Global Biometric Systems Market

October 30, 2021
ID: SR/ICT-108
Format:Pdf
Pages:220

Global Biometric Systems Market, By Authentication Type and Technology (Single-Factor Authentication and Multi-Factor Authentication), By Type (Contact-based, Contactless, and Hybrid), Offering (Hardware and Software), By Vertical (Government, Military & defense Healthcare, Banking & Finance, and Others), and By Region (North America, Europe, Asia Pacific, South America, and the Middle East & Africa)-Global Forecast to 2027.

Description

The global biometric system market is expected to grow with a CAGR of 16.92%, in value terms, over the forecast period 2020-2027 and projected to reach USD 69.72 Billion by 2027. The increasing use of biometric technology, rising cloud-based technology, and advancements in biometric identification technology are the major factors restoring the growth of the global biometric systems market. Furthermore, the growing demand for security and surveillance due to increasing risks to physical security from terrorist attacks and patented harm is among the key factors expected over the forecast period to drive the global market’s growth for biometric systems.

What are Biometric Systems?

A biometric system refers to a technology-driven framework that allows the recognition of a certain characteristic of an individual by mathematical algorithms and biometric data. Biometric verification is widely used among corporate and public security systems, consumer electronics and point-of-sale applications due to various advantages and convenience, as there are no passwords to remember or security tokens to carry. The biometric system is the software and hardware facilities that can use biometric technology.

Growth Driver

Growing need for surveillance and security and the rising number of government initiatives to adopt biometrics

Increasing the use of biometrics devices in different organizations worldwide by government initiatives that increase safe, easy, and superior identification and human resource management is a significant factor expected to increase the potential industry’s growth soon. Moreover, in comparison to conventional security schemes that rely on keys, PINs, or smart cards, biometric systems are known to be speedier, comfortable, and reliable solutions. These programs have helped address core security issues associated with identity theft and document manipulation, such as international terrorism, organized crime, and illicit migration, which is estimated to boost the growth of the global biometric system market.

Furthermore, with the rapid advancement in today’s biometric technology area, new uses seem to make the authentication process more secure and straightforward. Every year, these creative and useful processes of human identity increase in frequency. To speed up human identification processing, governments and the private sector are moving to mobile biometrics. Furthermore, mobile biometrics essentially implies achieving human biometric authentication with the mobility to be conveniently transferred or pass from one position to another on a mobile unit, which is predicted to propel the global market over the forecasted period.

Opportunities

Advancements in biometric identification technology

The advancements in biometric identification technology are projected to create numerous opportunities in the growing global biometric systems market at a considerable rate. In recent years, biometric technologies have seen crucial technical developments. Advances in sensor technology and the widespread use of electronics such as computers and cell phones present new possibilities for human beings to record physiological and behavioral features and evaluate associated biometric authentication results, which are the factors that are estimated to boost the market. Mobile devices are becoming more advanced, and many complex and efficient sensors are now integrated. Biometric security is currently one of the best authentication technologies to improve security in the mobile world. There are many instances of incorporating biometric technology into mobile application growth, including mobile voting, banking, and online transaction efficiency.

Restraints

High deployment Cost

The high cost of biometric solution components, and the high cost of implementation, hampers demand from private and public corporations for biometric systems. A biometric device’s price will depend on the brand, registration, waterproofing, sensor design, etc. A small USB fingerprint scanner can cost as little as USD 50, and it can also cost USD 2500 for a sophisticated ten-finger scanner with live finger detection ability. A fingerprint recognition device’s cost will rely heavily on the type of sensor used in that.

Pre Covid-19 impact on the global Biometric Systems market

The increased adoption of biometric systems in criminal investigations by law enforcement agencies such as the FBI and Interpol has stimulated the demand for global biometric systems during the pre-covid era. Furthermore, the high adoption of biometric technology among several major airports worldwide to validate passenger identification. This new alternative allows travelers to be detected quickly and screened in real-time, making it easy to travel across the airport. Thus, the propelling use of biometric technology globally is anticipated to drive the market substantially during the forecast period. Biometrics encompasses a wide variety of authentication tools that now provide better durability and precision, including fingerprints, face scans, and iris patterns, resulting in the high demand for technologically advanced biometric systems in military & defense.

