The global biometrics technology market size was valued at US$ 20.6 billion in 2019. The global biometrics technology market is forecast to reach US$ 139 billion by 2030 by registering a compound annual growth rate (CAGR) of 19.6% during the forecast period from 2021-2030.
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Biometric technology is an automated system of identifying, authenticating and recognizing individuals. The technology uses hand geometry, face, vascular pattern, fingerprints, iris, and palm veins to identify people. Moreover, it also uses behavioral characteristics, such as voice, signature, and typing pattern, to authenticate the person.
According to data from the U.S. Bureau of Economic Analysis and the U.S. Census Bureau, the goods and services deficit increased by $1.9 billion from $68.7 billion in January 2023 to $70.5 billion in February. The increase in the goods and services deficit in February was due to a $2.7 billion increase in the goods deficit to $93.0 billion and a $0.8 billion increase in the services surplus to $22.4 billion. Compared to the same period in 2022, the goods and services deficit has dropped this year by $35.5 billion, or 20.3%. $49.5 billion or 10.8% more was exported. 2.2% or $14.0 billion more was spent on imports.
Factors Influencing
- Biometrics technology is an advanced technology used to accurately identify a person. These technologies are cost-effective and provide high-end security. Apart from that, the technologies are easy to use, which increases its demand among populations.
- The technology is preferred over traditional PIN-based techniques due to various advantages. For example, a person can lose or forget a password, which can create several hurdles. Moreover, PINS and passwords can be stolen, which is not possible when using Biometric technologies. Such advantages would augment the market growth in the coming years.
- Moreover, government initiatives to restrict illegal entries in the country would further accelerate the market growth during the forecast period. The biometrics technology market is registering notable growth because of its adoption in e-passports. Over 120 countries have mandated the use of e-passports. Such factors may fuel the growth of the market during the analysis period.
- Technological advancements and applications of biometric technology in the government sector would be other few factors for the market expansion.
- The high cost associated with the implementation of biometrics technology may slow down the market growth in the coming years.
- The development of multimodal biometrics technology and its use in e-commerce and cloud computing may create promising opportunities for the market players in the global biometrics’ technology market.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic, the demand for contact-based biometric systems slowed down to limit the virus spread. However, the evolution of contactless biometric systems, such as face recognition, grew during the COVID-19 pandemic period. Enterprises began adopting biometric technologies to secure content from frauds and enable superior human resource management. As a result, the adoption of biometrics systems in the BFSI sector grew significantly.
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Geographic Analysis
Geographically, the Asia Pacific region would witness the fastest growth in global biometrics technology. Technological developments would be another factor contributing to regional growth. Apart from that, the growing number of airport hubs and rising passenger traffic, majorly in China and India, may enhance the regional contribution in the global biometric technology market. Authorities in these countries have taken various initiatives, such as the Unique Identification Authority of India (UIDAI) project in India, e-KTP electronic ID initiatives in Indonesia. Ultimately, it would propel the adoption of biometric technologies.
North America is forecast to dominate the global biometric technology market due to the growing adoption of the technology across various verticals, such as defense, commerce, homeland security, and justice.
Competitors in the Market
- Thales Group
- Safran S.A.
- NEC Corporation
- FUJITSU FRONTECH LIMITED
- 3M Company
- SUPREMA
- BIO-key International
- Precise Biometrics
- FaceFirst, Inc.
- Assa Abloy AB.
- Other prominent players
Market Segmentation
By End-User
- Public sector
- Banking & financial sector
- Healthcare
- IT & telecommunication
- Others (hospitality, retail, automotive)
By Type
- Physiological Biometric
- Fingerprint Recognition
- Face recognition
- Iris recognition
- Hand Geometry Recognition
- Others (Ear, DNA)
- Behavioral Biometric
- Signature Recognition
- Voice Recognition
- Others (Odor, Keystroke)
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By Region
- North America
- The U.S.
- Canada
- Mexico
- Europe
- Western Europe
- The UK
- Germany
- France
- Italy
- Spain
- Rest of Western Europe
- Eastern Europe
- Poland
- Russia
- Rest of Eastern Europe
- Asia Pacific
- China
- India
- Japan
- Australia & New Zealand
- ASEAN
- Rest of Asia Pacific
- Middle East & Africa (MEA)
- UAE
- Saudi Arabia
- South Africa
- Rest of MEA
- South America
- Brazil
- Argentina
- Rest of South America
What is the goal of the report?
The market report presents the estimated size of the ICT market at the end of the forecast period. The report also examines historical and current market sizes.
During the forecast period, the report analyzes the growth rate, market size, and market valuation.
The report presents current trends in the industry and the future potential of the North America, Asia Pacific, Europe, Latin America, and the Middle East and Africa markets.
The report offers a comprehensive view of the market based on geographic scope, market segmentation, and key player financial performance.
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