Biometric Authentication & Identification Market Size, Share, Growth, and Industry Analysis, By Type (Hardware, Software, Service and Others), By Application (Government, Banking and Finance, Commercial Application and Others) and Regional Insights and Forecast to 2031

Updated On: 22 April 2024

BIOMETRIC AUTHENTICATION & IDENTIFICATION MARKET REPORT OVERVIEW

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The global biometric authentication & identification market size was USD 17930 million in 2021 and will touch USD 54190 million by 2028, at CAGR of 17.1% during the forecast period.

The process of verifying, identifying, and recognizing persons based on their physical or behavioral traits is known as biometrics. They compare a person's identity to a biometric template that is already stored in the database. Because biometrics systems are easy to use and deploy and offer a cost-effective alternative for guaranteeing high-level security and assurance, they are becoming more and more popular worldwide.

The development of image processing and recognition has produced a wide range of effective applications, including medical imaging, security, and surveillance, all of which have generated enormous economic value. The adaptability of this technology has been proved by figure identification capabilities including bar code scanning, automated driving assistance, facial or object recognition, and visual geolocation, among other functions connected to industrial automation.

COVID-19 Impact: Pandemic Infatuated Contactless Biometrics on Cloud Integration Shooted Up the Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing higher-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Touchless biometric solution use has risen due to the COVID-19 pandemic. Particularly, iris scanning and facial recognition have become popular because they eliminate the need for direct touch. A major factor affecting interest in contact-based biometric frameworks is the COVID-19 pandemic. In order to prevent the spread of COVID-19, interest in contact-based biometric systems is anticipated to sharply decline even after the epidemic has gone. Similarly, it is anticipated that contactless biometric frameworks—such as voice, iris, and face recognition—will become increasingly common after COVID-19

LATEST TRENDS

"Artificial Intelligence Integration and Cloud-Based Solution to Refurbish the Market Growth"

Biometric systems are increasingly integrating machine learning (ML) and artificial intelligence (AI). As a result, systems are able to learn and adapt continually, thereby increasing their accuracy and performance. AI may also be used to identify and stop spoofing efforts. Cloud-based biometric authentication is becoming more and more popular because it provides remote access, scalability, and flexibility. Because of this, businesses may use biometric authentication without having to make large infrastructure expenditures.

BIOMETRIC AUTHENTICATION & IDENTIFICATION MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into hardware, software, service  and others.

Hardware: This includes time and attendance systems, access control, and fingerprint scanners on mobile devices. As 2D and 3D cameras, facial recognition cameras have applications in mobile devices, access management, and surveillance. Applications for iris scanners include government identity, border control, and access control. They are available in both visible and near-infrared light.

Software: Biometric matching algorithms, such as those for fingerprint and face recognition and their uses in identification and authentication. Software development kits (SDKs) for mobile biometrics are used to incorporate biometrics into mobile applications.

Services: Biometric system integration services include consulting, installation, upkeep, and applications in specially designed systems for companies and governmental organizations.

• By Application

Based on application the global market can be categorized into government, banking and finance, commercial application  and others.

Government: Using biometric technology, national ID cards are safe and impenetrable. For precise identification, iris, fingerprint, and facial recognition scans can be used. With functions like fingerprint scanning and face recognition, biometrics improve passport security. Biometrics are employed at border control to confirm travelers' identities. Election fraud is prevented in part by the use of biometric technology in the creation of reliable voter databases. The integrity of the voting process is guaranteed by voter authentication using fingerprint or iris scans. Biometric databases help law enforcement identify and investigate criminal activity. Technologies for face recognition and fingerprint analysis help match suspects to existing data.

Banking and Finance: An additional degree of protection is added to ATM transactions and mobile banking apps by biometric authentication, such as fingerprint and face recognition. In order to lower the possibility of unwanted access, biometrics are employed to confirm customers' identities when they access their accounts. Secure authorization of high-value transactions is ensured via biometric authentication. Additional security measures can be implemented with voice and behavioral biometrics.

