Global Biometrics Market to Hit USD 31.24 Billion by 2030, Growing at 15.06% CAGR, Driven by Rising Smartphone Adoption, States Kings Research

DUBAI, UAE, Dec. 19, 2023 /PRNewswire/ --  As per the latest report published by Kings Research, the global Biometrics Market size was recorded at USD 8.84 billion in 2022 and is estimated to grow to USD 31.24 billion by 2030, registering a CAGR of 15.06% over the forecast period of 2023-2030. The biometrics market has experienced significant growth due to the rapid digital transformation and the increasing adoption of mobile devices. Mobile devices, such as smartphones and tablets, are now equipped with built-in biometric sensors, including fingerprint scanners and facial recognition cameras.

Biometrics is the study and evaluation of distinct physical traits that can be utilized for authentication and identification purposes. These traits encompass fingerprints, facial features, iris patterns, voice patterns, or behavior patterns such as writing style or walking analysis. Biometrics provides a safe and dependable approach for verifying a person's identity and finds extensive application in numerous industries and sectors, such as financial transactions, access control, border control, and law enforcement.

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Trending Now: Fingerprint Cards Strengthened Collaboration with Infineon to Advance the Development of Biometric Authentication.

Fingerprint Cards, a leading biometric sensor company, has elevated its status to become a Premium Partner of semiconductor manufacturer Infineon Technologies. In October 2023, Fingerprint Cards expanded its partnership with Infineon to expedite the advancement of biometric authentication technology.  This development underscored their ongoing commitment to collaborative efforts, innovation, and the advancement of biometric technologies for authentication in payment systems, wider applications in the Internet of Things (IoT), and beyond.

Global Biometric Market Snapshot 2018-2030:

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Competitive Landscape

Companies operating in the global biometrics market are focusing on product innovation in order to expand their product lines. For instance, in March 2023, Cerence Inc. introduced the Cerence Assistant, a cutting-edge AI-based biometric engine designed to enhance personalization and security in mobility. This advanced biometric solution, specifically developed for automotive and mobile applications, prioritizes user experience and offers exceptional recognition accuracy despite its compact design.

Key participants in the global biometrics market include:

• Aware, Inc.
• Biometrics Technologies Co., Ltd.
• Cerence Inc.
• Fujitsu Limited
• Hitachi, Ltd.
• Microsoft
• Thales Group
• NEC Corporation
• BIO-key International
• Cognitec Systems GmbH

Surging Demand for Hardware Components to Propel Biometrics Market Expansion

On the basis of component, the hardware segment accounted for the largest share of the global biometrics market revenue in 2022. The increasing demand for hardware that offers convenience, security, and a satisfactory user experience is driving the growth of the segment. Biometric systems utilize a range of devices, such as scanners and sensors, to gather biometric data for the purpose of verifying identification, which is supporting the segment's growth.

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Inclination Towards Non-Contact Biometric Systems to Rise Due to Growing Need to Improve Security

In terms of functionality, the non-contact-based segment is anticipated to experience significant growth through the projection period. This segmental growth is attributable to the growing requirement for time-saving measures and minimizing physical interactions. The inclination towards non-contact biometric systems is foreseen to surge as private companies invest more in fail-safe technology implementation. 

Furthermore, various factors such as the increasing need to improve security, operational efficiency, and the expediency with which employees can access and depart from their workplaces are anticipated to impel the expansion of the segment.

Integration of Biometric Technology in Smartphones to Drive Biometrics Market Growth

The integration of biometric technology into smartphones has notably enhanced both security and convenience, thus contributing to the expansion of the biometric market. Companies in the consumer electronics industry are integrating new functionalities to attract customers and broaden their customer base. Biometric authentication, which employs methods such as fingerprint scanning, facial recognition, iris pattern recognition, or palm vein identification, enhances the overall user experience. Facial recognition technology utilizes sophisticated algorithms to authenticate a user's identity. In the mobile industry, the widespread adoption of biometric technology ensures that both security and usability are prioritized.

