The biometric technologies market size is projected to reach US$ 118.35 billion by 2030 from US$ 37.85 billion in 2022. The market is expected to register a CAGR of 15.3% during 2022-2030. Increasing use of biometric systems at airports is likely to remain a key trend in the market.
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Top Key Players are covered in this report:
1. Aware Inc
2. Thales SA
3. Cognitec Systems GmbH
4. NEC Corp
5. IDEMIA France SAS
6. HID Global Corp
7. Fujitsu Ltd
8. Leidos Holdings Inc
9. M2SYS Technology
10. Precise Biometrics AB
Regional Assessment:
The geographic scope of the Biometric Technologies market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
North America dominated the biometric technologies market share in 2022. The market in this region is segmented into the US, Canada, and Mexico. The market in North America experiences strong and steady growth. A robust economy and government support result in a widescale adoption of high-tech products, hardware, software, and other components across several industries in the US. The market in North America is anticipated to expand at a significant rate during the forecast period owing to the surging demand for biometrics solutions from the IT sector and the rising number of phishing attacks. This encourages market players to develop advanced software to protect their customers from credential theft. For instance, in November 2023, Accu-Time Systems, Inc. announced the launch of the Only|You Face facial recognition system for providing secure, safe, and touchless timekeeping workflows. Only|You Face provides a more hygienic alternative to fingerprint readers or keypads. In Canada, the government is embracing biometrics technologies to strengthen national security measures. Stringent government rules and regulations related to the use of biometrics are driving the market. For example, in January 2024, the Privacy Commissioner of Canada (OPC) drafted guidelines related to the use of biometrics for appropriate purposes. These guidelines refrained from profiling or categorization that leads to unfair, unethical, or discriminatory treatment contrary to human rights law.
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Market Segmentation
Key segments that contributed to the derivation of the biometric technologies market analysis are component, type, authentication type, and end user.
• Based on component, the biometric technologies market is divided into hardware, software, and services. The hardware segment held the largest share in 2022.
• By type, the market is segmented into contact, contactless, and hybrid.
• By authentication type, the market is segmented into single factor authentication and multi-factor authentication.
• By end user, the market is segmented into government, BFSI, healthcare, defense and security, and others.
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The essential aspects like the latest market dynamics, development trends, and growth opportunities are presented, along with industry barriers, developmental threats, and risk factors. The report provides a concise market view that will provide ease of understanding. Also, the study presents the analytical depiction of the global market industry with the current and future estimations of the market.
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