Biometric-based Authentication Market was valued at USD 30.4 Billion in 2022 and is projected to reach USD 63.0 Billion by 2030, growing at a CAGR of 10.1% from 2024 to 2030.
Looking ahead to 2023-2033, the biometric authentication market is expected to continue its growth trajectory, albeit with some significant shifts in demand. Factors such as advances in AI, machine learning, and deep learning will further refine biometric technology, improving accuracy and efficiency. The increasing deployment of 5G technology is expected to increase the demand for biometric solutions in the Internet of Things (IoT) devices and autonomous vehicles.
Despite this optimistic outlook, challenges still remain. The adoption of biometric solutions will be hindered by privacy concerns and data security issues. Stricter regulations regarding the use of biometric data are likely to emerge, which could slow the adoption in some regions. Additionally, the high cost of advanced biometric systems may limit their application in smaller enterprises or developing countries. However, innovations in multi-factor authentication (MFA) solutions and partnerships between technology providers and governments are expected to create new avenues for market growth.
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The Biometric-based Authentication Market has witnessed rapid growth from 2018 to 2022, driven by an increasing need for secure digital authentication methods in various industries. With rising concerns over identity theft, data breaches, and the need for user-friendly authentication solutions, biometric systems have become a popular choice in both consumer and business applications. The market experienced significant advancements in fingerprint recognition, facial recognition, and voice recognition technologies, among others, with a sharp rise in adoption across banking, healthcare, and government sectors.
In 2022, the biometric-based authentication market was valued at a substantial figure, with the demand primarily coming from the Asia-Pacific and North American regions. Increased smartphone adoption, the introduction of facial recognition technology in smartphones, and government initiatives around digital identity management fueled the demand for biometric authentication. Additionally, integration with smart home devices and online services accelerated its use. The trend toward contactless technologies, especially in light of the COVID-19 pandemic, further amplified the market’s growth, positioning biometric authentication as a key player in cybersecurity and customer experience solutions.
Onfido
IDnow
Jumio
Veriff
ID.me
Thales
GBG Plc
Imageware
Verifai
BASIS ID
Persona
Ondato
AU10TIX
iDenfy
Shufti Pro
APLYiD
IDEMIA
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-based Authentication Market
BFSI
Retail and Ecommerce
Tele and Gaming
Healthcare and Transport
Other
Based on Types the Market is categorized into Below types that held the largest Biometric-based Authentication market share In 2023.
Software
Services
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-based Authentication 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-based Authentication Market Outlook
Overview
Market Dynamics
Drivers
Restraints
Opportunities
Porters Five Force Model
Value Chain Analysis
5. Global Biometric-based Authentication Market, By Type
6. Global Biometric-based Authentication Market, By Application
7. Global Biometric-based Authentication Market, By Geography
Global
Europe
Asia Pacific
Rest of the World
8. Global Biometric-based Authentication Market Competitive Landscape
Overview
Company Market Ranking
Key Development Strategies
9. Company Profiles
10. Appendix
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