Biometrics Market Size is Projected To Reach USD 39030 Million By 2028 At A CAGR of 13.2% - Valuates Reports

BANGALORE, India, May 26, 2022 /PRNewswire/ -- Biometrics Market is segmented by Type - Fingerprint Recognition, Facial Recognition, Iris Recognition, by Application -  Military, Civil. It is published in Valuates Reports under the  Software Utilities  Category.

The global Biometrics market size is projected to reach USD 39030 million by 2028, from USD 15900 million in 2021, at a CAGR of 13.2% during 2022-2028.

Major Factors Driving The Growth Of Biometrics Market Are

The primary factors driving the biometrics market growth are increasing biometric technology advancements across various sectors and rising demand for authentication and identification solutions, as well as security and surveillance solutions in various application areas.

Furthermore, the growing use of biometric systems in the consumer electronics, financial services, and automotive industries will drive demand for this technology in the near future.

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TRENDS INFLUENCING THE GROWTH OF BIOMETRICS MARKET

The introduction of the e-passport, voter registration in a low-literacy economy, ration card registration, and identifying persons of interest has resulted in its widespread adoption throughout the government sector. Furthermore, fingerprints are increasingly being used in the educational and commercial sectors to maintain employee attendance, time, and work-check, resulting in their widespread adoption. Fingerprint technology is also used to identify students and employees in cashless vending machines. This in turn is expected to drive the growth of the biometrics market.

The rising popularity of biometrics in the retail and e-commerce industries is expected to fuel the growth of the biometrics market. This increasing adoption in e-commerce can be attributed to large retailers' increasing need to understand in-store consumer behavior. For this, they are primarily incorporating analytics with facial recognition and providing customized services based on individual preferences.

Increasing adoption of iris recognition technology will further propel the biometrics market growth. Iris recognition technology is in high demand because it provides greater accuracy in the authentication process. The technology's identification algorithms locate the iris' boundaries and process the image to produce a concise and distinct representation of people's iris patterns.  Furthermore, iris recognition has a very low false match rate and is most commonly used in large populations. For example, the Aadhaar Unique Identity programme in India has collected iris data from over one billion people. In the UAE's air and seaports, iris identity validation is also used.

The automotive makers are now increasingly integrating their vehicles with in-car biometric solutions for user authentication, driver liveness detection, and payments . These systems allow automakers to enhance passenger convenience. Thus the adoption of biometrics in automotive is expected to drive the market growth.  For instance, voice-enabled access control technology helps in addressing car thefts by enabling accurate user identification. Another technology that is in huge demand in the automotive sector is iris recognition. Hyundai Motor Group, for instance, is working on adding an iris recognition feature that sends an alert when the driver is not attentive. It detects the risk of intrusion and lane departure caused by the driver's carelessness in advance and calls the driver's attention with cluster warning lights, alarm sounds, and vibrations.

Growing adoption of biometrics in military operations is expected to drive market growth. Biometrics can be used to control access to a military installation, for example, by ensuring that only authorized personnel have access. Another application could be identifying individuals who are considered a threat to friendly forces. During operations in Afghanistan and Iraq, biometric technology was used in this way. Devices capable of biometrically identifying people were used at checkpoints and by patrol units to scan people they came across, among other things. The possibility of using biometrics for kinetic targeting from the air, or in a stand-off situation, is associated with this application.

The pandemic of COVID-19 has had a minor impact on the global biometrics market. The massive changes and disruptions in a variety of businesses, as well as the significant increase in demand for touchless biometric solutions during the pandemic period, have had a significant impact on the biometrics market share and size. Furthermore, because of their precision and alignment with COVID-19's social distancing standards, advanced multifactor and multimodal biometric technologies are becoming increasingly relevant.