Commercial Applications: Commercial buildings are kept safe by biometric systems that regulate access using iris, fingerprint, or face recognition technology. Biometrics are used by time and attendance systems to track employees. Employee computer system authentication is done by biometrics, guaranteeing safe access to confidential information. In healthcare contexts, biometrics may be used to identify patients, guaranteeing precise and safe access to medical information. By offering easy and safe access to hotel rooms, events, and activities, biometrics can improve the overall visitor experience. Devices like tablets and smartphones are secured using biometric authentication, which includes face recognition and fingerprint authentication. In educational institutions, biometrics can be utilized to track attendance and provide secure building access.

DRIVING FACTORS

"High Prevalence of Futuristic Technologies to Augment the Market Growth"

Our perspective of the world is shifting, and mobile biometric authentication and identification will be crucial to the development of technology in the future. These days, mobile biometric authentication and identification are utilized in a wide range of contexts, such as social networking, gaming, healthcare, retail, security, and autos. This technology is being used by several automakers to create self-driving cars, which aim to prevent accidents and maintain traffic laws and regulations. Additionally, the healthcare sector uses this technology for micro surgical treatments. For reasons of safety and security, technology such as security cameras, facial recognition software, drones, and other image recognition tools have been created. The market is expanding as a result of the growing adoption of mobile biometric identification and authentication in several applications.

"Growing Demand for Enhanced Security Functions to Upend the Market Growth"

Everyone needs security, and new innovations and technology are being used everywhere to make security better. These days, a wide variety of image-recognition security gadgets have been created. Drones, security cameras, and facial recognition biometric technologies all improve people's sense of safety and security. Because image recognition technology enhances user experiences and opens up new platforms, it is utilized in many products, such as gaming and retail.

RESTRAINING FACTORS

"Challenges with the High Installation Cost to Hold Back the Market Growth"

During the projection period, the biometric authentication and identification market will face significant challenges due to many factors such the high cost of installing image mobile biometric authentication and identification and a shortage of technical specialists in the field. However, certain issues may restrict the worldwide biometric authentication & identification market growth.

BIOMETRIC AUTHENTICATION & IDENTIFICATION MARKET REGIONAL INSIGHTS

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Asia Pacific to dominate the Market owing to Readily Availability of Raw Materials

The market is primarily segregated into North America, Latin America, Europe, Asia Pacific, and the Middle East & Africa.

Asia Pacific region ranks highest in the growth rate and biometric authentication & identification market share. Because of its advantages in terms of raw materials and a large pool of cost-competitive workforces, the region holds a major market position in the worldwide market for mobile biometric authentication and identification. China and Japan lead the regional market with notable innovations in retail, consumer electronics, and surveillance. Approximately 40% of CCTV cameras worldwide are made in China. Over the course of the forecast period, the APAC mobile biometric authentication and identification market is anticipated to develop at the quickest rate.

KEY INDUSTRY PLAYERS

"Notable Market Players Shaping the Market and Contributing in the Market Expansion"

Due to their significant market influence, major market players are essential for understanding consumer preferences and industry dynamics. Because of these big companies' extensive retail networks and online platforms, customers may easily browse through an enormous variety of clothing selections. Due to their strong global presence and well-known brand, which have also strengthened customer loyalty and confidence, product adoption has increased. 

List of Market Players Profiled

• IDEMIA (France)
• Thales (France)
• ASSA ABLOY (Sweden)
• NEC (Japan)
• Fujitsu (Japan)
• Stanley Black & Decker (France)
• Dermalog (Germany)
• Suprema (South Korea)
• M2SYS Technology (U.S.)
• Aware (U.S.)
• Daon (U.S.)
• Cognitec Systems (Germany)

INDUSTRIAL DEVELOPMENT

• March 2023: The two firms have formed a new organization to integrate Knomi, Aware, Inc.'s industry-leading mobile biometric authentication framework into the Uquod platform.
• November 2022: Starting to receive a lot of publicity is NEC Corporation's most recent multimodal biometric authentication solution, which forms the basis of its biometric authentication "Bio-IDom" brand (*1).

REPORT COVERAGE

The research provides forecasts for future market expansion in addition to a comprehensive SWOT analysis. It examines a wide range of market classifications, potential uses, and important factors that fuel the market's expansion in order to determine how the industry develops over the next several years. By considering both historical turning points and current trends, the research offers a thorough picture of the market's components and highlights potential growth prospects.