Biometric technologies generally refer to the use of technology to identify a person based on some aspect of their biology. Furthermore, biometric technologies render high-performance security solutions utilizing an individual's physiological characteristics that include fingerprint impression, face detection, palm-vein recognition, and iris identification. The innovative biometric technologies employing unique physical traits are applicable to multiple sectors ranging from health care, education, agriculture, airports, large to small enterprises, aviation, hotels, banking & finance, government agencies & social welfare schemes, insurance, retail, manufacturing, and law enforcement to hospitality & tourism.
Growth in applications of biometric technology in commercial and government sectors such as government and private offices and public spaces such as airports and malls is one of the major driving factors. In addition, increasing concern for safety and security and biometric technologies friendly usage are some of the factors propelling the market growth. However, the cost of installing these technologies in office premises and other spaces is higher for which consumers do not opt for such high level security equipment’s which is limiting the growth of the market. In addition, technological limitations such as poor resolution of the image and low-quality capture devices can cause problems in identification and fear of privacy intrusion are some of the factors that hamper the biometric technology market growth. On the contrary, the technological development in the field of biometrics that can be integrated with machine learning and algorithm can be used as a strong authentication system. Furthermore, dependency on biometrics technology for authentication purpose by various industry verticals is expected to provide lucrative opportunities for the growth of biometrics technology market in the coming years.
The biometric technology market is segmented on the basis of component, type, end user and region. On the basis of component, it is segmented into hardware and software. By Type, it is segmented into physiological biometrics and behavioral biometrics. The physiological biometrics segment is further sub segmented into face recognition, iris recognition, fingerprint recognition, hand geometry and others. The behavioral biometrics segment is further divided into signature recognition, voice recognition and others. By end user, it is classified into public sector, BFSI, healthcare, it and telecommunication and others. By Region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the biometric technology market such as 3M Company (Congent Systems, Inc.), Fujitsu Frontech Limited, Imageware Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, NEC Corporation and Precise Biometrics. These players have adopted various strategies to increase their market penetration and strengthen their position in the biometric technology industry.
Growth in applications of biometric technology in commercial and government sectors such as government and private offices and public spaces such as airports and malls is one of the major driving factors. In addition, increasing concern for safety and security and biometric technologies friendly usage are some of the factors propelling the market growth. However, the cost of installing these technologies in office premises and other spaces is higher for which consumers do not opt for such high level security equipment’s which is limiting the growth of the market. In addition, technological limitations such as poor resolution of the image and low-quality capture devices can cause problems in identification and fear of privacy intrusion are some of the factors that hamper the biometric technology market growth. On the contrary, the technological development in the field of biometrics that can be integrated with machine learning and algorithm can be used as a strong authentication system. Furthermore, dependency on biometrics technology for authentication purpose by various industry verticals is expected to provide lucrative opportunities for the growth of biometrics technology market in the coming years.
The biometric technology market is segmented on the basis of component, type, end user and region. On the basis of component, it is segmented into hardware and software. By Type, it is segmented into physiological biometrics and behavioral biometrics. The physiological biometrics segment is further sub segmented into face recognition, iris recognition, fingerprint recognition, hand geometry and others. The behavioral biometrics segment is further divided into signature recognition, voice recognition and others. By end user, it is classified into public sector, BFSI, healthcare, it and telecommunication and others. By Region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
The report analyzes the profiles of key players operating in the biometric technology market such as 3M Company (Congent Systems, Inc.), Fujitsu Frontech Limited, Imageware Systems, Inc., Suprema, Inc., Safran S.A., secunet Security Networks AG, Thales S.A., BIO-key International, NEC Corporation and Precise Biometrics. These players have adopted various strategies to increase their market penetration and strengthen their position in the biometric technology industry.
