Biometrics Market
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Biometrics Market size exceeded USD 20 billion in 2020 and is projected to expand at over 13% CAGR from 2021 to 2027. Government organizations supporting the adoption of biometrics for citizen ID cards will boost the market growth.
Several countries are modernizing their ID records to include biometrics that verify identity based on physical characteristics such as the face, iris, fingerprints, palm prints, and voice. For instance, in September 2020, the Singapore government announced that it will use facial verification in its national identity scheme. The biometrics validation will provide citizens with secure access to both government and private services. The Indian government also proposed to use biometrics for the identification of individuals in e-governance applications. Government organizations are focusing on strengthening their security systems by ensuring precise identification of citizens, which will fuel the market expansion.
The coronavirus pandemic hindered the market progression in 2020 due to the stringent lockdowns imposed by government organizations globally. The temporary closure of manufacturing plants and R&D facilities hampered the global supply chains, in turn, impacting the industry growth. The temporary downfall of the aerospace, automotive, retail, and consumer electronics sectors hindered the demand for biometrics from these industry verticals. The market will regain traction in 2021, following relaxations in the lockdown measures in the second half of 2020. The resumption of industrial activities will streamline supply chains and support the development of advanced identification solutions. Companies are also working on developing contactless identification solutions to ensure public safety during the pandemic.
| Report Attribute | Details |
|---|---|
| Base Year: | 2020 |
| Biometrics Market Size in 2020: | 20 Billion (USD) |
| Forecast Period: | 2021 to 2027 |
| Forecast Period 2023 - 2032 CAGR: | 13 |
| 2023 Value Projection: | 45 Billion (USD) |
| Historical Data for: | 2017 to 2020 |
| No of Pages: | 280 |
| Tables, Charts & Figures: | 217 |
| Segments Covered: | Technology, End-Use, Region |
| Growth Drivers: |
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| Pitfalls Challenges: |
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The UK biometrics market is predicted to observe a 16% growth rate through 2027 led by the growing usage of facial recognition systems that ensure the precise authentication of individuals. As of August 2021, the country has one of the highest smartphone penetration rates of around 85%. The country witnessed a rise in the use of smart devices, such as laptops and tablets, since the imposition of lockdown in 2020. The expanding consumer electronics market will spur the demand for biometrics that ensure accurate user authentication. The government is also using facial recognition technology to track criminals. The Metropolitan Police currently uses NEC Corporation’s NeoFace Live Facial Recognition technology to capture images and compare them with the existing images on the watchlist. It measures the structure of every face including the distance between the mouth, jaw, nose, and eyes to create a facial template.
In U.S., BFSI segment will grow at 14% CAGR till 2027 impelled by the modernizing BFSI sector in the region, adopting biometrics to authenticate individuals to prevent fraud in financial transactions. Fingerprint-based smart cards are gaining popularity in the region attributed to the increased security and convenience. Industry participants, such as Mastercard and Visa, are introducing biometric cards in response to the high demand from consumers. With contactless payment solutions gaining traction in the region, the market will register high growth. As biometric authentication ensures improved security over traditional chip & pin techniques, the market will see notable growth. The increasing use of online banking will encourage BFSI organizations to use biometric solutions for user validation during the login process, surging the industry demand.
Asia Pacific biometrics market accounted for more than 20% of revenue share in 2020 owing to the government organizations in countries including India, South Korea, China, and Japan supporting the acceptance of biometrics to ensure national security through accurate citizen identification. Government organizations are supporting the development and implementation of biometrics to improve public safety, which will drive the industry expansion.
Key participant operating in the market are
Industry leaders are focusing on innovating their biometrics and launching advanced solutions to accelerate their performance.
The market research report on biometrics includes in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2027 for the following segments:
Market, By Technology
Market, By End-Use
The above information has been provided for the following regions and countries:
Major participants in the industry comprise Accenture PLC, Idemia, Aware, Inc., Nuance Communications, Inc., Leidos Holdings, Thales Group, Fujitsu Ltd., Stanley Convergent Security Solutions, Inc., and others.
The market size of biometrics surpassed USD 20 billion in 2020 and will expand at a CAGR of 13% between 2021 and 2027.
The UK market size will grow at a rate of 16% by 2027 driven by the surging adoption of facial recognition systems that ensure the precise authentication of individuals.
The Asia Pacific market accounted for 20% of revenue share in 2020 and will grow due to favorable government policies in countries such as South Korea, China, India, and Japan.