According to latest research report by DataHorizzon Research, The biometric technology market size was valued at USD 50.3 Billion in 2023 and is expected to reach a market size of USD 173.7 Billion by 2032 at a CAGR of 14.8%.
The demand for secure identification and authentication is rapidly increasing across industries, driving the growth of the biometrics technology market. With the rise of digital transactions and the constant threat of identity theft and fraud, businesses and governments are turning to biometrics as a reliable solution. This shift is further emphasized by the increasing number of data breaches, as reported by the National Center for Education Statistics, showing a 14% increase in violations in the United States in 2021 compared to the previous year.
Biometric technologies, such as fingerprint and facial recognition, provide a unique and highly difficult-to-forge method of verifying an individual’s identity. This inherent characteristic makes them an attractive option for strengthening security measures across various domains. By incorporating biometrics, organizations can improve the accuracy and reliability of authentication processes, thereby reducing the risks associated with unauthorized access and fraudulent activities.
Moreover, the adoption of biometric technologies aligns with broader trends in digital transformation and the advancement of secure digital ecosystems. As businesses and governments prioritize enhancing their cybersecurity measures and protecting sensitive information, biometrics emerge as a crucial facilitator of robust identity verification and access control mechanisms.
The surge in demand for biometrics technology is propelled by the urgent need to address identity-related risks and bolster security measures in an ever-expanding digital landscape. With organizations placing a premium on safeguarding sensitive information and thwarting unauthorized access, biometrics technology stands out as a critical element of robust security strategies. Its significance is underscored by its potential for widespread adoption and sustained growth across various sectors and applications, as businesses and institutions prioritize comprehensive security solutions in an increasingly digitized world.
Segmentation Overview:
The biometric technology market has been segmented into component, type, end-user, and region.
Hardware registered staggering growth in 2023 and will likely influence the global market.
- Based on the market segmentation by component, the biometrics technology market can be divided into hardware and software segments. In 2023, the hardware segment is expected to hold the largest market share, accounting for over 60% of the total market revenue.
The public sector is the largest end-user of biometric technologies
- In the biometrics technology market, the end-user segmentation comprises the public sector, BFSI, healthcare, IT and telecommunications, and others. The public sector is expected to be the largest end-user segment, accounting for around 35% of the market share. This can be attributed to government agencies’ increasing adoption of biometric solutions for various purposes, such as border control, national ID programs, and law enforcement.
Biometric Technology Market Report Highlights:
- The biometric technology market growth is anticipated at a CAGR of 14.8% by 2032.
- Integrating biometrics with emerging technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain, presents significant opportunities for the biometrics technology market.
- North America is a leading region for biometric technology and is projected to retain a dominant position in the coming years.
- Some prominent players in the biometric technology market report include Thales Group, NEC Corporation, IDEMIA, Fujitsu Limited, Precise Biometrics AB, Aware Inc., Secunet Security Networks AG, Cognitec Systems GmbH, ASSA ABLOY AB, Daon Inc., Suprema Inc., and Innovatrics.
