Global Biometric System Market Analysis, Drivers, Restraints, Opportunities, Threats, Trends, Applications, and Growth Forecast to 2028

Global Biometric System Market: Overview

“The global Biometric System market size is expected to be worth around US$ xx Billion by 2021 from US$ X.xx million in 2031, growing at a CAGR of X.x% during the forecast period 2021 to 2031.”

A Biometric System is a technologically driven system that uses digital information to identify individuals. They rely on stored data regarding unique physiological characteristics or biological traits.

A biometric system executes a large dataset by running various algorithms to meet unique results, generally, this result is mainly related to the accurate identification of the end-user.

This system is usually used for security purposes to identify an individual. The system can perform either an 'identification' or verification/ authentication process by performing a three-step process such as capture, process, and enroll.

Global Biometric System Market: Dynamics

Increasing adoption of biometrics devices through government initiatives which increases security, convenience, and superior identity and human resource management in various organizations globally is a major factor estimated to proliferate the growth of the potential market in the near future.

Growing demand for security and surveillance owing to rising physical security threats of terrorist attacks and proprietary damage is among some of the major factors projected to fuel the growth of the global biometric system market over the forecast period.

However, high deployment cost related to smart biometric devices is a major factor projected to limit the growth of the potential market to a significant extent.

In addition, rising security concerns associated with privacy and increasing data breaches are among other challenging factors anticipated to limit the growth of the target market in the coming 10 years.

Increasing technological advancements and upgradation for artificial intelligence-controlled biometric devices is a key factor expected to create market growth opportunities for prominent companies in the global biometric system market during the forecast period.

Global Biometric System Market: Segment Analysis

Among the functionality type, the contact segment is projected to dominate in terms of revenue and register a higher CAGR in the potential market. This is attributed to the high adoption and implementation of fingerprint recognition systems in various organizations.

Based on the application segment, the military & defense segment is expected to dominate the global market, owing to the high demand and the need to safeguard the working and storage environment, and to provide secure authentication access to secure areas.

Global Biometric System Market: Regional Analysis

The market in North America is expected to hold the highest revenue share in the potential market. This is primarily attributed to the high presence of IT infrastructure and organizations in countries such as the US and Canada.

The Asia Pacific market is expected to record second-highest CAGR due to increasing expansion activities of small and medium scale enterprises (SMEs) and startups in countries in this region.

The market in Europe is expected to account for lucrative growth in terms of revenue in the global market owing to the increasing implementation of biometric-as-a-service and increasing industrialization in counters in the region.

The market in Middle East & Africa is expected to anticipate inclining growth in the target market.

Global Biometric System Market Segmentation:

Segmentation by Authentication:

• Single-factor Authentication
• Multifactor Authentication

Segmentation by Functionality Type:

• Contact
• Non-Contact
• Combined

Segmentation by Application:

• BFSI
• Healthcare
• Automotive
• Government
• Military & Defense
• Consumer Electronics
• Travel & Immigration
• Others (Utility, Residential and Commercial Security, and Entertainment, etc.)

Segmentation by Region:

• North America
• Europe
• Asia Pacific
• Latin America
• Middle East & Africa