Biometric Security Devices Market Size, Share, Analysis, Trends, Growth, Forecasts, 2032

Biometric Security Devices Industry Prospective:

The global biometric security devices market size was worth around USD 42.80 billion in 2023 and is predicted to grow to around USD 120.60 billion by 2032 with a compound annual growth rate (CAGR) of roughly 12.20% between 2024 and 2032.

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Biometric Security Devices Market: Overview

Biometric security devices are digital solutions designed to prompt access to devices, facilities, or systems using unique behavioral or physical characteristics of a person. Biometric security devices are considered next-generation security systems since they can be unlocked only by authorized personnel. The demand for biometric security devices has been growing worldwide due to the advanced protection offered by the systems against unapproved entries.

Devices with biometric technology rely on unique parameters such as voice recognition, fingerprints, facial images,  and iris recognition. These parameters are difficult to replicate and hence provide a secure environment for protecting a facility, confidential information, or a system.

The increasing use of advanced versions of biometric security devices across government offices along with higher demand across commercial buildings and offices is driving the market demand rate. However, competition from alternate security devices along with the high cost of implementing biometric technology may limit the biometric security devices industry’s expansion rate.

Key Insights:

• As per the analysis shared by our research analyst, the global biometric security devices market is estimated to grow annually at a CAGR of around 12.20% over the forecast period (2024-2032)
• In terms of revenue, the global biometric security devices market size was valued at around USD 42.80 billion in 2023 and is projected to reach USD 120.60 billion by 2032.
• The biometric security devices market is projected to grow at a significant rate due to the growing demand for government and commercial facilities.
• Based on the authentication type, the single-factor segment is growing at a high rate and will continue to dominate the global market as per industry projections.
• Based on the components, the hardware segment is anticipated to command the largest market share.
• Based on region, North America is projected to dominate the global market during the forecast period.

Biometric Security Devices Market: Growth Drivers

Growing demand in government and commercial facilities will drive market demand rate

The global biometric security devices market is expected to grow due to the increasing use of safety devices across government facilities and commercial buildings. Biometric security devices are useful in prohibiting the access of an unauthorized person to a facility or a system. Government facilities are only available for entities working with the government.

In addition, government-owned buildings or systems contain highly confidential information, and only limited people in power are allowed to view the content or enter a facility. In such cases, biometric security devices act as an excellent tool for limiting the reachability of people to confidential data or a unit. In July 2024, the Economic Community of West African States (ECOWAS) announced that construction of The Eye of West Africa building will be completed by February 2025.

Moreover, the use of biometric security devices across commercial buildings such as corporate offices and entertainment centers has also increased over the years. The growth trend is driven by the growing number of commercial buildings worldwide. In June 2024, Larsen & Toubro (L&T), an Indian multinational conglomerate, announced the launch of a new Research & Development (R&D) center in Poland. Such facilities require cutting-edge security systems fueling the demand for biometric technology.

Surging adoption of biometric technology across consumer electronics will continue fueling the industry’s growth rate

The demand for biometric security devices is expected to receive higher growth momentum due to the increased use of the solution across consumer electronic products. Modern smartphones, laptops, tablets, and other accessories are equipped with biometric technology. The most common authentication types used in consumer electronics are fingerprints or facial recognition.

In February 2024, the Asus Expertbook B5 laptop was released with the biometric Match-on-Chip PC solution by Fingerprint Cards AB. In addition to this, most online payment gateways such as Paypal, Google Pay, and others provide an option to authenticate a transaction using biometric parameters. The surging consumption of modern consumer electronics will continue driving revenue in the global biometric security devices market.

Biometric Security Devices Market: Restraints

High cost of technology implementation will limit the industry’s expansion rate

The global industry for biometric security is expected to be limited by the expenses associated with the development and implementation of biometric systems. The advanced versions of the technology tend to be costlier than the basic biometric security devices. For instance, the price of implementing retina or iris scanners can be more than USD 1000. The integration of biometric security devices in existing technology infrastructure also requires higher investments.

