Biometric Technology Market was valued at USD 40.5 Billion in 2022 and is projected to reach USD 97.6 Billion by 2030, growing at a CAGR of 12.0% from 2024 to 2030.
The Biometric Technology Market has experienced significant developments from 2018 to 2022, driven by advancements in security technology and the increasing demand for contactless solutions. As biometric systems like facial recognition, fingerprint scanning, and iris recognition have become increasingly prevalent, the market has demonstrated a rapid growth trajectory. According to reports, the market size expanded at a compound annual growth rate (CAGR) of 15-20% during this period. With the rise of concerns regarding cybersecurity and data breaches, biometric technology has become an essential tool for identity verification across sectors such as banking, healthcare, and government services.
The demand for biometric solutions surged in 2020 due to the COVID-19 pandemic, which accelerated the need for contactless authentication systems. People increasingly relied on biometrics to avoid touching surfaces, which fueled the adoption of facial recognition and fingerprint scanning technologies. Additionally, mobile biometric authentication became the norm as smartphones equipped with advanced fingerprint sensors and facial recognition technology became more common. With the growing trend of remote work and digital transformation, businesses turned to biometrics for secure access to corporate networks and cloud-based services.
From 2023 to 2033, the demand for biometric technology is expected to continue its upward trajectory, driven by factors such as increased adoption in the automotive industry, demand for secure online payments, and the expansion of biometric applications in government services. Facial recognition technology is anticipated to dominate the market, thanks to its non-invasive and user-friendly nature. Moreover, AI-powered biometric solutions are expected to witness widespread adoption, allowing for more accurate identification and personalized experiences. Furthermore, innovations in multimodal biometrics, which combine various forms of identification, are poised to revolutionize security protocols.
Governments are increasingly relying on biometric systems for border control, immigration processing, and public safety measures. The global push for digitization in various regions, including Asia-Pacific and North America, will further increase the demand for biometric authentication solutions. In parallel, rising concerns regarding privacy and data protection may lead to stricter regulations that influence biometric technology's future deployment.
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3M Company (Cogent Systems
Inc.)
Fujitsu Frontech Limited
ImageWare Systems
Inc.
Suprema
Inc.
Safran S.A.
secunet Security Networks AG
Thales S.A.
BIO-key International
Inc.
NEC Corporation
Precise Biometrics
By the year 2030, the scale for growth in the market research industry is reported to be above 120 billion which further indicates its projected compound annual growth rate (CAGR), of more than 5.8% from 2023 to 2030. There have also been disruptions in the industry due to advancements in machine learning, artificial intelligence and data analytics There is predictive analysis and real time information about consumers which such technologies provide to the companies enabling them to make better and precise decisions. The Asia-Pacific region is expected to be a key driver of growth, accounting for more than 35% of total revenue growth. In addition, new innovative techniques such as mobile surveys, social listening, and online panels, which emphasize speed, precision, and customization, are also transforming this particular sector.
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Growing demand for below applications around the world has had a direct impact on the growth of the Global Biometric Technology Market
Public sector
Banking & financial sector
Healthcare
IT & telecommunication
Others (hospitality
retail
automotive)
Based on Types the Market is categorized into Below types that held the largest Biometric Technology market share In 2023.
Based on physical characteristics
Based on behavioral characteristics
Global (United States, Global and Mexico)
Europe (Germany, UK, France, Italy, Russia, Turkey, etc.)
Asia-Pacific (China, Japan, Korea, India, Australia, Indonesia, Thailand, Philippines, Malaysia and Vietnam)
South America (Brazil, Argentina, Columbia, etc.)
Middle East and Africa (Saudi Arabia, UAE, Egypt, Nigeria and South Africa)
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1. Introduction of the Global Biometric Technology Market
Overview of the Market
Scope of Report
Assumptions
2. Executive Summary
3. Research Methodology of Verified Market Reports
Data Mining
Validation
Primary Interviews
List of Data Sources
4. Global Biometric Technology Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Biometric Technology Market, By Type
6. Global Biometric Technology Market, By Application
7. Global Biometric Technology Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Biometric Technology Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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