Biometric System Market Size was valued at USD 42.99 billion in 2022, and is expected to reach USD 127.01 billion by 2030, and grow at a CAGR of 14.5% over the forecast period 2023-2030.
Biometric systems are a type of technology that uses biological data to determine a person's identity. These technologies are frequently employed in businesses for statistical analysis of people's behavioural and physical characteristics. Biometric authentication is created by the biometric sector to demonstrate that each individual's physical and behavioural characteristics are distinct and unique. The majority of businesses employ these systems, which helps to drive the worldwide biometric system market forward. One of the key reasons for the growth of the biometric system market is the simple and unique biometric operation.
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KEY DRIVERS:
Rise in use of biometric technology.
Identification application.
RESTRAINTS:
Significant associated cost.
Halt on industrial applications.
OPPORTUNITIES:
Advancement in Biometric System.
Use of Computers and mobile Phones.
CHALLENGES:
Concern about Data security.
Lack of technical knowledge.
COVID-19 has had a severe impact on the global economy as well as all industries. To stop the plague from spreading, governments in several countries have established borders. The initial phase of the epidemic's global shutdown in many countries has had a significant influence on people's lives and quality of life. As a result, the global supply chain has been shattered. The global economy has shrunk as commodity demand has decreased considerably. Due to the outbreak, which has caused a lack of immature materials, production in all industries has been slowed. Productivity declines are caused by variables such as depreciation and supply chain disruption.
The global economy's growth pace has been slowed by the coronavirus outbreak. The COVID19 epidemic not only caused a worldwide health disaster, but it also wreaked havoc on the financial markets. Companies were obliged to shut down their operations as a result of the lockdown limitations, which severely impacted the whole supply chain. People's reliance on electronic devices and gadgets grew dramatically as they stayed largely at home. The emergence of biometric systems was aided by the increased use of electronics systems, which increased demand for biometric systems.
Several sectors changed to automation systems and heavily deployed biometric technologies in their companies during the pandemic. Even in these challenging times, increased demand for biometric systems in a variety of industries aided in maintaining consistent growth.
By Industry, Government, Consumer Electronics, Military & Defense, Healthcare, Banking & Finance, Travel & Immigration, Automotive, Security, Others are all segments of the biometrics market. Over the projection period, consumer electronics and banking and finance are expected to develop significantly. Device authentication, point-of-sale transactions, mobile banking, government IT systems, ATMs (cash machines), wearable device authentication, and pharmacy dispensing are all part of the end-use segmentation.
BY TYPE
Contact-Based
Contact-less
Hybrid
BY AUTHENTICATION TYPE
Single-Factor Authentication
Multi-Factor Authentication
BY TECHNOLOGY
Hardware
Software
BY MOBILITY
Fixed
Portable
BY INDUSTRY VERTICAL
Government
Consumer Electronics
Military & Defense
Healthcare
Banking & Finance
Travel & Immigration
Automotive
Security
Others
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The biometric system market research is conducted across many geographies, including North America, Europe, Asia-Pacific, and the rest of the globe. Because of the increased adoption of biometrics technology by security and government organisations, the North American region is expected to account for the biggest biometric system market share. The expansion of fingerprint recognition applications in the United States has accelerated the growth of the biometric system market in that country. Due to increased adoption in security objectives for protecting national treasures and for e-passport verification, the Asia-Pacific region will also grow at a high CAGR throughout the projection period.
REGIONAL COVERAGE:
North America
USA
Canada
Mexico
Europe
Germany
UK
France
Italy
Spain
The Netherlands
Rest of Europe
Asia-Pacific
Japan
south Korea
China
India
Australia
Rest of Asia-Pacific
The Middle East & Africa
Israel
UAE
South Africa
Rest of Middle East & Africa
Latin America
Brazil
Argentina
Rest of Latin America
The key players in the Global Biometric System Market are NEC Corporation, Secunet Security Networks, Fujitsu Ltd., Thales SA, Aware, Gemalto Cogent, Inc, Fulcrum Biometrics, Facebanx, BIO-Key International, Cross Match Technologies, Cognitec Systems GmbH, Precise Biometrics, Safran, Crossmatch, Daon and Other.
