In 2018, the global biometrics technologies market was valued at approximately US$ 14.60 billion and is projected to expand at a compound annual growth rate (CAGR) of 16.2% from 2019 to 2027, reaching an estimated US$ 55.42 billion by the end of the forecast period.
Currently, the adoption of biometric systems is accelerating across various regions worldwide. The Asia Pacific area is at the forefront of this market, particularly due to the rapid increase in biometric implementations for air passenger identification.
The consumer devices sector is experiencing significant growth in both advanced and emerging economies, primarily driven by technological innovations and the smart features these devices offer. Nowadays, consumers utilize these devices for a wide range of activities, including banking and online shopping. Devices like smartphones and tablets have become essential in the daily lives of modern consumers. With ongoing technological advancements, these devices are becoming increasingly sophisticated, incorporating cutting-edge technologies such as artificial intelligence (AI) and the Internet of Things (IoT). Furthermore, the consumer devices market continues to expand as manufacturers consistently introduce new technologies and features, including biometric authentication methods like fingerprint, facial, iris, and voice recognition. Major companies such as Google, Apple, Huawei, and Samsung are significantly boosting the demand for biometric sensors through their integration of these technologies into their products.
The global biometrics technologies market is witnessing remarkable growth, fueled by the rising adoption of biometric-enabled consumer devices, including smartphones, tablets, and smart speakers, among users around the world. As the demand for digital services such as mobile banking, digital payments, and mobile wallets increases, the need for advanced user authentication solutions is also surging, ensuring enhanced security and convenience for users.
The incorporation of biometric features in consumer devices has transformed user identification and credentialing processes in industries like banking and finance, significantly mitigating risks associated with payment fraud, identity theft, and other fraudulent activities. These benefits of mobile biometric authentication are anticipated to propel the growth of the global biometrics technologies market throughout the forecast period from 2019 to 2027.
The biometrics technologies market is categorized based on technology and application. In terms of technology, the market includes segments such as fingerprint recognition, palm recognition, facial recognition, iris recognition, voice recognition, and others. Regarding application, the market is divided into sectors like banking and finance, government, healthcare, military and defense, consumer electronics, and others. Geographically, the biometrics technologies market is divided into five regions: North America, Europe, Asia-Pacific, the Middle East and Africa, and South America.
Key players in the biometrics technologies market include established companies such as Aware, Inc., BIO-key International, Inc., IDEMIA, ImageWare Systems, Inc., Fujitsu Limited, Gemalto NV, Precise Biometrics AB, NEC Corporation, Suprema Inc., and Secunet Security Networks AG.
The overall size of the global biometrics technologies market has been determined through a combination of primary and secondary research methods. The research process begins with comprehensive secondary research utilizing both internal and external sources to gather qualitative and quantitative data related to the global biometrics technologies market. This research also provides an overview and forecast of the biometrics technologies market based on the various segments identified for the global region. Additionally, primary interviews are conducted with industry participants and experts to validate the data and analysis. Participants typically include industry professionals such as vice presidents, business development managers, market intelligence managers, and national sales managers, as well as external consultants like valuation experts, research analysts, and key opinion leaders specializing in the biometrics technologies sector.