(MENAFN- GlobeNewsWire - Nasdaq) The Global Biometric technology market Size was Valued at USD 46.52 Billion in 2023 and the Worldwide Biometric Technology Market Size is Expected to Reach USD 171.98 Billion by 2033, according to a research report published by Spherical Insights & Consulting. Companies covered: Accu-Time Systems, Inc., AFIX Technologies, BIO-key International, Inc., Suprema, DERMALOG Identification Systems GmbH, East Shore Technologies, Inc., EyeVerify, Inc., Fujitsu Limited, Crossmatch Technologies, Aware, Inc., SecuGen Corporation, Gemalto NV, Thales Group, Morpho, HID Global Corporation, IDEMIA, Iris ID, Inc., NEC Corporation, and Other Key Players
New York, United States , Aug. 06, 2024 (GLOBE NEWSWIRE) -- The Global Biometric Technology Market Size is to Grow from USD 46.52 Billion in 2023 to USD 171.98 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 13.97% during the projected period.
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Biometric technology identifies and verifies individuals using their unique physical or behavioral traits. These traits can include fingerprints, facial features, iris patterns, and voice characteristics. This technology automates recognition across various applications, including securing access to buildings and devices, confirming identities during financial transactions, managing border security and immigration controls, and ensuring accurate patient identification in healthcare settings. The growing use of smartphones and mobile devices has significantly boosted the adoption of biometric security features, including fingerprint scanning, facial recognition, and iris scanning. These accessible and convenient biometric methods are fueling the expansion of biometric technology. As reliance on mobile devices for daily activities increases, the need for robust security solutions has grown. Consequently, integrating biometric authentication into mobile devices not only enhances security but also delivers a seamless user experience, driving further advancements and widespread acceptance of biometric technology in the market. However, biometric technology gathers and stores sensitive personal information, leading to substantial concerns about privacy and data security. The risk of misuse or unauthorized access to this data poses a significant obstacle to the broader adoption of biometric solutions, particularly in regions with strict data protection regulations.
Browse key industry insights spread across 180 pages with 120 Market data tables and figures & charts from the report on the " Global Biometric Technology Market Size, Share, and COVID-19 Impact Analysis, By Component (Hardware, Software, Service), By Offering (Contact, Contactless, Hybrid), By Authentication Type (Single Factor, Two Factor, Three Factor, Four Factor, Five Factor), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033"
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The hardware segment dominates the market with the highest market share of the biometric technology market during the projected period.
Based on the component, the biometric technology market is divided into hardware, software, and service. Among these, t he hardware segment dominates the market with the highest market share of the biometric technology market during the projected period. The rapid increase in mobile biometric devices, a greater focus on hardware-based security features, and the expanding use of biometric technology in consumer electronics for authentication and identification are major factors driving the growth of biometric technology. The advantages of biometric hardware, including precise identification, high performance, reliability, and robust security, all support the sector's expansion. To enhance hardware capabilities and lower costs for small and medium-sized businesses, many suppliers are investing in research and development to develop innovative technologies.
The contact segment holds the highest market share in the biometric technology market during the projected period.
Based on the offering, the biometric technology market is categorized into contact, contactless, and hybrid. Among these, the contact segment holds the highest market share of the biometric technology market during the projected period. Contact-based biometric systems, including fingerprint, palm print, and signature recognition, are projected to experience substantial growth due to the increasing use of fingerprint recognition technology in consumer electronics. This growing adoption is expected to drive the expansion of the contact-based segment. Additionally, the rising implementation of contact-based biometric systems in athletic facilities, such as wellness gyms, fitness centers, and sports institutions is likely to further enhance the segment's growth. These systems streamline membership management and track training sessions, boosting operational efficiency and improving the overall user experience in such environments. As the need for efficient and secure access solutions in fitness and sports settings continues to increase, contact-based biometric systems will play a vital role in meeting this demand.
The single-factor segment holds the highest market share in the biometric technology market during the projected period.
Based on the authentication type, the biometric technology market is categorized into single-factor, two-factor, three-factor, four-factor, and five-factor. Among these, t he single-factor segment holds the highest market share of the biometric technology market during the projected period. Single-factor authentication has become increasingly popular due to its practicality, quick response, and cost efficiency. Common single-factor technologies, such as facial recognition and fingerprint scanning, are widely utilized in government, banking, travel, and immigration sectors. The rising preference for single-factor systems has been further fueled by their rapid adoption in consumer electronics. The incorporation of these technologies into everyday devices has made authentication more accessible and convenient, enhancing their role in securing various applications and contributing to their broad acceptance.
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North America is expected to hold the largest share of the biometric technology market over the forecast period.
North America is expected to hold the largest share of the biometric technology market over the forecast period. In the U.S., biometric techniques are widely utilized across multiple departments, including defense, homeland security, commerce, justice, and state affairs. The increased adoption of biometric technology in these areas is largely driven by the rising global threats of terrorism, which have intensified the demand for improved safety and security measures. By offering more reliable and efficient methods of identification and authentication, biometric systems are being increasingly deployed to tackle these security challenges, thereby enhancing the overall security infrastructure and response capabilities of these departments.
Asia Pacific is predicted to grow at the fastest pace in the biometric technology market during the projected period. Programs such as Indonesia's e-KTP electronic ID and India's UIDAI project, which employ biometric technologies like facial recognition, fingerprint scanning, and iris scanning, are expected to generate new opportunities in the biometric market. These initiatives aim to improve national identification systems by incorporating advanced biometric methods, enhancing the accuracy and efficiency of identity verification. As these extensive biometric projects are implemented, they are likely to spur significant market growth by broadening the adoption of biometric technologies and creating new prospects for innovation and application across different sectors.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the biometric technology market are Accu-Time Systems, Inc., AFIX Technologies, BIO-key International, Inc., Suprema, DERMALOG Identification Systems GmbH, East Shore Technologies, Inc., EyeVerify, Inc., Fujitsu Limited, Crossmatch Technologies, Aware, Inc., SecuGen Corporation, Gemalto NV, PayEye, Thales Group, Morpho, HID Global Corporation, IDEMIA, Iris ID, Inc., NEC Corporation, Others.
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Recent Developments
In July 2024, Worldline signed an agreement with PayEye to develop and launch biometric-based payment services.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2020 to 2033. Spherical Insights has segmented the biometric technology market based on the below-mentioned segments:
Global Biometric Technology Market, By Component
Hardware Software Service
Global Biometric Technology Market, By Offering
Contact Contactless Hybrid
Global Biometric Technology Market, By Authentication Type
Single Factor Two Factor Three Factor Four Factor Five Factor
Global Biometric Technology Market, By Regional Analysis
North America Europe Germany UK France Italy Spain Russia Rest of Europe
Asia Pacific China Japan India South Korea Australia Rest of Asia Pacific
South America Brazil Argentina Rest of South America
Middle East & Africa UAE Saudi Arabia Qatar South Africa Rest of the Middle East & Africa
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About the Spherical Insights & Consulting
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Which is catering to different industry such as financial sectors, industrial sectors, government organizations, universities, non-profits and corporations. The company's mission is to work with businesses to achieve business objectives and maintain strategic improvements.
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