Biometric Security Devices Market: Opportunities

Uninterrupted R&D activities and consistent launch of new solutions will continue to generate more market expansion possibilities

The global biometric security devices market is anticipated to be propelled by continuous investments in research & development activities. Market players are offering improved solutions with comprehensive applications. Additionally, parameters such as ease of use, compatibility with legacy systems, and higher security are gaining more interest from developers.

In September 2024, NEC Corporation announced that the company will soon be launching a new biometric authentication technology equipped to authenticate a large number of people at one time. The novel system will also be functional even when people are in motion.

As per company claims, the technology will be highly useful in managing congestion in busy infrastructure and during events. Similarly in September 2024, TVS Electronics Limited (TVS-E), a leading producer of electronics along with other related services, launched its new Biometric Security Solutions. The company is offering a wide range of fingerprint recognition devices with advanced applications.

Biometric Security Devices Market: Challenges

Competition from alternate solutions will challenge the market expansion rate

The global biometric security devices industry is expected to be challenged by the presence of alternate technologies for providing protection against unwanted entries. For instance, two-factor authentication has become widely popular to protect digital applications and tools. Physical Access Control Systems (PACS) enjoy popularity across industries and geographical locations.

Biometric Security Devices Market: Segmentation

The global biometric security devices market is segmented based on authentication type, offering, component, and region.

Based on the authentication type, the global market segments are five-factor, four-factor, three-factor, two-factor, and single-factor. In 2023, the highest growth was witnessed in the single factor segment. It dominated nearly 58% of the total segmental share. Single-factor biometric authentication is economical and practical. Multiple-factor authentication can be time-consuming and cause delays in executing a task.

Based on the offering, the global biometric security devices industry is divided into hybrid, contactless, and contact.

Based on the components, the global market divisions are services, software, and hardware. In 2023, the highest growth was registered in the hardware segment. It generated nearly 43% of the total revenue. The growth rate is a result of increased demand for advanced biometric security features in almost all forms of consumer electronics. The software segment is expected to grow due to a rise in investments in software advancements and applications.

Biometric Security Devices Market: Report Scope

Biometric Security Devices Market: Regional Analysis

North America to deliver the highest revenue during the projection period

The global biometric security devices market is expected to be led by North America during the forecast period. In 2023, around 31% of the global revenue was generated by the North American market. The extensive use of biometric security devices across government-based offices and infrastructure was one of the key drivers for higher regional revenue.

The US has been increasing its investments in national security over the years. In the fiscal year 2022, the total spending bill for the Pentagon in the US was around USD 783 billion. The increased demand for biometric security systems across healthcare, retail, and other industries is further impacting the market growth trends.

Asia-Pacific is expected to emerge as the fastest-growing region in biometric security devices industry, as per research. The presence of key manufacturers of advanced biometric security solutions across countries such as South Korea, Japan, India, and China will assist in delivering higher revenue.

n July 2024, a South Korean producer of biometric access control systems and time & attendance technologies announced the launch of a cloud integration platform. The tool is expected to help businesses easily integrate biometric access control devices into their systems.

Biometric Security Devices Market: Competitive Analysis

The global biometric security devices market is led by players like:

• Crossmatch (now part of HID Global)
• VoiceTrust
• Fingerprint Cards AB
• IDEMIA
• NEC Corporation
• Iris ID
• Thales Group
• Suprema
• BIO-key International
• ZKTeco
• SecuGen
• Gemalto (part of Thales)
• SecureAuth
• Innovatrics
• Aware Inc.

The global biometric security devices market is segmented as follows:

By Authentication Type

• Five Factor
• Four Factor
• Three Factor
• Two Factor
• Single Factor

By Offering

• Hybrid
• Contactless
• Contact

By Component

• Services
• Software
• Hardware

By Region

• North America
  • The U.S.
  • Canada
• Europe
  • France 
  • The UK
  • Spain
  • Germany
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Southeast Asia
  • Rest of Asia Pacific
• Latin America
  • Brazil
  • Mexico
  • Rest of Latin America
• Middle East & Africa
  • GCC
  • South Africa
  • Rest of Middle East & Africa