Biometric Systems Market Anticipated to Grow to $51.6 Billion by 2029
Meticulous
Research® – leading global market research company published a research report
titled ‘Biometric Systems Market by Offering, Biometric Type (Fingerprint Recognition,
Voice Recognition), Contact Type, Authentication Type, Platform, Application,
End User (Government, Military & Law Enforcement, and Other End Users)–
Global Forecast to 2029’.
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According to
the latest report from Meticulous Research®, the global biometric systems
market is projected to reach $51.6 billion by 2029, growing at a CAGR of 12.4%
from 2022 to 2029. The market's expansion is driven by the increasing demand
for mobile biometric devices, government initiatives promoting biometric
technology adoption, the rising use of biometric solutions in consumer
electronics for authentication and identification, and the growing need for
enhanced security measures in military and law enforcement sectors. Despite
these factors, high costs associated with biometric systems and prevalent
misconceptions about these technologies could temper market growth.
Nevertheless, the escalating demand for biometric solutions across both
developed and emerging regions is expected to provide significant growth
opportunities.
Meticulous
Research® has segmented the market by offering (hardware and software),
biometric type (fingerprint, face, voice, iris, signature, vein, palm print,
and other types), authentication type (single-factor and multi-factor), contact
type (contact-based, contactless, and hybrid), platform (on-site, mobile
devices, PCs, and wearable devices), application (digital identification,
access control and authentication, security and surveillance, and other
applications), end user (IT and telecom, government, finance and insurance,
retail, military and law enforcement, healthcare, recreation, education,
transportation and warehousing, and other sectors), and geography (North
America, Europe, Asia-Pacific, Latin America, and the Middle East &
Africa). The report also provides a detailed analysis of industry competitors
and regional markets.
In 2022, the
hardware segment is expected to hold the largest share of the biometric systems
market, due to the rising demand for mobile biometric devices, increased focus
on hardware-based security, and the growing application of biometric technology
in electronic devices. Benefits such as accurate identification, high
performance, reliability, and enhanced security are further boosting the
hardware segment.
Among
biometric types, fingerprint recognition is anticipated to capture the largest
market share in 2022. This dominance is attributed to the widespread adoption
of fingerprint sensors by law enforcement and government agencies, the growing
prevalence of identity threats, and the integration of fingerprint sensors in
smartphones and IoT devices. The fingerprint recognition market is also
supported by the adoption of biometric time and attendance systems in corporate
and government sectors. However, the face recognition segment is expected to
experience the highest growth rate during the forecast period, driven by
advancements such as 3D recognition systems and increased use of cloud-based
facial recognition technology.
By platform,
the on-site segment is predicted to hold the largest market share in 2022, due
to the growing use of biometric technology in consumer electronics and the need
for improved authentication and security. However, the mobile devices segment
is expected to grow at the fastest rate, fueled by the increasing trend of
mobile transactions, the adoption of biometric features in smartphones, and the
rise of mobile biometrics in e-commerce and online gaming.
Geographically,
the Asia-Pacific region is forecasted to hold the largest market share in 2022,
driven by the presence of major biometric system manufacturers such as Fujitsu
Ltd. and NEC Corporation, and the rapid economic growth in countries like China,
Japan, India, and South Korea. Technological advancements and heightened
awareness regarding biometric security are also contributing to the region’s
strong market position.
Key players in
the biometric systems market include NEC Corporation (Japan), CardLogix
Corporation (U.S.), Fujitsu Limited (Japan), Thales (France), Integrated
Biometrics, LLC (U.S.), Iris ID, Inc. (U.S.), Suprema Inc. (South Korea), HID
Global Corporation (U.S.), Precise Biometrics (Sweden), Aware, Inc. (U.S.),
Daon, Inc. (U.S.), M2SYS Technology (U.S.), BIO-key International (U.S.),
Cognitec Systems GmbH (Germany), BioRugged (South Africa), DERMALOG
Identification Systems GmbH (Germany), IDEMIA (France), and ImageWare Systems,
Inc. (U.S.).
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