Key Benefits For Stakeholders
- The study provides in-depth analysis of the global biometric technology market along with the current & future trends to illustrate the imminent investment pockets
- Information about key drivers, restrains, & opportunities and their impact analysis on the global biometric technology market size are provided in the report
- Porter’s five forces analysis illustrates the potency of buyers and suppliers operating in the industry
- The quantitative analysis of the global biometric technology market from 2021 to 2030 is provided to determine the market potential
Key Market Segments
By Component
- Hardware
- Software
By Type
- Physiological Biometrics
- Face Recognition
- Iris Recognition
- Fingerprint Recognition
- Hand Geometry
- Others
- Behavioral Biometrics
- Signature Recognition
- Voice Recognition
- Others
By End User
- Public Sector
- BFSI
- Healthcare
- IT and Telecommunication
- Others
By Region
- North America
- US
- Canada
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Rest of Europe
- Asia-Pacific
- China
- Japan
- India
- Australia
- South Korea
- Rest of Asia-Pacific
- LAMEA
- Latin America
- Middle East
- Africa
KEY MARKET PLAYERS
- 3M Company (Congent Systems, Inc)
- Fujitsu Frontech Limited
- Imageware Systems, Inc
- Suprema, Inc
- Safran SA
- Secunet Security Networks AG
- Thales SA
- BIO-key International
- NEC Corporation
- Precise Biometrics
Table of Contents
Chapter 1: Introduction
Chapter 2: Executive Summary
Chapter 3: Market Landscape
Chapter 4: Biometric Technology Market, by Component
Chapter 5: Biometric Technology Market, by Type
Chapter 6: Biometric Technology Market, by End-user
Chapter 7: Biometric Technology Market, by Region
Chapter 8: Company Profiles
List of Tables
List of Figures
Executive Summary
According to a recent report titled, “Biometric Technology Market by Component, Type, and End User: Global Opportunity Analysis and Industry Forecast, 2021-2030,”The global biometric technology market was valued at $34.95 billion in 2020, and is projected to reach $127.32 billion by 2030, growing at a CAGR of 14.1% from 2021 to 2030.
Major players in the biometric technology market have undertaken various strategies to offer the consumers various types of innovative biometric technology based products. In addition, these players have collaborated and partnered with other players to further expand their services in a global level. For instance, on September 2021, Imageware, a leader in biometric identification and authentication, announced a global partnership with TECH5, an innovator in the field of identity management solutions, to become a value-added reseller (VAR) for its solutions. Through this agreement, all TECH5 offerings are available through integration with the existing Imageware product portfolio. Moreover, On May 2020, NEC Corporation announced the development of a multimodal biometric authentication terminal incorporating face and iris recognition technologies that have been recognized as the benchmark tests for identification technologies conducted by the U.S. National Institute of Standards and Technology (NIST), and are core technologies of NEC's multimodal biometric authentication brand, Bio-IDiom. This reinforces NEC's ability to provide high levels of authentication accuracy and convenience for users throughout a wide range of environments. Furthermore, BIO-key International, Inc., an innovative provider of civil, workforce and customer identity and access management (IAM) solutions featuring Identity-Bound Biometrics, announced the availability of BIO-key MobilePOS Pro, a handheld, biometrically enabled, rugged and powerful Android Point of Sale terminal, incorporating an FBI-certified capacitive fingerprint scanner into an all-in-one form factor featuring a thermal printer, high-resolution 5 megapixel camera, dual SIM 4G/LTE/CDMA/EDGE cellular and 802.11 b/g/n WiFi support, a barcode scanner, NFC scanner, triple-track magnetic stripe reader, long life 5800 mAh battery and large 5.5” touch screen display. The new device enables self-contained mobile in-person commerce, ideal for banking, social- and aid-workers, healthcare-related transactions, including enrollment, identification, payment transactions, proof of presence/proof of life ID verification for secure, fraud-free transactions, supporting both BIO-key’s fingerprint, and contactless PalmPositive identity verification solutions for absolute confidence about exactly who is participating in a transaction Therefore, these strategies have enhanced the market competition and offering to the customers, which propels the growth of the biometrics technology market
Biometric technologies have rapidly become a part of the daily life of people around the world. Through integration with mobile devices, users can interact with some form of biometric authentication daily. Furthermore, the future of biometric technology is rapidly growing in medicine, banking services, marketing research, and many other industries in which personal identification is required. In addition, many biometric services are currently under development and testing. However, in a few years, these biometric technologies will be introduced everywhere. Hence, these factors are expected to create an immense opportunity for the biometric technology market forecast.
