometrics uses smartphones and IoT devices to collect important data sets. As more IoT-connected device is being used, a humongous data is collected, allowing for a continual authentication procedure to take place while the device in operation.

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Market Trends, Drivers, Restraints and Opportunities:

• Increasing government data-security initiatives and growing usage of mobile devices are major factors driving the market growth.
• Rising demand for robust fraud detection and prevention systems is estimated to fuel the growth of the market.
• Expanding adoption of biometric systems with IoT devices is expected to propel revenue growth of the market.
• The introduction of e-passports is expected to increase demand for biometric systems, which in turn is expected to boost growth of the market.
• High cost of integrating biometrics capabilities into conventional/existing business applications can create challenges for the market growth.
• Data security and privacy concerns among end-users can hamper the market expansion.
• Growing integration of artificial intelligence (AI) and blockchain technologies with biometrics-as-a-service (BaaS) solutions is anticipated to provide opportunities for the market growth.

Scope of the report:

The report on Biometrics market includes an assessment of the market, size, share, trends, segments, and regional markets. Overview and dynamics have been included in the report.

Biometrics Market Segment Insights: 

Single factor authentication segment held a significant market share in 2020

Based on the technology the market is divided into single factor authentication, face recognition, fingerprint, palmprint, iris, voice, signature, and other. The single factor authentication segment to grow at a robust rate during the forecasted period. This can be attributed to convenience, cost-effectiveness, and fast responsiveness of the single-factor authentication technique. The single-factor authentication method is mainly used in government, travel and immigration, and banking applications. Major implementation of facial and fingerprint recognition solutions in consumer electronics has spurred the demand for single-factor authentication-based biometric systems.

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Government & defense segment is anticipated to exhibit a high CAGR

On the basis of end-users, the market can be fragmented into BFSI, government & defense, aerospace, automotive, consumer electronics, healthcare, and retail and e-commerce. The government & defense segment is expected to grow at a rapid rate during the forecast period. Increasing terrorist attacks has increased the use of biometric technologies, which help to identify the enemy and to improve security and surveillance. Many government job applicants and contractors must undergo background checks to confirm their claimed identity and to verify they’re not listed in criminal databases. Biometrics enhance identity proofing for employee screening by searching biometric databases using fingerprint, face, or iris data. Private-sector institutions such as banks also use biometrics to verify applicant identities for the same purpose. This keeps people with criminal pasts or fake identities from taking roles that they are not qualified for and out of positions.

The market in Asia pacific to expand at a high CAGR

In terms of regions, the market can be segmented into Asia Pacific, North America, Europe, Latin America, and the Middle East & Africa. The market in Asia pacific is expected to grow at a robust rate during the the forecast period. Developing countries, such as China and India are driving the growth of the biometric market in region. China has initiated a biometric national ID program, which commenced in 2013 and India started the program in 2011. The increase in computer storage of essential documents has increased the requirement for next-generation biometric systems. North America is expected to contribute a large market share in terms of revenue during the forecast period owing to early adoption of latest technologies and the presence of major market players. Factors such as large-scale funded programs and employee access monitoring in buildings are driving the revenue growth in this region.

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Segments

• Single factor authentication
• Face recognition
• Fingerprint
• Palmprint
• Iris
• Voice
• Signature
• Others

• BFSI
• Government & Defense
• Aerospace
• Automotive
• Consumer Electronics
• Healthcare
• Retail and E-commerce

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

• NEC
• Fujitsu
• Nuance
• Thales
• Leidos
• Idemia
• M2SYS
• Hypr

Competitive Landscape

Key players operating in the market are NEC, Fujitsu, Nuance, Thales, Leidos, Idemia, M2SYS, and Hypr.

Nuance is a well-established voice biometrics solution and Natural Language Understanding (NLU) solutions provider with an extensive geographic presence. The company's sections include healthcare, enterprise, automotive, and imaging. It provides services to multiple verticals, such as financial services, government, healthcare, legal, manufacturing, education, and logistics. The company has been expanding its biometrics solution portfolio with the addition of behavioral biometrics solutions by partnering with Bio Catch, a leading behavioral biometrics solutions provider. This partnership has enabled Nuance to offer multi-factor authentication solutions to customers.