Biometric System Market worth $84.5 billion by 2029 – Exclusive Report by MarketsandMarkets™

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Aug 07, 2024, 10:01 ET

CHICAGO, Aug. 7, 2024 /PRNewswire/ — The global biometric system market 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 according to a new report by MarketsandMarkets™. Increasing integration of biometrics in consumer electronics is fuelling the growth of the biometric system market.

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Browse in-depth TOC on “Biometric System Market“

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Biometric System Market Report Scope:

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

Single-factor authentication holds the largest market share in biometric systems market 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 market

The software segment is expected to hold the largest share of the biometric system market 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 market

Contact-based biometric systems hold the largest share in the biometric systems market 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 market over the forecast period

The healthcare sector would be the fastest-growing sector in the biometric system market, 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.

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Asia Pacific region to exhibit high CAGR in the biometric system market 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 companies 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).

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