Biometric Technology Market Size, Share, Trends, Growth and Forecast 2032

Biometric Technology Market Insights

According to Zion Market Research, the global Biometric Technology Market was worth USD 48.48 Billion in 2023. The market is forecast to reach USD 157.64 Billion by 2032, growing at a compound annual growth rate (CAGR) of 14% during the forecast period 2024-2032. The report offers a comprehensive analysis of the market, highlighting the factors that will determine growth, potential challenges, and opportunities that could emerge in the Biometric Technology Market industry over the next decade.

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The report analyzes and forecasts the biometric technology market on a global and regional level. The study offers past data from 2016 to 2018 along with a forecast from 2019 to 2025 based on revenue (USD Billion). The assessment of biometric technology market dynamics gives a brief thought about the drivers and restraints of the biometric technology market along with their impact on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the biometric technology market on a global level.

The report gives a transparent view of the biometric technology market. We have included a detailed competitive scenario and portfolio of the leading vendors operating in the biometric technology market. To understand the competitive landscape in the biometric technology market, an analysis of Porter’s Five Forces model has also been included. The study encompasses a market attractiveness analysis, wherein all the segments are benchmarked based on their market size, growth rate, and general attractiveness.

Biometric technology refers to the utilization of technology to recognize a person based on different biological aspects of a person. Fingerprint recognition is the first biometric technology that has been grouped loosely by digital forensics.

Increasing safety concerns related to traditional old PIN-based method is expected to drive the biometric technology market. It secures one’s personal or sensitive data from fraudulent use, which includes smartcards, mobile phones, ATM pins, access to laptops, workstations, desktops, and networks that require a unique identification technique. Moreover, the surging applications of biometric technology in government and commercial sectors are also fueling the biometric technology market growth.

The technology uses psychological and physiological qualities that make its favorable for numerous vital applications, such as law enforcement, national security, e-governance and enterprise, business transactions, and personal information. Furthermore, high security and unique quality of biometric technology make it useful in a variety of industry verticals, such as healthcare, government, defense, transport and immigration, banking and finance, non-commercial safety, and commercial security. Biometric systems store enrolled samples that can be recalled to do a match during authentication. Additionally, the traditional security methods could be compromised when it comes to security; for instance, chances of forgetting a password or PIN and loss of key, but biometric characters are hard to forget or steal. However, the high initial investments and expensive nature of biometrics devices may curtail the biometric technology market.

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Global Biometric Technology Market: Segmentation

The study provides a crucial view of the biometric technology market by segmenting it based on application, end-use, and region. All the segments of the biometric technology market have been analyzed based on present and future trends and the market is estimated from 2019 to 2025. The regional segment comprises the current and forecast demand for the Middle East and Africa, North America, Asia Pacific, Latin America, and Europe.

Biometric Technology Market: Regional Analysis

The Asia Pacific biometric technology market is the fastest-growing region globally. Countries in the Asia Pacific have started standardizing security screening systems for detecting individuals who pose a threat and then search them. The police department in Thailand has already implemented facial recognition systems on all the border checkpoints, which will reduce the number of incidents risking life and property.

Biometric Technology Market: Report Scope

Global Biometric Technology Market: Competitive Players

Some prominent players in the global biometric technology market are:

• 3M
• Fujitsu Frontech
• Imageware Systems
• Suprema
• Safran
• Secunet Security Networks
• Thales
• Bio-Key International
• NEC Corporation
• Precise Biometrics.

This report segments the global biometric technology market into:

Global Biometric Technology Market: Application Analysis

• Face Recognition
• Fingerprint Recognition
• Voice Recognition
• Signature Recognition
• Iris Recognition
• Middleware Recognition
• AFIS
• Hand Geometry Recognition
• Non-AFIS
• Others

Global Biometric Technology Market: End-Use Analysis

• Government
• Banking and Finance
• Consumer Electronics
• Healthcare
• IT and Telecommunication
• Transport/Logistics
• Defense and Security
• Others

Global Biometric Technology Market: Regional Analysis

• North America
  • The U.S.
• Europe
  • UK
  • France
  • Germany
• Asia Pacific
  • China
  • Japan
  • India
• Latin America
  • Brazil
• Middle East and Africa