Secunet Security Networks-Company Financial Analysis
| Report Attributes | Details |
|---|---|
| Market Size in 2022 | US$ 42.99 Billion |
| Market Size by 2030 | US$ 127.01 Billion |
| CAGR | CAGR of 14.5% From 2023 to 2030 |
| Base Year | 2022 |
| Forecast Period | 2023-2030 |
| Historical Data | 2020-2021 |
| Report Scope & Coverage | Market Size, Segments Analysis, Competitive Landscape, Regional Analysis, DROC & SWOT Analysis, Forecast Outlook |
| Key Segments | • By Type (Contact-Based, Contact-Less, Hybrid) • By Authentication Type (Single-Factor Authentication, Multi-Factor Authentication) • By Technology (Hardware, Software) • By Mobility (Fixed, Portable) • By Industry Vertical (Government, Consumer Electronics, Military & Defense, Healthcare, Banking & Finance, Travel & Immigration, Automotive, Security, Others) |
| Regional Analysis/Coverage | North America (USA, Canada, Mexico), Europe (Germany, UK, France, Italy, Spain, Netherlands, Rest of Europe), Asia-Pacific (Japan, South Korea, China, India, Australia, Rest of Asia-Pacific), The Middle East & Africa (Israel, UAE, South Africa, Rest of Middle East & Africa), Latin America (Brazil, Argentina, Rest of Latin America) |
| Company Profiles | NEC Corporation, Secunet Security Networks, Fujitsu Ltd., Thales SA, Aware, Gemalto Cogent, Inc, Fulcrum Biometrics, Facebanx, BIO-Key International, Cross Match Technologies, Cognitec Systems GmbH, Precise Biometrics, Safran, Crossmatch, Daon and Other. |
| Key Drivers | • Rise in use of biometric technology. • Identification application. |
| Restraints | • Significant associated cost. • Halt on industrial applications. |
The Biometric System Market size was valued at 37.5 billion in 2021 at a CAGR of 14.5%.
The key players in the Biometric System Market are NEC Corporation, Secunet Security Networks, Fujitsu Ltd., Thales SA, Aware, Gemalto Cogent, Inc, Fulcrum Biometrics, Facebanx, BIO-Key International, Cross Match Technologies, Cognitec Systems GmbH, Precise Biometrics, Safran, Crossmatch, Daon and Other.
Significant associated cost and Halt on industrial applications are the factors limiting the Biometric System Market's expansion.
Top-down research, bottom-up research, qualitative research, quantitative research, and Fundamental research.
Manufacturers, Consultants, Association, Research Institutes, private and university libraries, suppliers, and distributors of the product.
Table of Contents
1. Introduction
1.1 Market Definition
1.2 Scope
1.3 Research Assumptions
2. Research Methodology
3. Market Dynamics
3.1 Drivers
3.2 Restraints
3.3 Opportunities
3.4 Challenges
4. Impact Analysis
4.1 COVID-19 Impact Analysis
4.2 Impact of Ukraine- Russia war
4.3 Impact of ongoing Recession
4.3.1 Introduction
4.3.2 Impact on major economies
4.3.2.1 US
4.3.2.2 Canada
4.3.2.3 Germany
4.3.2.4 France
4.3.2.5 United Kingdom
4.3.2.6 China
4.3.2.7 Japan
4.3.2.8 South Korea
4.3.2.9 Rest of the World
5. Value Chain Analysis
6. Porter’s 5 forces model
7. PEST Analysis
8. Global Biometric System Market Segmentation, By Type
8.1Introduction
8.2 Contact-Based
8.3 Contact-less
8.4 Hybrid
9. Global Biometric System Market Segmentation, By Authentication Type
9.1 Introduction
9.2 Single-Factor Authentication
9.3 Multi-Factor Authentication
9.4 Other
10. Global Biometric System Market Segmentation, By Technology
10.1 Introduction
10.2 Hardware
10.3 Software
10.4 Other
11. Global Biometric System Market Segmentation, By Mobility
11.1 Introduction
11.2 Lifting and material handling
11.3 Earth moving
11.4 Transportation
11.5 Others
12. Global Biometric System Market Segmentation, By Industry Vertical
12.1 Introduction
12.2 Government
12.3 Consumer Electronics
12.4 Military & Defense
12.5 Healthcare
12.6 Banking & Finance
12.7 Travel & Immigration
12.8 Automotive
12.9 Security
12.10 Others
13. Regional Analysis
13.1 Introduction
13.2 North America
13.2.1 USA
13.2.2 Canada
13.2.3 Mexico
13.3 Europe
13.3.1 Germany
13.3.2 UK
13.3.3 France
13.3.4 Italy
13.3.5 Spain
13.3.6 The Netherlands
13.3.7 Rest of Europe
13.4 Asia-Pacific
13.4.1 Japan
13.4.2 South Korea
13.4.3 China
13.4.4 India
13.4.5 Australia
13.4.6 Rest of Asia-Pacific
13.5 The Middle East & Africa
13.5.1 Israel
13.5.2 UAE
13.5.3 South Africa
13.5.4 Rest
13.6 Latin America
13.6.1 Brazil
13.6.2 Argentina
13.6.3 Rest of Latin America
14 Company Profiles
14.1 Daon.
14.1.1 Financial
14.1.2 Products/ Services Offered
14.1.3 SWOT Analysis
14.1.4 The SNS view
14.2 NEC Corporation
14.3 Secunet Security Networks
14.4 Fujitsu Ltd.
14.5 Thales SA
14.6 Aware
14.7 Gemalto Cogent, Inc
14.8 Fulcrum Biometrics
14.9 Facebanx
14.10 BIO-Key International
14.11 Cross Match Technologies
14.12 Cognitec Systems GmbH
14.13 Precise Biometrics
14.14 Safran
14.15 Crossmatch
14.16 Other
15 Competitive Landscape
15.1 Competitive Benchmark
15.2 Market Share analysis
15.3 Recent Developments
16 Conclusion
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