Biometric Technologies Global Market Report 2023

“Biometric Technologies Global Market Report 2023 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.

This report focuses on biometric technologies market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.

Reasons to Purchase

• Gain a truly global perspective with the most comprehensive report available on this market covering 50+ geographies.
• Understand how the market has been affected by the COVID-19 and how it is responding as the impact of the virus abates.
• Assess the Russia - Ukraine war's impact on agriculture, energy and mineral commodity supply and its direct and indirect impact on the market.
• Measure the impact of high global inflation on market growth.
• Create regional and country strategies on the basis of local data and analysis.
• Identify growth segments for investment.
• Outperform competitors using forecast data and the drivers and trends shaping the market.
• Understand customers based on the latest market shares.
• Benchmark performance against key competitors.
• Suitable for supporting your internal and external presentations with reliable high quality data and analysis
• Report will be updated with the latest data and delivered to you within 3-5 working days of order along with an Excel data sheet for easy data extraction and analysis.
• All data from the report will also be delivered in an excel dashboard format.

Where is the largest and fastest growing market for biometric technologies ? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The biometric technologies market global report ” from The Business Research Company answers all these questions and many more.

The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.

• The market characteristics section of the report defines and explains the market.
• The market size section gives the market size ($b) covering both the historic growth of the market, and forecasting its development.
• The forecasts are made after considering the major factors currently impacting the market. These include:

The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.

The impact of higher inflation in many countries and the resulting spike in interest rates.

The continued but declining impact of COVID-19 on supply chains and consumption patterns.

• Market segmentations break down the market into sub markets.
• The regional and country breakdowns section gives an analysis of the market in each geography and the size of the market by geography and compares their historic and forecast growth. It covers the growth trajectory of COVID-19 for all regions, key developed countries and major emerging markets.
• The competitive landscape chapter gives a description of the competitive nature of the market, market shares, and a description of the leading companies. Key financial deals which have shaped the market in recent years are identified.
• The trends and strategies section analyses the shape of the market as it emerges from the crisis and suggests how companies can grow as the market recovers.

Scope

Markets Covered:

• 1) By Type: Contact-Based; Contact-Less; Hybrid

• 2) By Offering: Hardware; Software

• 3) By Authentication Type: Single-Factor Authentication; Multi-Factor Authentication

• 4) By Application: Face; Hand Geometry; Voice; Signature; Iris; Automated Fingerprint Identification System (AFIS); Non-Automated Fingerprint Identification System (AFIS); Other Applications

• 5) By Vertical: Government; Consumer Electronics; Military And Defense; Healthcare; Banking And Finance; Travel And Immigration; Automotive; Security; Other Verticals

• Companies Mentioned: Fujitsu Frontech Limited; Imageware Systems Inc.; Suprema HQ Inc.; IDEMIA; Secunet Security Networks AG

• Countries: Australia; Brazil; China; France; Germany; India; Indonesia; Japan; Russia; South Korea; UK; USA

• Regions: Asia-Pacific; Western Europe; Eastern Europe; North America; South America; Middle East; Africa

• Time series: Five years historic and ten years forecast.

• Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita,

• Data segmentations: country and regional historic and forecast data, market share of competitors, market segments.

• Sourcing and Referencing: Data and analysis throughout the report is sourced using end notes.

• Delivery format: PDF, Word and Excel Data Dashboard.

Executive Summary

Major players in the biometric technologies market are Fujitsu Frontech Limited, Imageware Systems Inc., Suprema HQ Inc., IDEMIA, Secunet Security Networks AG, Thales S.A., BIO-key International, NEC Corporation, Precise Biometrics, Aware Inc., Cognitec Systems GmbH, Daon Inc., M2SYS Technology, 3M Company, DERMALOG Identification Systems GmbH, Assa Abloy AB, Fulcrum Biometrics LLC, Facebanx Ltd., and Integrated Biometrics LLC.

The global biometric technologies market is expected to grow from $46.38 billion in 2022 to $52.85 billion in 2023 at a compound annual growth rate (CAGR) of 14.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The biometric technologies market is expected to grow to $87.16 billion in 2027 at a CAGR of 13.3%.