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Asia Pacific to Lead Biometrics Market Due to Ongoing Technological Advancements

Asia Pacific is projected to be the largest market for biometrics due to the strong presence of major companies and ongoing technological advancements. Biometrics technology is widely utilized in both public and commercial sectors for employee identification and attendance purposes. Over the years, there has been substantial development in biometric solutions owing to the increasing use of devices such as computers and smartphones.

Biometric technologies, augmented by artificial intelligence and machine learning, offer innovative avenues for identifying unusual behaviors and delivering an extra layer of authentication when required. In response to the growing demand for contactless systems, biometric system manufacturers are consistently urged to allocate resources to R&D, thereby broadening their portfolio of cutting-edge biometric solutions. Moreover, the implementation of government initiatives aimed at encouraging and backing the adoption of biometric authentication systems, combined with the surge in mobile payment transactions, are key factors projected to drive the regional market growth.

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Key Points from TOC:

Chapter 1 Introduction of the Global Biometrics Market 
1.1 Market Definition
1.2 Market Segmentation
1.3 Research Timelines
1.4 Limitations
1.5 Assumptions

Chapter 2 Executive Summary

Chapter 3 Research Methodology
3.1 Data Collection
3.1.1 Secondary Sources
3.1.2 Primary Sources
3.1.3 Research Flow
3.2 Subject Matter Expert Advice
3.3 Quality Check
3.4 Final Review
3.5 Bottom-Up Approach
3.6 Top-down Approach

Chapter 4 Global Biometrics Market Outlook
4.1 Market Evolution
4.2 Overview
4.3 Market Dynamics
4.3.1 Drivers
4.3.2 Restraints
4.3.3 Opportunities
4.3.4 Challenges
4.4 Pricing Analysis
4.5 Porter's Five Forces Analysis
4.6 Value Chain Analysis
4.7 Macroeconomic Analysis

Chapter 5 Impact of Russia-Ukraine War

Chapter 6 Global Biometrics Market, By Authentication Type
Chapter 7 Global Biometrics Market, By Component
Chapter 8 Global Biometrics Market, By Technology
Chapter 9 Global Biometrics Market, By Application
Chapter 10 Global Biometrics Market, By Geography
Chapter 11 North America 
Chapter 12 Europe 
Chapter 13 Asia Pacific 
Chapter 14 Middle East & Africa 
Chapter 15 Latin America 
Chapter 16 Global Biometrics Market Competitive Landscape

Chapter 17 Company Profiles
17.1 Aware, Inc.
17.1.1 Key Facts
17.1.2 Financial Overview
17.1.3 Type Benchmarking
17.1.4 Recent Developments
17.1.5 Winning Imperatives
17.1.6 Current Focus & Strategies
17.1.7 Threat from competition
17.1.8 SWOT Analysis

17.2 Biometrics Technologies Co., Ltd. 
17.2.1 Key Facts
17.2.2 Financial Overview
17.2.3 Type Benchmarking
17.2.4 Recent Developments
17.2.5 Winning Imperatives
17.2.6 Current Focus & Strategies
17.2.7 Threat from competition
17.2.8 SWOT Analysis

17.3 Cerence Inc.
17.3.1 Key Facts
17.3.2 Financial Overview
17.3.3 Type Benchmarking
17.3.4 Recent Developments
17.3.5 Winning Imperatives
17.3.6 Current Focus & Strategies
17.3.7 Threat from competition
17.3.8 SWOT Analysis

17.4 Fujitsu Limited
17.4.1 Key Facts
17.4.2 Financial Overview
17.4.3 Type Benchmarking
17.4.4 Recent Developments
17.4.5 Winning Imperatives
17.4.6 Current Focus & Strategies
17.4.7 Threat from competition
17.4.8 SWOT Analysis

17.5 Hitachi, Ltd.
17.5.1 Key Facts
17.5.2 Financial Overview
17.5.3 Type Benchmarking
17.5.4 Recent Developments
17.5.5 Winning Imperatives
17.5.6 Current Focus & Strategies
17.5.7 Threat from competition
17.5.8 SWOT Analysis

Continued……….

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