Covid-19 impact on the global Biometric Systems market

The coronavirus will affect the global availability of biometric devices, ultimately depending on how the situation stabilizes internationally and when full-capacity factories begin working. Additionally, due to the COVID-19 pandemic, the market for contact-based biometric systems has been most affected. The demand for contact-based biometric systems is expected to drop significantly even after the pandemic.

Major Tier I and II players in the fingerprint industry include Goodix, Fingerprint Cards, Apple, IDEX Biometrics, ELAN Microelectronics, and Qualcomm. These players have their development facilities scattered across different countries throughout the Asia Pacific, Europe, North America, and RoW. COVID-19 has also affected their companies. Similarly, during post-COVID-19, contactless biometric systems, such as face recognition, iris recognition, and voice recognition, are expected to see an increase in demand.

Post Covid-19 impact on the global Biometric Systems market

People around the world are reducing the use of physical cash to keep COVID-19 from spreading. Different industries have recognized that public health issues have created more interest in biometric contactless payment solutions and expect demand for biometric financial cards to grow in the coming years. Therefore, Covid-19 is estimated to have a significant positive impact on the global biometric systems market. Furthermore, the COVID-19 pandemic is transforming the way businesses operate. As a protective measure to prevent the spread of COVID-19, the majority of employers around the world have asked staff to work from home. It has boosted the market for notebooks and laptops. Different fingerprint sensor industry companies are facing a rising demand for sensors for notebook and laptop applications.

Authentication Type and Technology Segmental Analysis

Based on the Authentication Type and Technology, the global Biometric Systems market is segmented into Single-Factor Authentication (Fingerprint recognition, Iris recognition, Palm recognition, Face recognition, Vein Recognition, Signature recognition, Voice recognition, and other types of recognition) and Multi-Factor Authentication (Biometric Smart Card, Biometric PIN, and Multimodal). The single-factor authentication segment captured the largest market share with 65.97% in 2020 and is likely to grow critically during the forecast period, 2021-2027, due to the convenience, cost-effectiveness, and fast responsiveness of the single-factor authentication technique. It is used in government, travel and immigration, and banking applications. The single-factor authentication is further sub-segmented into fingerprint recognition, iris recognition, palm recognition, face recognition, vein recognition, signature recognition, voice recognition, and others.

Multi-factor authentication exhibits a 34.03% market share in 2020 and is estimated to generate revenue significantly during the forecast period, 2021-2027 in the global biometric system market owing to mounting cases of cyberattacks and data breaches across organizations coupled with multi-factor authentication (MFA) establish additional layers of security to authenticate the user identity and safe transactions over the internet. Multi-factor authentication further bifurcates into a biometric smart card, biometric pin and multimodal.

Type Segmental Analysis

The global biometric systems market is categorized into contact-based (on-demand), contactless (on-premise), and hybrid based on the type. The contact-based segment holds the largest market share with 43.68% in 2020 and is expected to grow significantly during the forecast period, 2021-2027. The segment’s growth is attributed to the growing use of contact-based biometrics systems to protect national borders and support e-governance programs. The contact-based biometric is related to the dynamic manipulation of objects in the surrounding environment, such as fingerprint, palm recognition, etc.

Offerings Segmental Analysis

Based on the Offerings, the global biometric systems market is categorized into hardware and software. The hardware segment accounted for the highest market percentage with 66.42% in 2020 is likely to generate a sizeable revenue during the forecast period, 2021-2027. The segment’s growth is attributed to the rise in demand for fingerprint sensors, microcontrollers, standalone modules for fingerprint recognition systems, etc., by government & defense authorities to enhance identity management, improve logical and physical security, and increase operational efficiency.

Vertical Segmental Analysis

Based on the Vertical, the global biometric systems market is segregated into government, military & defense, healthcare, banking & finance, consumer electronics, security, transportation & logistics, and others. The military & defense segment captured the largest market share, 24.71%, in 2020 and is likely to generate maximum profit during the forecast period, 2021-2027. It is attributed to the utilization of biometrics in military & defense to provide numerous applications for securing variant military tasks or actions, identification and access control and biometrics system will not only protect the armed forces or help in smoothing the military activities, but also will maintain the balance between civil liberties & national security.

