Categories: Market Research

Biometrics Market Estimated Growth Potential Through 2023-2032

The Biometrics Global Market Report 2023 by The Business Research Company, provides biometrics market overview across 60+ geographies in the seven regions – Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa for the 27 major global industries. The report covers a ten-year historic period – 2010-2021, and a ten-year forecast period – 2023-2032.

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https://www.thebusinessresearchcompany.com/report/biometrics-global-market-report

According to The Business Research Company’s Biometrics Global Market Report 2023, the global biometrics market size will grow from $32.96 billion in 2022 to $39.37 billion in 2023 at a compound annual growth rate (CAGR) of 19.4%. 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 market size of the biometrics is expected to grow to $73.5 billion in 2027 at a CAGR of 16.9%.

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.

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The biometrics market is segmented:

1) By Biometric Type: IRIS Recognition, Hand Geometry, Facial Recognition, Signature Verification, Fingerprint, Voice Recognition, Palm Vein

2) By Functionality: Contact, Non-contact, Combined

3) By End-User: Government, Defense Services, Banking and Finance, Consumer Electronics, Healthcare, Commercial Safety and Security, Transport/Visa/Logistics, Other End Users

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.

The biometrics market report table of contents includes: