Biometric Authentication and Identification Market Overview
Biometric Authentication & Identification Market Size was valued at USD 28.2 billion in 2022. The Biometric Authentication & Identification market industry is projected to grow from USD 32.1762 Billion in 2023 to USD 92.4314 billion by 2032, exhibiting a compound annual growth rate (CAGR) of 14.10% during the forecast period (2023 - 2032).
The process of authenticating, recognizing, and identifying people based on their physical or behavioral features is referred to as biometrics. Their biometric template, which is already stored in the database, is compared to a unique identification. Because they are simple to use and install and offer a practical way to guarantee top-notch security and assurance, biometrics systems are rapidly gaining appeal on a global scale. In addition to this, biometrics technologies are widely utilized in institutional setups, government, and commercial enterprises, and for door access, employee identification, and attendance recording. Additionally, they set up high-security zones to protect the building and lessen the chance of an invasion by automatically recognizing strangers using biometrics.
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COVID will have an impact on the global stockpile of biometric frameworks. This will typically depend on how the situation is resolved internationally and when the production lines start operating at their maximum capacity. The COVID-19 pandemic outbreak has had the biggest impact on interest in contact-based biometric frameworks. To prevent the spread of Covid, interest in contact-based biometric frameworks is likely to decline, even after the epidemic has subsided. Additionally, contactless biometric systems like face recognition, iris recognition, and voice recognition are used to keep track of a rise in popularity following COVID-19.
Biometric Authentication and Identification Market Segmentation
- By Modality
Based on the Modality the market is segmented into market statistics and multimodal biometrics.
- By Motility
Based on the Motility the market is segmented into, fixed and mobile.
- By Application
Based on the Application the market is segmented into, government, consumer electronics, and commerce.
Report Scope:
Report Attribute/Metric | Details |
Market Size in 2030 | USD 82.9 Billion |
Growth rate: | CAGR 14.10% from 2022 to 2030 |
Forecast Period | 2022-2030 |
Report Coverage | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
In-depth Market Research Report (115 Pages) on Biometric Authentication and Identification Market: https://www.marketresearchfuture.com/reports/biometric-authentication-identification-market-870
Biometric Authentication and Identification Market Regional Classification
North America is expected to significantly contribute to the development of the regional market due to its growing interest in biometrics across a variety of industry verticals. This is due to its increased interest in gadgets.
During the reference period, it is predicted that the Asia Pacific region will experience the fastest rate of growth. The rapidly increasing sales of smartphones, tablets, and IoT devices in the Asia Pacific region, which is typically dominated by China and India, are expected to have a significant impact on the market's overall growth over the forecast period.
The Asia Pacific region's developing nations experience rapid advancements in electronic devices and cell phones, as well as rising rates of security risks.
Biometric Authentication and Identification Market Industry News
To develop next-generation eSIM and connectivity solutions for consumer and M2M/IoT devices in January 2022, IDEMIA worked with Microsoft.
The Trusted Digital Identity Service Platform will include a new voice biometric solution from Thales Group in July 2021 for onboarding and authentication. It makes it possible to catch fraudsters who impersonate customers.
Due to the entry of numerous industries with technological advancements in line with market demands, the next-generation biometric authentication and identification market is highly fragmented. The market for next-generation biometrics, however, is very competitive due to the anticipated demand in the future. Siemens AG, Fujitsu Ltd., Fingerprint Cards AB, and Crossmatch Technologies are the principal industrial or market participants.
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To provide biometrics and other digital identity and security technologies to critical infrastructure providers like banks, telecom operators, government agencies, and other utilities, Thales has completed the EUR 4.8 billion acquisition of Gemalto. This creates a global security juggernaut.
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