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Global Biometric System Market to Grow at a CAGR of 13.30% During the Forecast Period of 2022-2027, Driven by Rising Deployment in the Banking and Financial Operations

According to a new report by EMR titled, ‘Global Biometric System Market Report and Forecast 2022-2027’, the global biometric system industry attained a value of about USD 41.47 billion in 2021. The market is further expected to grow at a CAGR of 13.30% during the forecast period of 2022-2027 to reach nearly USD 87.72 billion by 2027.

The growth in the global market for the biometric system, despite the advent of the coronavirus pandemic, can be attributed to the digitisation of business operations and the subsequent need to streamline security services. The banking sector is a significant contributor to the market growth of biometric systems to provide high-quality security to its customers and avoid the potential risks of frauds like account takeover and identity theft. Owing to the penetration of smartphones, mobile banking applications are deploying authentication software solutions like fingerprint recognition, and multi-factor authentication solutions like biometric pin are invigorating market growth. Furthermore, with the booming e-commerce industry, ensuring the safety of transactions is becoming significant due to the rising cases of billing frauds and account takeover by illegal hacking. Thus, the flourishing e-commerce industry is surging the demand for a biometric system to boost customer confidence and augment online sales. The banking and finance sector is significantly contributing to the market growth of the biometric system.

A global leader in biometric systems, Thales Group (EPA: HO) has recently announced advanced solutions with voice biometric authentication for mobile operators in July 2021. The new solution meets the growing demand from mobile operator call centres, who are required to verify the identity of callers to detect identity fraud attempts. The new solution effectively integrates with existing call centre enrolment processes and is transparent for users and enables staff to focus on enhancing services. In addition, the vice recognition solution also seamless authentication of legitimate customers by incorporating features such as user consent. Hence, such developments by key market players are invigorating the market for biometric systems globally.

Market Analysis by Authentication Type and Technology, Offering, Type, Vertical, and Region:

  • On the basis of authentication type and technology, the market is divided into single-factor authentication and multi-factor authentication. 
  • Based on offering, the market can be segmented into hardware and software. 
  • On the basis of type, the market can broadly be categorised into contact-based, contactless, and hybrid. 
  • The market, based on verticals, can be categorised into government, security, consumer electronics, automotive, military and defence, healthcare, banking and finance, travel, and immigration, among others.
  • The major regional markets for the biometric system include North America, Latin America, Europe, the Asia Pacific and the Middle East and Africa.

Key Findings of the Report:

  • The rise in the global market for biometric system can be attributed to the rapid deployment of single-factor authentication solutions in consumer electronics like smartphones and laptops.
  • The market growth is being propelled by the rising deployment of biometric system in the banking and financial sector owing to digitisation in services and the introduction of user-friendly mobile applications. 
  • The government sector is contributing to the market growth of biometric system with investments in IT to ensure the security of government operations. 
  • The flourishing e-commerce industry is surging the demand for a biometric system to boost customer confidence and augment online sales, thereby invigorating market growth.

Key Offerings of the Report:

  • The EMR report gives an overview of the biometric system industry for the periods (2021-2027) and (2022-2027).
  • The report also offers historical (2021-2027) and forecast (2022-2027) markets for authentication types and technologies, offerings, types, verticals, and regions of the biometric system. 
  • The report analyses market dynamics, covering the key demand and price indicators in the market along with an assessment of the SWOT and Porter’s Five Forces Model.

The major players in the global biometric system market include Thales Group, NEC Corporation, Safran S.A., Assa Abloy AB, and Fujitsu Limited, among others. The comprehensive report by EMR looks into the market share, capacity, and latest developments like mergers and acquisitions, plant turnarounds, and capacity expansions of the major players.

About Us:

Expert Market Research (EMR) is a leading market research and business intelligence company, ensuring its clients remain at the vanguard of their industries by providing them with exhaustive and actionable market data through its syndicated and custom market reports, covering over 15 major industry domains. The company's expansive and ever-growing database of reports, which are constantly updated, includes reports from industry verticals like chemicals and materials, food and beverages, energy and mining, technology and media, consumer goods, pharmaceuticals, agriculture, and packaging.

EMR leverages its state-of-the-art technological and analytical tools, along with the expertise of its highly skilled team of over 100 analysts and more than 3000 consultants, to help its clients, ranging from Fortune 1000 companies to small and medium-sized enterprises, easily grasp the expansive industry data and help them in formulating market and business strategies, which ensure that they remain ahead of the curve.

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*We at Expert Market Research always thrive to give you the latest information. The numbers in the article are only indicative and may be different from the actual report.

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