The biometric technology market consists of revenues earned by entities by providing fingerprint mapping, facial recognition, and retina scan services. The market value includes the value of related goods sold by the service provider or included within the service offering. The biometric technology market also includes sales of optical sensors, capacitive scanners, ultrasonic sensors, and thermal line sensors which are used in providing biometric technology services. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

Biometric technology is an automated or computerized process that is essential for the security and identification of a person based on some aspect of their biology. It offers enhanced recognition or authentication methods in comparison to conventional techniques like passwords and pin codes. It helps keep information safe from any fraudulent activity and offers secure and long-lasting security benefits to the person or organization.

Asia-Pacific was the largest region in the biometric technologies market in 2022. The regions covered in the biometric technologies market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.

The main types of biometric technology are contact-based, contactless, and hybrid. Contact-based biometric technology is a method of biometric authentication in which the user needs to make physical contact with the machine's sensors or system to get access. The various offerings are hardware and software that have single-factor authentication and multi-factor authentication that are used for face, hand geometry, voice, signature, iris, automated fingerprint identification system (AFIS), non-automated fingerprint identification system (AFIS), and other applications for government, consumer electronics, military and defense, healthcare, banking and finance, travel and immigration, automotive, security, and other verticals.

The growing adoption of biometric technologies in consumer electronics is expected to boost the growth of the biometric technology market going forward. Consumer electronics are any electronic devices designed to be purchased and used by end users, or consumers, for daily and non-commercial or professional purposes. Biometrics-based consumer electronic devices are standalone products that include mobile devices, security systems, access control door locks, automotive, home automation, the internet of things (IoT), and game consoles. The consumer electronics are increasingly incorporating biometric technology for safety and additional features. For instance, according to Cisco Duo's 2022 Trusted Access Report by Cisco Systems Inc., a US-based digital communications technology company, the proportion of phones (which comes under consumer electronics), with integrated biometrics capabilities stayed at about 81 percent over 2021. Also a 50% rise in accounts that permit WebAuthn authentication since April 2019. Additionally, the volume of transactions utilizing Duo's multi-factor authentication (MFA) increased by 38% over the previous 12 months. The report, according to Cisco, is based on information from 13 billion authentications from approximately 50 million unique devices used by clients in North and Latin America, Europe, the Middle East, and Asia-Pacific in 2021. Therefore, the growing adoption of biometric technologies in consumer electronics is driving the growth of the biometric technology market.

Technological advancements are a key trend in gaining popularity in the biometric technologies market. Major companies operating in the biometric technology market are focused on developing innovative solutions using artificial intelligence to strengthen their position in the market. For instance, in March 2022, Touchless Biometric Systems (TBS), a Switzerland-based biometric specialist and security system supplier, introduced 3D Fly, an innovative sensor offering on-the-fly user identification. The 3D Fly sensor captures a high-resolution picture of the complete hand and extracts the biometric features of up to four fingers, which results in superior recognition performance. It uses AI-assisted hand recognition technology, combined with fast data processing, to identify a person within a second. Users can exhibit their hands during the procedure while moving near 3D Fly and past the speed gate without stopping or slowing down.

In June 2021, Prove Identity Inc., a US-based company that provides mobile authentication services, acquired UnifyID for an undisclosed amount. The acquisition will allow Prove's customers to choose from modern authentication techniques, including enhanced push authentication with private and secure location intelligence and passive, dynamic mobile behavioral biometrics based on individuals' distinctive gait and motion signatures. UnifyID is a US-based company that specializes in mobile-based passive authentication and behavioral biometrics.

The countries covered in the biometric technologies market report are: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.

The biometric technology market research report is one of a series of new reports from The Business Research Company that provides biometric technology market statistics, including biometric technology industry global market size, regional shares, competitors with biometric technology market share, detailed biometric technology market segments, market trends, and opportunities, and any further data you may need to thrive in the biometric technology industry. This biometric technology market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.