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BIOMETRICS MARKET SHARE ANALYSIS

Based on type, Fingerprint Recognition is expected to be the most lucrative segment. Factors such as the widespread use of fingerprint sensors for biometric authentication in consumer electronics, the increased adoption of biometric authentication in government buildings, the rise in the number of identity threats, and the emergence of touchless fingerprint technologies are driving the fingerprint recognition sub-segment.

Based on application, the Military expected to be the most lucrative segment. Biometrics have long been used for military access control (military biometrics), criminal or civil identification, all within a highly regulated legal and technical framework. For years, organizations like the Federal Bureau of Investigations (FBI) and Interpol have used biometrics in criminal investigations. Law enforcement agencies all over the world are increasingly using biometrics to identify criminals.

Based on region, Asia-Pacific is expected to be the Fastest Growing. In the Asia-Pacific region, biometrics systems such as facial recognition, fingerprint mapping, and retina scan are widely used because they are dependable, accurate, quick, and secure.

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Market By Region

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

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Key players

• 3M Cogent, Inc.
• Crossmatch
• M2SYS Technology
• NEC Corporation
• Safran Identity and Security
• Aware, Inc.
• BIO-Key International, Inc.
• Fulcrum Biometrics LLC
• HID Global Corporation

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SIMILAR REPORTS

-  The global Biometric Technology market size is projected to reach USD 12750 Million by 2028, from USD 5958.3 Million in 2021, at a CAGR of 11.0% during 2022-2028.

-  The global Face and Voice Biometrics market size is projected to reach USD 10760 million by 2027, from USD 5294.1 million in 2020, at a CAGR of 10.5% during 2021-2027.

-  The global Fingerprint Sensors market size is projected to reach USD 5626.4 Million by 2027, from USD 3082.3 Million in 2020, at a CAGR of 8.5% during 2021-2027.

-  The global Behavioral Biometrics market size is projected to reach USD 2075.6 million by 2028, from USD 841.6 million in 2021, at a CAGR of 13.6% during 2022-2028.

-  The global Face Recognition Systems market size is projected to reach USD 1863.4 Million by 2027, from USD 784.3 Million in 2020, at a CAGR of 13.2% during 2021-2027.

-  Iris Recognition Devices market size is estimated to be worth USD 1057.5 million in 2022 and is forecast to be a readjusted size of USD 2269.1 million by 2028 with a CAGR of 13.6% during the review period.

-  The global speech recognition market size was valued at USD 6.39 Billion in 2018, and is projected to reach USD 29.28 Billion by 2026, registering a CAGR of 19.9% from 2019 to 2026.

-  The global Gesture Recognition market size is projected to reach USD 22520 Million by 2027, from USD 6954.9 Million in 2020, at a CAGR of 17.8% during 2021-2027.

-  The global Biometrics-as-a-Service market garnered USD 1.42 Billion in 2018, and is estimated to reach USD 5.37 Billion in 2026, growing at a CAGR of 18.2% from 2019 to 2026.

-  The global Healthcare Biometrics market size is projected to reach USD 2156.4 million by 2028, from USD 996.5 million in 2021, at a CAGR of 11.2% during 2022-2028.

-  Biometric Sensor market size is estimated to be worth USD 1118.8 million in 2022 and is forecast to be a readjusted size of USD 1688.4 million by 2028 with a CAGR of 7.1% during the review period.

-  The global Mobile Biometrics market size is projected to reach USD 38130 million by 2028, from USD 8471.6 million in 2021, at a CAGR of 23.4% during 2022-2028.

-  The global Digital Identity Solutions market size is projected to reach USD 40350 Million by 2028, from USD 15700 Million in 2021, at a CAGR of 14.2% during 2022-2028.

-  The global network security market size was valued at USD 18,480 million in 2019, and is projected to reach USD 63,398 million by 2027, registering a CAGR of 16.7% from 2020 to 2027.

-  The global Perimeter Security market size is estimated to be worth USD 124860 million in 2022 and is forecast to be a readjusted size of USD 186330 million by 2028 with a CAGR of 6.9% during the review period.

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