The biometric technology market is segmented on the basis of component, type, end user, and region. On the basis of component, it is segmented into hardware and software. By type, it is segmented into physiological biometrics and behavioral biometrics. The physiological biometrics segment is further sub segmented into face recognition, iris recognition, fingerprint recognition, hand geometry and others. The behavioral biometrics segment is further divided into signature recognition, voice recognition and others. By end user, it is bifurcated into public sector, BFSI, healthcare, it and telecommunication and others. By region, it is analyzed across North America, Europe, Asia-Pacific, and LAMEA.
On the basis of type, the behavioral biometric segment is expected to grow at a fastest rate during the forecast period. This is attributed to the fact that very low efforts are required by the users for data collection. Moreover, there is no particular hardware apart from a traditional keyboard for the authentication process by the system.
By region, the biometric technology market is being dominated by North America in 2021, and is expected to maintain this trend during the forecast period. Attributed to the growth in use of web applications and internet has increased the demand for security and verification on account of the increased threat of cyber-attacks and data pilfering. The most vulnerable data is found to be in government databases, large organizations, and the defense sector, where the need for higher security, which act as factors that boost the growth of the biometric technology industry in the region.
The biometric technology market has been moderately impacted by the COVID-19 outbreak. This is attributed to the fact that during the COVID-19 pandemic, people started wearing face masks and avoided touching any surface because of the fear of spread of virus. This resulted in decrease in demand for various devices such as fingerprint biometric, vein recognition and others. However, the demand for other biometric devices such as face recognition, iris recognition, as it involves zero touch and offers accurate authentication without the spread of virus. Therefore, these factors have increased the demand for such devices. Therefore, the COVID-19 had a moderate impact on the biometric technology market size.
Key Findings Of The Study
- By component, the hardware segment accounted for the highest biometric technology market share in 2020
- By type, the physiological biometric segment led the biometric technology market in terms of revenue in 2020
- By end user, the public sector segment accounted for the highest biometric technology market share in 2020
- By region, North America generated the highest revenue in 2020
- The key players profiled in the biometric technology market analysis are 3M Company (Congent Systems, Inc.), Fujitsu Frontech Limited, Imageware Systems, Inc., Suprema, Inc., Safran S.A. (IDEMIA), secunet Security Networks AG, Thales S.A., BIO-key International, NEC Corporation and Precise Biometrics These players have adopted various strategies to increase their market penetration and strengthen their position in the industry
Companies Mentioned
- 3M Company (Congent Systems, Inc.)
- Fujitsu Frontech Limited
- Imageware Systems, Inc.
- Suprema, Inc.
- Safran S.A. (IDEMIA)
- secunet Security Networks AG
- Thales S.A.
- BIO-key International
- NEC Corporation
- Precise Biometrics.
Methodology
The analyst offers exhaustive research and analysis based on a wide variety of factual inputs, which largely include interviews with industry participants, reliable statistics, and regional intelligence. The in-house industry experts play an instrumental role in designing analytic tools and models, tailored to the requirements of a particular industry segment. The primary research efforts include reaching out participants through mail, tele-conversations, referrals, professional networks, and face-to-face interactions.
They are also in professional corporate relations with various companies that allow them greater flexibility for reaching out to industry participants and commentators for interviews and discussions.
They also refer to a broad array of industry sources for their secondary research, which typically include; however, not limited to:
- Company SEC filings, annual reports, company websites, broker & financial reports, and investor presentations for competitive scenario and shape of the industry
- Scientific and technical writings for product information and related preemptions
- Regional government and statistical databases for macro analysis
- Authentic news articles and other related releases for market evaluation
- Internal and external proprietary databases, key market indicators, and relevant press releases for market estimates and forecast
Furthermore, the accuracy of the data will be analyzed and validated by conducting additional primaries with various industry experts and KOLs. They also provide robust post-sales support to clients.
LOADING...