Region Segmental Analysis

The global biometric systems market is characterized by North America, Europe, Asia Pacific, South America, and Middle East & Africa. North America has the largest market share of 33.91% in 2020 and is estimated to grow significantly during the forecast period, 2021-2027. This growth is concerned with the growing government initiatives for implementing biometrics, which is one of the key factors expected to drive the market’s growth. The rising attention of governments on offering cost-effective, efficient, and safe services to their citizens is encouraging the adoption of biometrics in the North American region. Nationwide identification systems, including the e-passport and identity card programs, are provided on biometrics-based technology.

Competitor Analysis

Companies include Thales Group, IDEMIA, NEC Corporation, Fujitsu Limited, Assa Abloy AB, Precise Biometrics AB, Stanley Black & Decker, Inc., Cognitec Systems GmbH, Neurotechnology, and Safran Group are the key players in the global biometric system market.

Key Stakeholders

Market research and consulting firms
Industry associations
Global Biometric System manufacturing firm
Global Biometric System providers
Local Governments
Regulatory bodies
Suppliers
Retailers

Recent Developments

In October 2020, The TSA6000, the first IFF interrogator to use flat fixed-array active antenna technology, was unveiled by Thales. This latest solution, unique globally, delivers 360° visibility across the submarine, with no trade-off in range capabilities and an unparalleled ability to locate rapidly. The TSA6000 IFF identification system, built on an innovative all-digital flat fixed-array technology, offers a creative 360° electronic scanning (or e-scan) capability that enables new forms of threats to be detected exceptionally quickly.
In October 2020, Precise successfully combined its facility access product with Telcred Access Manager, a cloud-based access management system supporting Axis Communications and other open hardware providers. The Zynga Group, a leading supplier of BIM (Building Information Management) and Digital Twins products, will deploy the Gothenburg headquarters’ solution.
In May 2020, a touchless, multimodal biometric authentication terminal was developed by NEC with the highest degree of accuracy in the world. In recognition of technology benchmark assessments administered by the US National Institute of Standards and Technology (NIST), it has been ranked number one.

Scope of the Report

Report Attribute	Details
The revenue forecast in 2027	USD 69.72 Billion
Growth Rate	CAGR of 16.92% from 2020 to 2027.
Historical data	2017-2020
Forecast period	2021 – 2027
Region covered	America, Europe, Asia-Pacific, South America, and Middle East & Africa
Key companies Profiled	Thales Group, IDEMIA, NEC Corporation, Fujitsu Limited, Assa Abloy AB, Precise Biometrics AB, Stanley Black & Decker, Inc., Cognitec Systems GmbH, Neurotechnology, and Safran Group

Market Modelling

By Authentication Type and Technology

Single-Factor Authentication
- Fingerprint recognition
- Iris recognition
- Palm recognition
- Face recognition
- Vein recognition
- Signature recognition
- Voice recognition
- Other types of recognition

Multi-Factor Authentication
- Biometric Smart Card
- Biometric PIN
- Multimodal

By Type

Contact-based (On-Demand)
Contactless (On-premise)
Hybrid

By Offering

Hardware
Software

By End-User

By Region

North America
Europe
Asia Pacific
South America
Middle East & Africa

Table Of Contents

Methodology

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Frequently Asked Questions (FAQ):

What is Biometric System?

A biometric system is a system that allows the recognition of a certain characteristic of an individual using mathematical algorithms and biometric data.

What is the growth rate of the Biometric Systems market?

The global biometric system market is expected to grow with a CAGR of 16.92%, in value terms, over the forecast period 2020-2027, and expected to reach USD 69.72 Billion by 2027.

What are the driving factors for the global Biometric Systems market?

The increasing use of biometric technology, rising cloud-based technology, and advancements in biometric identification technology are the major factors restoring the growth of the global biometric systems market.

What are the impacts of the COVID-19 pandemic on the global Biometric Systems market?

What are the key innovations in the Biometric Systems market?

In October 2020, Precise successfully combined its facility access product with Telcred Access Manager, a cloud-based access management system supporting Axis Communications and other open hardware providers. The Zynga Group, a leading supplier of BIM (Building Information Management) and Digital Twins products, will deploy the Gothenburg headquarters’ solution.

Which region is expected to have the largest share in global Biometric Systems?

North America captured the largest market share of 33.91% in 2020 and is estimated to grow significantly during the forecast period, 2021-2027.

Who are the major players in the global Biometric Systems?

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