Biometric System Industry

The report "Biometric System Market by Authentication Type (Fingerprint, Iris, Face, Voice, Vein, Signature, Multi-factor), Offering (Sensor, Camera, Reader & Scanner, Software), Type (Contact, Contactless, Hybrid), Mobility, Deployment – Global Forecast to 2029" The global biometric system industry is expected to be valued at USD 47.2 billion in 2024 and is projected to reach USD 84.5 billion by 2029; it is expected to grow at a CAGR of 12.3% from 2024 to 2029. Increasing integration of biometrics in consumer electronics is fuelling the growth of the biometric system market.

Browse 202 market data Tables and 74 Figures spread throug 305 Pages and in-depth TOC on "Biometric System Industry"
View detailed Table of Content here - https://www.marketsandmarkets.com/Market-Reports/next-generation-biometric-technologies-market-697.html

Single-factor authentication segment to hold largest share in the biometric system market.

Single-factor authentication holds the largest market share in biometric systems industry because of its wide acceptance, simplicity, and cost-effectiveness. Extensive applications of fingerprint, iris, face, and voice recognition technologies in smartphones, access control, and financial services make them easy and reliable for identity verification. The ease of integration and user convenience proved to be the main reasons single-factor authentication was among the preferred choices by many organizations and consumers. Improvements to these technologies in recent years have significantly improved their accuracy and speed, making them more popular. Broader applicability, established reliability, and lower complexity are why single-factor authentication solutions dominate the market.

Based on offering Software segment to hold the largest share of the biometric system industry

The software segment is expected to hold the largest share of the biometric system industry during the forecast period since software is critically complemented to enhance the functionality and accuracy of biometric hardware. Developing software algorithms improves recognition capabilities and enhances sophisticated features such as multi-modal biometrics. Flexibility, scalability, and ease of updating are the significant reasons behind the growing adoption rates of the software solution, which facilitates seamless integration with any existing system. Moreover, the expanding demand for cloud-based biometric services and remote access solutions shifts power increasingly to software. With an increasing requirement to enhance security and user experience in the most effective and cost-efficient manner possible, the reliance on robust biometric software is expected only continue to grow, thus sealing its lead in the market.

Contact-based biometric systems account for largest share in the biometric system industry.

Contact-based biometric systems hold the largest share in the biometric systems industry due to the wide implementation and effectiveness. This includes technologies such as fingerprint and palm recognition, which find applications in many other industries, including access control, time, and attendance, and mobile device authentication applications. Such systems are preferred regarding accuracy, reliability, and ease of integration into any infrastructure. The tactile nature of contact-based biometrics is where the data captured is accurate, hence reducing the chances of error. This factor has been primarily responsible for its dominant position in the marketplace. Though the contactless systems are fast making inroads, past performance and cost-effectiveness have secured them a place as the preferred choice across many industries.

Healthcare to grow with higher CAGR in the biometric system industry over the forecast period.

The healthcare sector would be the fastest-growing sector in the biometric system industry, with an increase in demand for a secure and efficient patient identification and data management method. Biometric solutions improve healthcare safety by reducing patient records errors and ensuring proper identification that prevents fraud. Biometric systems provide higher security and compliance with regulatory standards in access control to sensitive data, electronic health records, and medication-dispensing units. More importantly, as soon as the pandemic subsides, the increasing adoption of telemedicine and remote patient monitoring has accelerated the demand for biometric authentication to protect patient information. These factors drive rapid growth in the use of biometric systems in the healthcare sector.

Asia Pacific region to exhibit high CAGR in the biometric system industry during the forecast period

The Asia Pacific region is expected to witness the highest CAGR in the biometric system industry based on rapid technological change and wide adoption of biometric solutions across diversified sectors. Huge biometric initiatives, including national ID programs, e-passports, and border control, are the prerogative of the governance of countries such as India and China. This is also fueled by the increasing use of biometric systems in different banking, finance, healthcare, and consumer electronics applications. Other than this, the increase in the booming smartphone market and the demand for authentication methods have increased at a safe rate, as has the adoption rate of biometric technologies in this region. Economic growth in this region and an increase in investment in security infrastructure, helps the biometric system market expand robustly in Asia Pacific.

Key Players

The biometric system industry includes significant Tier I and II players like Thales (France), IDEMIA (France), NEC Corporation (Japan), ASSA ABLOY (Sweden), Fujitsu (Japan) Precise Biometrics (Sweden), secunet Security Networks AG (Germany), Anviz Global Inc. (US), Aware inc. (US), Cognitec Systems GmbH (Germany) and others. These players have a strong market presence in biometric systems across various countries in North America, Europe, Asia Pacific, and the Rest of the World (RoW).

Don’t miss out on business opportunities in Biometric System Industry. Speak to our analyst and gain crucial industry insights that will help your business grow.

About MarketsandMarkets™

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the ’GIVE Growth’ principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Rohan Salgarkar
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441
[email protected]