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Biometrics Market: Current Analysis and Forecast (2022-2028)
Emphasis on Component (Hardware and Software); Authentication Type (Single-Factor and Multi-Factor); Biometric Type (IRIS Recognition, Hand Geometry, Facial Recognition, Signature Verification, Fingerprint, and Others); Contact Type (Contact-based and Non-contact-based); End-User (Government, Healthcare, Banking, and Financial Services, and Others); and Region/Country
The Biometrics Market is expected to grow at a strong CAGR of around 16% owing to the increasing need for convenient and fast modes of authentication and the rising need for easy-to-operate or user-friendly security systems. Biometrics are biological measurements or physical characteristics that can be used to identify an individual. For example, fingerprint mapping, facial recognition, and retinal scanning are all biometric technologies. Researchers claim that ear shapes, sitting and walking patterns, distinctive body odors, hand veins, and facial contortions are also unique identifiers, these characteristics further define biometrics. The growing adoption of biometrics in consumer electronics, banking and financial services, and the automobile industry is also contributing to the growth of the market. Furthermore, significant advances in biometric solutions designed for authentication and identification applications further influence the biometrics market. For instance, in November 2020, SIMPLEX QUANTUM, Inc. announced that it has completed registration in the United States of a patent for a system designed to accurately authenticate an individual’s electrocardiogram (ECG) waveform data.
Some of the major players operating in the market include Fujitsu, NEC Corporation, Thales, Assa Abloy, Cognitec Systems GmbH, Suprema Inc., IrisGuard Ltd., M2SYS Technology, Leidos Holdings Inc., and Precise Biometrics Several M&As along with partnerships have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst component, the hardware segment held a prominent share of the market in 2020”
Based on component, the market is segmented into hardware and software. The hardware segment catered to a significant share of the market in 2020. This is because biometrics hardware balances convenience, security, and user experience. Biometric devices are most commonly used in security, banking, mobile access and authentication, law enforcement, public transportation, schools, home help, and building access. Biometric hardware uses automated methods to confirm or recognize the identity of a living person based on their physiological or behavioral characteristics. These features include fingerprint, facial image, iris, and voice recognition.
“Amongst authentication type, multi-factor segment held a significant share of the market in 2020”
By authentication type, the market is bifurcated into single-factor and multi-factor. Among these, the multi-factor authentication type accounted for a prominent share of the global biometrics market in 2020. This is because multi-factor authentication is widely adopted throughout industries due to the high level of security provided by multi-factor authentication. It is a key component of biometrics for better security. While it can be useful for hackers to identify a single authorization factor, multiple layers of real-time access verification and monitoring are important for adhering to the biometrics.
“Asia-Pacific to grow at a strong CAGR during the forecast period”
Asia-Pacific biometrics market is anticipated to grow at a substantial CAGR during the forecast period. The presence of prominent biometric system manufacturers in the region such as Fujitsu and NEC Corporation is expected to contribute to the growth of the region owing to the rapid economic growth in major countries such as China, India, Japan, and South Korea. The growth of the biometrics market in the region is also due to technological advances and growing public awareness of the use of biometrics systems for security purposes.
Reasons to buy this report:
- The study includes market sizing and forecasting analysis validated by authenticated key industry experts.
- The report presents a quick review of overall industry performance at one glance.
- The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolios, expansion strategies, and recent developments.
- Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry.
- The study comprehensively covers the market across different segments.
- Deep dive regional level analysis of the industry.
Customization Options:
The global biometrics market can further be customized as per the requirement or any other market segment. Besides this, UMI understands that you may have your own business needs, hence feel free to connect with us to get a report that completely suits your requirements.
Table of Content
Research Methodology for the Biometrics Market Analysis (2022-2028)
Analyzing the historical market, estimating the current market, and forecasting the future market of the global biometrics market were the three major steps undertaken to create and analyze the adoption of biometrics in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global biometrics market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the biometrics market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the biometrics market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments are included in the report as component, authentication type, biometric type, contact type, and end-user. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the biometrics market. Further, we conducted factor analysis using dependent and independent variables such as component, authentication type, biometric type, contact type, and end-user of the biometrics market. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the biometrics market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global biometrics market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast for 2028 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
- The industry’s market size, in terms of revenue (USD) and the adoption rate of the biometrics market across the major markets domestically
- All percentage shares, splits, and breakdowns of market segments and sub-segments
- Key players in the global biometrics market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
The data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers for each segment and sub-segment of the global biometrics market. data was split into several segments & sub-segments post studying various parameters and trends in the areas of the component, authentication type, biometric type, contact type, and end-user in the global biometrics market.
The main objective of the Global Biometrics Market Study
The current & future market trends of the global biometrics market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments on the qualitative and quantitative analysis performed in the study. Current and future market trends determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit from a first-mover advantage. Other quantitative goals of the studies include:
- Analyze the current and forecast market size of the biometrics market in terms of value (USD). Also, analyze the current and forecast market size of different segments and sub-segments
- Segments in the study include areas of the component, authentication type, biometric type, contact type, and end-user
- Define and analysis of the regulatory framework for the biometrics industry
- Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
- Analyze the current and forecast market size of the biometrics market for the major region
- Major countries of regions studied in the report include Asia Pacific, Europe, North America, and the Rest of the World
- Company profiles of the biometrics market and the growth strategies adopted by the market players to sustain in the fast-growing market
- Deep dive regional level analysis of the industry
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