Biometric Technologies Global Market Report 2024

The biometric technologies market size has grown rapidly in recent years. It will grow from $52.65 billion in 2023 to $59.76 billion in 2024 at a compound annual growth rate (CAGR) of 13.5%. The growth observed in the historical period can be linked to the escalating instances of cybersecurity threats and the surging concerns surrounding security across various domains. Biometric technology gained traction notably in healthcare for efficient patient identification, integrated into time and attendance systems for workforce management, and employed in border control and immigration procedures to bolster security measures.

The biometric technologies market size is expected to see rapid growth in the next few years. It will grow to $100.26 billion in 2028 at a compound annual growth rate (CAGR) of 13.8%. The projected growth in the forthcoming period is anticipated due to the rise of wearable biometric devices, their integration with initiatives in smart cities, and a dedicated focus on enhancing user convenience. Additionally, growth is expected in remote authentication practices, particularly evident in the aviation and travel security sectors. Significant trends in this forecast period encompass the integration of biometrics with artificial intelligence (AI), the proliferation of mobile biometric solutions, the adoption of multi-modal biometrics, the development of remote authentication solutions, and the integration of blockchain for heightened security measures.

The biometric technology market is poised for growth due to the increasing adoption of biometric technologies in consumer electronics. Consumer electronics encompass electronic devices designed for end users' daily, non-commercial, or professional purposes. Biometrics-based devices in consumer electronics include mobile devices, security systems, access control door locks, automotive features, home automation, the internet of things (IoT), and game consoles. These products are progressively integrating biometric technology to enhance safety and provide additional features. Notably, Cisco Duo's 2022 Trusted Access Report reveals that approximately 81% of phones, a subset of consumer electronics, featured integrated biometrics capabilities in 2021. Moreover, the volume of transactions using Duo's multi-factor authentication (MFA) witnessed a 38% increase in the preceding 12 months. Consequently, the growing adoption of biometric technologies in consumer electronics is a driving force behind the expansion of the biometric technology market.

The biometric technologies market is expected to experience growth fueled by the rising use of two-factor authentication (2FA). Two-factor authentication involves users providing two distinct authentication factors to verify their identity, enhancing security. In the biometric technologies realm, 2FA is employed to secure identity verification, mitigate traditional attack vulnerabilities, and reduce the risk of unauthorized access. Notably, a September 2021 survey by Duo Security Inc., a US-based system software company, indicated that 79% of respondents utilized two-factor authentication, with 32% employing a password manager and 42% utilizing biometric authentication. This widespread adoption of two-factor authentication is a significant driver for the growth of the biometric technology market.

Technological advancements stand out as a key trend contributing to the increasing popularity of the biometric technologies market. Major companies in the biometric technology sector are actively engaged in developing innovative solutions leveraging artificial intelligence (AI) to strengthen their market position. For instance, in March 2022, Switzerland-based biometric specialist and security system supplier Touchless Biometric Systems (TBS) introduced 3D Fly, an innovative sensor enabling on-the-fly user identification. The 3D Fly sensor captures a high-resolution image of the entire hand, extracting biometric features from up to four fingers for superior recognition performance. Utilizing AI-assisted hand recognition technology and fast data processing, the 3D Fly sensor identifies a person within a second, allowing users to move past the speed gate without stopping or slowing down. This focus on technological innovation is propelling the biometric technologies market forward.

Leading companies in the biometrics technologies market are embracing innovative technological products to bolster their market position, such as the adoption of handheld palm vein biometrics scanners. These portable devices capture and analyze unique vein patterns in an individual's palm for biometric identification and authentication. In July 2023, Keyo, a US-based biometric identification software developer, launched Keyo Wave+. This handheld palm vein biometrics scanner features a smartphone-sized screen, SOC2-compliant data protection, and adaptability to support customized applications. It can be mounted to a countertop or wall and is scalable to accommodate billions of users. Targeting various sectors, including retail stores, offices, hospitals, stadiums, resorts, and airports, Keyo Wave+ aims to provide seamless biometric identification for diverse use cases, including payments, access control, ticketing, identification, and time and attendance.

In June 2021, Prove Identity Inc., a US-based provider of mobile authentication services, acquired UnifyID for an undisclosed amount. This acquisition enables Prove's customers to choose from modern authentication techniques, including enhanced push authentication with private and secure location intelligence and passive, dynamic mobile behavioral biometrics based on individuals' distinctive gait and motion signatures. UnifyID, a US-based company specializing in mobile-based passive authentication and behavioral biometrics, enhances Prove's capabilities, strengthening its position in the competitive landscape. The acquisition underscores the industry's focus on incorporating advanced technologies to offer diverse and secure authentication options to users.

Major companies operating in the biometric technologies market report are Fujitsu Frontech Limited, Imageware Systems Inc., Suprema HQ Inc., IDEMIA Group, Secunet Security Networks AG, Thales S.A., BIO-key International, Nippon Electric Company Limited Corporation, Precise Biometrics, Aware Inc., Cognitec Systems GmbH, Daon Inc., M2SYS Technology, 3M Company, DERMALOG Identification Systems GmbH, Assa Abloy AB, Fulcrum Biometrics LLC, Facebanx Ltd., Integrated Biometrics LLC, Accu-Time Systems, East Shore Technology, EveVerify, Suprema Inc., Hitachi, FaceFirst, Nuance Communications, BI2 Technologies, Biometix Pty Ltd, Fingerprint Cards, BTBL Co. Ltd.

Asia-Pacific was the largest region in the biometric technologies market share in 2023. The regions covered in the biometric technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the biometric technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

Biometric technology presents various types, including contact-based, contactless, and hybrid systems. Contact-based biometric technology necessitates physical interaction between the user and the machine's sensors or system for access. Offerings encompass hardware and software solutions supporting both single-factor and multi-factor authentication. It covers diverse biometric identifiers such as facial recognition, hand geometry, voice recognition, signature analysis, iris scanning, automated fingerprint identification systems (AFIS), non-automated fingerprint identification systems (AFIS), among others. These technologies find application across numerous sectors including government, consumer electronics, military and defense, healthcare, banking and finance, travel and immigration, automotive, security, and various other industries.

The biometric technology market research report is one of a series of new reports that provides biometric technology market statistics, including biometric technology industry global market size, regional shares, competitors with biometric technology market share, detailed biometric technology market segments, market trends, and opportunities, and any further data you may need to thrive in the biometric technology industry. This biometric technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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