Biometrics Technology Market, By Component (Face, Hand geometry, Voice, Signature, Iris, AFIS, Non-AFIS, and Others), By End user (Government, Defense Services, Banking and Finance, Consumer Electronics, Healthcare, Home Safety and Security, Transport / Visa / Logistics, and Others (Retail, hospitality, gaming and automobile), And By Geography (North America, Europe, Asia Pacific, Latin America, and Middle East & Africa)

Published In : Apr 2023

Code : CMI4359

Pages :130

Formats :

Excel and PDF

Industry : Information and Communication Technology

Biometrics Technology MarketSize and Trends

The Biometric Technology Market size was valued at US$ 47,672.9 Million in 2022 and is anticipated to witness a compound annual growth rate (CAGR) of 8.9% from 2022 to 2030 Biometrics is a technical term used for body measurements and calculations and refers to metrics related to human characteristics. It analyzes and measures the human body characteristics such as DNA, iris, voice, fingerprints, hand measurements, and so on. for authentication purposes. The captured biometric template is stored in an extracted format in the database. Once the user is registered to the biometric machine, they are asked to give their biometric template for authentication purposes where their original template gets compared with the one that is stored in the database. This comparison is done using a pattern-matching algorithm. Furthermore, if both the templates match then, the user is granted access to secure areas.

Figure 1: Global Biometrics Technology Market Share (%), in terms of Value, By Region, 2022

The biometrics technology market was valued at US$ 47,672.9 Million in 2022 and is estimated to reach US$ 184,890.7 Million by 2030 exhibiting a CAGR of 18.4% between 2023 and 2030.

Biometrics Technology Market Trends:

Increasing security concerns

Rising security concerns and increasing dependence on computers to store important data are expected to drive the biometrics technology market in the upcoming years. Furthermore, prices of basic biometric machines such as fingerprint recognition devices, and others have reduced significantly over the last decade. The minimum cost of a fingerprint attendance system is between US$ 70 to 80. Moreover, improving financial position of the people, as they aspire to safeguard their property has helped this technology to explore new markets across the globe.

Growing adoption of biometric technology in Asia Pacific region

Biometrics technology market in the Asia Pacific region is expected to see rapid growth in the upcoming years in countries like China, Japan and India due to stringent government regulations and projects such as Aadhar, e-passport, and others. Furthermore, biometric market in Central and North Caucus regions of Russia is also expected to grow at a high pace in the upcoming years with the effect from the scheduled Sochi winter Olympics in 2014.