The Biometric system market size is projected to grow USD 36.6 billion in 2020 to USD 68.6 billion by 2025; it is estimated to grow at a CAGR of 13.4% during the forecast period. increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications are the major factor propelling the growth of the biometric system market.
Single-factor authentication to lead the biometric system market during the forecast period
Single-factor authentication accounted for a larger market share in 2019, and a similar trend is likely to be observed in the coming years owing to the convenience, cost-effectiveness, and fast responsiveness of the single-factor authentication technique. In this authentication type, biometric technologies such as fingerprint, face, and iris recognition are used prominently. The single-factor authentication method is mainly used in government, travel and immigration, and banking applications. Significant adoption of facial and fingerprint recognition solutions in consumer electronics has spurred the demand for single-factor authentication-based biometric systems.
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Hybrid biometric system market is expected to be the fastest-growing segment during the forecast period
The highest CAGR of hybrid biometric systems is attributed to the increasing adoption of efficient and reliable biometrics. Multimodal biometric solutions offer enhanced safety against spoofing or forgery through multi-level authentication. In addition, many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometric modalities, using contact-based or contactless systems) for security checkpoints at country borders due to the heightened threat of terrorist attacks.
Software offering is expected to be the fastest-growing market for biometric system market during the forecast period
Software play a significant role in ensuring the interoperability and compatibility of biometric devices. The adoption of cloud-based services and AI for biometric devices is expected to boost the requirement for associated software to ensure the compatibility of devices and operating systems for different applications. It is feasible for customers to integrate add-on features in existing hardware by updating the software. Software in biometrics systems complement the function of hardware by storing and recalling spatial data; they also allow live data streaming.
APAC to lead biometric system market during the forecast period
APAC is expected to provide lucrative growth opportunities to the players in the biometric system market in the next few years, owing to the rapid economic growth in major countries of this region. China, Japan, India, and South Korea are the key countries in APAC. The growth of market in APAC is also attributed to technological advancements, increased awareness among the masses regarding the use of biometric systems for security purposes, and lowered cost of devices based on these technologies. Moreover, these countries have taken numerous initiatives for the protection of their citizens. In Japan and China, biometric security systems have been deployed at airports, banks, ATMs, government institutes, and other public places
Key market players
In 2019, Thales (France, www.thalesgroup.com), Safran (France, www.safran-group.com) , NEC (Japan, www.nec.com), ASSA ABLOY (Sweden, www.assaabloy.com), and Fujitsu (Japan, www.assaabloy.com) dominated the global biometric system market.
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