The global biometrics market is expected to grow from $27.88 billion in 2021 to $32.48 billion in 2022 at a compound annual growth rate (CAGR) of 16.50%. The biometrics market is expected to grow to $59.32 billion in 2026 at a compound annual growth rate (CAGR) of 16.25%
DUBLIN--(BUSINESS WIRE)--Nov 18, 2022--
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The global biometrics market is expected to grow from $27.88 billion in 2021 to $32.48 billion in 2022 at a compound annual growth rate (CAGR) of 16.50%. The biometrics market is expected to grow to $59.32 billion in 2026 at a compound annual growth rate (CAGR) of 16.25%.
North America was the largest region in the biometrics market in 2021. Asia Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of biometrics include IRIS recognition, hand geometry, facial recognition, signature verification, fingerprint, voice recognition, and palm vein. IRIS recognition devices refer to devices that capture unique patterns in the colored circle of the eye to verify and authenticate identity. Biometrics including contact, non-contact and combined devices are used by the government, the military, banking, finance, consumer electronics, healthcare, commercial safety & security, and logistics.
The increasing use of biometric technology in consumer electronics for authentication and identification applications is driving the biometrics market. Biometric sensors are becoming a more common security feature in smartphones and other gadgets, and the low cost of biometric technology allows manufacturers to incorporate them into a larger range of goods.
Consumer electronic devices such as access door locks, security devices, home automation, IoT, cars, game consoles, and mobile devices are increasingly utilizing biometric technology to enhance the security of the devices. Fingerprint, face, and voice recognition are becoming more popular methods of authenticating an individual for access and payments. They are faster, simpler, and more secure than standard credentials or PINs, which are difficult to recall and easy to steal.
According to a survey conducted by Visa in May 2022, 86% of the consumers are interested in using biometrics to authenticate their identity for making payments, 70% of the consumers responded that biometrics are easier to use, and 46% believe they are more secure than passwords or PINs.
Strategic partnership is a key trend gaining popularity in the biometrics market. The companies operating in the biometrics market are focusing on entering into a strategic partnership with technology to expand their product development activities and business reach.
In August 2021, NEXT Biometrics, a Norway-based company that delivers high-security fingerprint sensors to device and product manufacturers, entered into a partnership agreement with Paravision to provide dual authentication techniques to clients who require face and fingerprint biometric solutions. Paravision is a US-based computer vision firm that specializes in face recognition.
In March 2022, LexisNexis Risk Solutions, a data and analytics company that serves a variety of sectors with data and technology services, acquired BehavioSec for an undisclosed amount. With this acquisition, LexisNexis will integrate BehavioSec's solutions into the risk solution business services, enhancing the company's device and digital identity-focused capabilities, such as LexisNexis ThreatMetrix. BehavioSec is a Sweden-based behavioral biometrics company that uses end users' activities with online and mobile apps to provide continuous authentication.
The countries covered in the biometrics market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, and USA.
Major players in the biometrics market are
2. Biometrics Market Characteristics
3. Biometrics Market Trends And Strategies
4. Impact Of COVID-19 On Biometrics
5. Biometrics Market Size And Growth
5.1. Global Biometrics Historic Market, 2016-2021, $ Billion
5.1.1. Drivers Of The Market
5.1.2. Restraints On The Market
5.2. Global Biometrics Forecast Market, 2021-2026F, 2031F, $ Billion
5.2.1. Drivers Of The Market
5.2.2. Restraints On the Market
6. Biometrics Market Segmentation
6.1. Global Biometrics Market, Segmentation By Biometric Type, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.2. Global Biometrics Market, Segmentation By Functionality, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
6.3. Global Biometrics Market, Segmentation By End-User, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7. Biometrics Market Regional And Country Analysis
7.1. Global Biometrics Market, Split By Region, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
7.2. Global Biometrics Market, Split By Country, Historic and Forecast, 2016-2021, 2021-2026F, 2031F, $ Billion
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Copyright Business Wire 2022.
PUB: 11/18/2022 05:49 AM/DISC: 11/18/2022 05:49 AM
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