Rising rate of crime and privacy intrusion has raised concerns among individuals and organizations about securing their assets and personal data, which in turn is driving the global market for biometric technology.
PORTLAND, Oregon., March 7, 2022 /PRNewswire/ — Allied Market Research recently released a report titled ” biometric technology market by component (hardware and software), type (physiological biometrics (facial recognition, iris recognition, fingerprint recognition, hand geometry and others), behavioral biometrics (signature recognition, voice recognition and others)) and End User (Public Sector, BFSI, Healthcare, IT & Telecom and Others): Global Opportunity Analysis and Industry Forecast, 2021-2030.” According to the report, the global biometric technology industry was worth $34.95 billion in 2020 and is expected to reach $127.32 billion by 2030, growing at a CAGR of 14.1% from 2021 to 2030.
Drivers, constraints and opportunities
Rising rate of crime and privacy intrusion has raised concerns among individuals and organizations about securing their assets and personal data, which in turn is driving the global market for biometric technology. On the other hand, high installation costs are hampering growth to some extent. However, huge R&D activities and market competition have paved the way for lucrative opportunities in the industry.
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Most biometric devices such as fingerprint scanners, vein recognition and others involve touching surfaces and as a result there has been a sharp drop in demand for these maneuvers from several verticals, especially during the initial phase.
Additionally, the majority of government agencies have suspended the use of biometric attendance for all its employees, as a precautionary measure to control the spread of the coronavirus.
However, other biometric devices such as iris scanner, facial recognition and others have seen higher demand as they do not involve any touch points and provide decent authentication results.
Get a detailed analysis of the impact of COVID-19 on the Biometrics Technology Market:
The hardware segment took the lion’s share
Based on components, the hardware segment held the major share in 2020, generating almost two-thirds of half of the global biometric technology market. This is because these hardware scans are checked against the registered database to approve or deny access to the respective system. The software segment, however, is expected to quote the fastest CAGR of 15.4% during the forecast period. This is because it allows different application software on different operating systems to be compatible.
The physiological biometrics segment held the highest share in 2020
Based on type, the physiological biometrics segment held the highest share in 2020, generating around three-quarters of the global biometrics technology industry. The fact that it is considered highly reliable, as the characteristics of people are unique and cannot be compromised by the influence of the psycho-emotional phase, drives the growth of the segment. The behavioral biometrics segment, on the other hand, would cite the fastest CAGR of 16.8% from 2021 to 2030. This is because it is based on the unique and measurable patterns of human activities such as voice, keystroke, communication, handwriting, middleware, signature, and scent for identification or authentication.
North America held the largest share
Based on region, the market across North America accounted for the major share in 2020, contributing more than two-thirds of the global market biometric technology industry. This is attributed to the growing use of web applications and the internet has increased the demand for security and verification due to the increased threat of cyber attacks and data theft. Asia Pacific, simultaneously, is expected to quote the fastest CAGR of 17.3% throughout the forecast period. Growing usage of internet, online payments, immigration and initiatives like “Digital India” and “Adhar” by Indian government are likely to expand the growth of biometrics market at the fastest pace of the region.
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Main market players
Fujitsu Frontech Limited
Imageware Systems, Inc.
secunet Security Networks AG
3M Company (Congent Systems, Inc.)
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