Global Biometric Technologies Market Forecast 2023-2032: Estimated Market Size And Growth Rate

November 28, 2023 by The Business Research Company

The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032

The global biometric technologies market is poised for substantial growth, with projections indicating an increase from $46.38 billion in 2022 to $52.85 billion in 2023 at a commendable Compound Annual Growth Rate (CAGR) of 14.0%. Looking ahead, the market is anticipated to reach an impressive $87.16 billion by 2027, maintaining a robust CAGR of 13.3%. A key driver of this growth is the expanding adoption of biometric technologies in the realm of consumer electronics.

The Biometric Boom in Consumer Electronics

Defining Consumer Electronics

Scope: Devices designed for daily non-commercial or professional use by end-users.
Inclusions: Mobile devices, security systems, access control door locks, automotive, home automation, IoT, and game consoles.

Biometrics Integration

Growing Trend: Consumer electronics increasingly incorporate biometric technology for safety and additional features.
Example: Cisco Duo’s 2022 Trusted Access Report highlights an 81% integration of biometrics capabilities in phones.

Security and Adoption Stats

Authentication Rise: Cisco reports a 50% increase in accounts permitting WebAuthn authentication since April 2019.
Transaction Surge: Duo’s multi-factor authentication (MFA) transactions rose by 38% in the previous 12 months.

Market Propulsion

Significance: The growing adoption of biometric technologies in consumer electronics serves as a driving force for the overall biometric technology market.
Outcome: Enhanced safety measures and additional features contribute to increased consumer reliance.

Major Players Shaping the Biometric Landscape

Industry Leaders

Key Players: Fujitsu Frontech Limited, Imageware Systems Inc., Suprema HQ Inc., Thales S.A., NEC Corporation, and others.
Varied Offerings: Companies contribute diverse solutions, covering a spectrum of biometric technology applications.

Technological Advancements: Paving the Way Forward

Focus on Advancements

Industry Trend: Technological advancements emerge as a key trend in the biometric technologies market.
Example: Touchless Biometric Systems (TBS) introduced 3D Fly, an innovative sensor offering on-the-fly user identification in March 2022.

Innovative Solutions

3D Fly Sensor: Captures high-resolution hand pictures, extracting biometric features for superior recognition.
AI Integration: Utilizes AI-assisted hand recognition technology and fast data processing for identification within a second.
User Convenience: Allows users to exhibit their hands while moving past the sensor without stopping.

Market Segmentation

Types: Contact-Based, Contact-Less, Hybrid.
Offerings: Hardware, Software.
Authentication Types: Single-Factor Authentication, Multi-Factor Authentication.
Applications: Face, Hand Geometry, Voice, Signature, Iris, AFIS, Non-AFIS, and Other Applications.
Verticals: Government, Consumer Electronics, Military and Defense, Healthcare, Banking and Finance, Travel and Immigration, Automotive, Security, and Other Verticals.

Regional Dynamics: Asia-Pacific Takes Center Stage

Market Landscape

Regional Dominance: Asia-Pacific emerged as the largest region in the biometric technologies market in 2022.
Contributing Factors: Rising technology adoption and a burgeoning consumer base drive market growth in the region.

Future Trajectory

Asia-Pacific’s Role: Reflects the region’s pivotal position in shaping the adoption and growth of biometric technologies.
Continued Leadership: The region is expected to maintain its leading role in the market in the coming years.

Charting a Course for a Secure Tomorrow

The global biometric technologies market is not just witnessing growth; it’s pioneering a revolution in security and user identification. As major players focus on technological advancements and innovative solutions, consumers can expect a future where biometrics seamlessly integrate into daily life. With market segmentation providing tailored solutions and Asia-Pacific leading the charge, the biometric technologies market promises a secure and technologically advanced future.

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The Biometric Technologies Global Market Report 2023 provides comprehensive insights on the biometric technologies market size, trends and drivers, opportunities, strategies, and competitor analysis. The countries covered in the biometric technologies market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.

View More Related Reports –

Contactless Biometrics Global Market Report 2023

Biometric Sensor Global Market Report 2023

Security And Vulnerability Management Global Market Report 2023

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