The Biometrics Technology Market was valued at US$ 47,672.9 Mn in 2022 and is forecast to reach a value of US$ 184,890.7 Mn by 2030. Biometrics allows a person to be identified based on physical characteristics that can be used to identify individuals. For example fingerprint mapping, facial recognition, retina scans. Biometrics identifiers include unique ways, for individual identification such as DNA, fingerprints, voice for authentication purposes. Moreover, biometrics data can be used to access information in devices like smartphones.
Biometrics Technology Market: Drivers
During the forecast period, the global biometrics technology market is anticipated to expand driven by rising security concerns as a result of rising terror attacks.
The recent increase in terrorist attacks around the world has given biometric security a lot of traction. Over 11,000 people were killed and 21,600 people were injured in 6,771 terrorist attacks worldwide in 2012, according to the National Consortium for the Study of Terrorism and Responses to Terrorism. In addition, 1,280 people were either kidnapped or held hostage. Biometric technology plays a variety of roles in enhancing public safety in such circumstances. Access to restricted areas is currently authorised using badges and tokens. These methods of authentication are less secure than using a card that can be easily stolen or used improperly. It is less secure because the reading system operates under the presumption that any person holding the card is authorised to receive access. Biometric identification is therefore being used to enhance access control in places like sensitive ones. Thus, during the anticipated period, these factors are anticipated to fuel market growth.
Over the course of the forecast period, the global biometrics technology market is anticipated to expand driven by biometrics' ease of use.
The fact that biometrics technology makes use of a person's physiological and behavioral characteristics to grant access to restricted areas is its primary benefit. Biometrics eliminate the human tendency to forget passwords when entering restricted areas. Because the information pertaining to a specific person is stored in the central database or server, they help to reduce the documentation cost associated with maintaining a password system. As a result, the growth of the global biometrics technology market is anticipated to be fueled by these factors over the forecast period.
Biometrics Technology Market: Opportunities
The creation of solutions based on multimodal biometrics may present lucrative growth opportunities.
The type of application and the level of security required will determine which biometrics technology is utilized. Although biometrics is a useful tool that addresses the new concerns of customers, no biometric technology is capable of meeting all of their requirements. As a result, multimodal biometrics are utilized to enhance biometric technology's security. The best security is provided by multimodal biometrics, which employ one or more behavioral or physiological characteristics for verification, enrollment, or identification.
Activities related to research and development may present significant business opportunities.
In order to develop new products, major market players are concentrating on research and development. For instance, Accu-Time Systems, Inc. introduced the AccuTouch USB fingerprint scanner in November 2012. To get more precise results, this device uses a variety of light wavelengths to capture data and surface information from capillaries one millimeter below the skin's surface. The FAST, or Fingerprint Authentication Security Test, was launched in October 2013 by BIO-Key International, Inc., giving businesses the opportunity to evaluate fingerprint technology.
Biometrics Technology Market: Restraints
During the forecast period, the global market for biometrics technology is anticipated to be limited by the high cost of installation.
Despite the fact that biometrics technology is effective and consistent, small-scale industry players cannot afford to install it. Each biometric technology has a different price, for example, iris recognition systems cost between US$ 105 and US$ 200. Username and password, authentication tokens like smart cards and standalone tokens, and other low-cost alternatives to biometrics technology as well as systems of authentication based on knowledge, etc. As a result, the global biometrics technology market is anticipated to experience growth restraints during the forecast period.
Over the forecast period, the global biometrics technology market is anticipated to be hampered by biometric technology's lack of reliability.
In the event of illness, biometrics like voice recognition and iris recognition cannot be properly identified. Diabetes affects the eyes of people who have the condition, resulting in differences, for instance, if a person has an eye defect. In addition, biometrics technology finds it difficult to identify a person when their voice varies with age or if they have a throat infection. Additionally, since chemical workers frequently experience fingerprint damage, they are unable to use fingerprint recognition for authentication purposes. In this manner, these elements are supposed to hamper the market development soon.
Global Biometrics Technology Market - Impact of Coronavirus (Covid-19) Pandemic:
Since many biometric technologies, such finger print scanners, vein recognition technology, and others, require touching of surfaces, the COVID-19 epidemic had a moderate effect on the growth of the biometric technology business. Also, during the pandemic, people began using face masks, making it difficult for biometric technology equipment to identify the wearer. Many government organisations also stopped using biometrics. For instance, as a precaution to stop the spread of the coronavirus, the federal government of India suspended the marking of biometric attendance for all of its employees. As a result, less of these gadgets were used because they could spread viruses.Yet, the demand for many biometric equipment has surged because they require no human touch and produce accurate authentication results. Examples include iris scanners and facial recognition technology. As an instance, Tech5 is supplying its facial recognition technology to Chile's COVID-19 health status verification operations to support active searches through active biometric traceability to stop the spread of the sickness. Also, it is being used in a proactive investigation of COVID-19 cases. Employees undergo facial authentication and antigen quick testing once a week to provide health documentation for employers to verify when they arrive at work. As a result, the COVID-19 epidemic had a little effect on the market share of biometric technologies.
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Key Takeaways:
The biometric technology market was valued at US$ 47,672.9 Mn in 2022 and is forecast to reach a value of US$ 184,890.7 Mn by 2030 at a CAGR of 18.46% 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 market in the upcoming years. Furthermore, prices of basic biometric machines such as fingerprint recognition devices, etc. 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 in Asia Pacific region
Biometrics technology market in the Asia Pacific region is expected to see rapid growth in the upcoming years due to stringent government regulations and projects such as Aadhar, e-passport, etc. 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.
Biometrics Technology Market: Competitive Landscape
Key players operating in the market are: Accu-Time Systems, Inc., Daon, Inc., BIO-Key International, Inc., IrisGuard, Inc., Fujitsu Limited, Lumidigm, Inc., IDTECK, Suprema, Inc., 3M Cogent, Inc., RCG Holdings, Ltd., and NEC Corporation.
