Biometrics Global Market Report 2024 - By Size, Share, Growth, Trends, Forecast To 2033

The biometrics market size has grown rapidly in recent years. It will grow from $39.12 billion in 2023 to $45.89 billion in 2024 at a compound annual growth rate (CAGR) of 17.3%. The growth in the historic period can be attributed to security concerns, government initiatives, rising cyber threats, increasing integration in smart devices, growing acceptance.

The biometrics market size is expected to see rapid growth in the next few years. It will grow to $83.23 billion in 2028 at a compound annual growth rate (CAGR) of 16.0%. The growth in the forecast period can be attributed to emergence of biometric-as-a-service (BaaS), expansion in healthcare, border control and immigration, biometrics in financial services. Major trends in the forecast period include AI and machine learning integration, rapid technological advancements, mobile biometrics expansion, emphasis on data privacy and regulation.

Market Overview -
Biometrics refers to biological instruments used to identify individuals based on various parameters such as fingerprints, facial recognition, and other attributes that are mainly used for identification and access control and for identifying those who are being monitored based on physical or behavioral characteristics.

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Biometric Revolution In Consumer Electronics For Enhanced Authentication And Identification
The increasing use of biometric technology in consumer electronics for authentication and identification applications is driving the biometrics market. Biometric sensors are becoming a more common security feature in smartphones and other gadgets, and the low cost of biometric technology allows manufacturers to incorporate them into a larger range of goods. Consumer electronic devices such as access door locks, security devices, home automation, IoT, cars, game consoles, and mobile devices are increasingly utilizing biometric technology to enhance the security of the devices. Fingerprint, face, and voice recognition are becoming more popular methods of authenticating an individual for access and payments. They are faster, simpler, and more secure than standard credentials or PINs, which are difficult to recall and easy to steal. According to a survey conducted by Visa in May 2022, 86% of the consumers are interested in using biometrics to authenticate their identity for making payments, 70% of the consumers responded that biometrics are easier to use, and 46% believe they are more secure than passwords or PINs. Therefore, the increasing use of biometric technology in consumer electronics for authentication and identification applications is expected to boost the biometrics market during the forecast period.

Competitive Landscape -
Major companies operating in the biometrics market report are Hitachi Corporation, Siemens AG, 3M Company, Fujitsu Limited, NEC Corporation, Thales Group, Leidos Holdings Inc., IrisGuard Ltd., NEXT Biometrics Group ASA, Nuance Communications Inc., Advent International, GB Group plc, M2SYS Technology, Fingerprint Cards AB, Suprema Inc., Paravision, BioEnable Technologies Pvt. Ltd., Cognitec Systems GmbH, Authentix, Aware Inc., Assa Abloy AB, Innovatrics s.r.o., Biokey International, FaceFirst Inc., BioID AG, Crossmatch Technologies Inc., ImageWare Systems Inc., Phonexia SRO, IDEX Biometrics ASA, S.I.C. Biometrics Global Inc.

Biometrics Forges Strategic Partnership With Paravision To Deliver Advanced Face And Fingerprint Biometric Solutions
Strategic partnership is a key trend gaining popularity in the biometrics market. The companies operating in the biometrics market are focusing on entering a strategic partnership with technology to expand their product development activities and business reach. In August 2021, NEXT Biometrics, a Norway-based company that delivers high-security fingerprint sensors to device and product manufacturers, entered into a partnership agreement with Paravision to provide dual authentication techniques to clients who require face and fingerprint biometric solutions. Paravision is a US-based computer vision firm that specializes in face recognition.

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Key Segments -
The biometrics market covered in this report is segmented -
1) By Biometric Type: IRIS Recognition, Hand Geometry, Facial Recognition, Signature Verification, Fingerprint, Voice Recognition, Palm Vein
2) By Functionality: Contact, Non-contact, Combined
3) By End-User: Government, Defense Services, Banking and Finance, Consumer Electronics, Healthcare, Commercial Safety and Security, Transport/Visa/Logistics, Other End Users

Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics

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