Global Biometrics Market to Reach USD 173.1 Billion by 2033, Impelled by Growing Incidences of Data Thefts

October 29, 2024 | Technology & Media

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According to the latest report by IMARC Group, titled "Biometrics Market Report by Technology (Face Recognition, Hand Geometry, Voice Recognition, Signature Recognition, Iris Recognition, AFIS, Non-AFIS, and Others), Functionality (Contact, Non-Contact, Combined), Component (Hardware, Software), Authentication (Single-Factor Authentication, Multifactor Authentication), End-User (Government, Defense Services, Banking and Finance, Consumer Electronics, Healthcare, Commercial Safety and Security, Transport/Visa/Logistics, and Others), and Region 2025-2033," the global biometrics market size reached USD 45.1 Billion in 2024. Biometrics are widely used for identifying individuals and providing access control to those who are under surveillance. They measure and statistically analyze the unique physical and behavioral characteristics of individuals in a reliable and fast way. They capture an item of biometric data that can be fingerprints, vein patterns, blood and DNA samples, voice recognition, keystroke dynamics, gestures and the eyes and hand shape. With the increasing need for authenticating a person’s identity for accessing sensitive data, such as medical records or financial information, there has been a considerable rise in the demand for biometrics across the globe.

Global Biometrics Market Trends:

The global market is primarily driven by the growing incidences of data thefts across numerous businesses. This has encouraged several organizations to heavily invest in the deployment of biometric systems, thereby providing a boost to the market. Along with this, continual technological advancements and the widespread integration of the internet of things (IoT) with biometrics are creating a positive market outlook. Due to the sudden outbreak of coronavirus disease (COVID-19), the demand for contactless biometric solutions has rapidly increased across the healthcare sector. Moreover, the rising incorporation of biometric technology in consumer electronics, including smartphones and laptops, is significantly supporting the demand on the global level. With the advent of the cloud-based automated biometrics identification system (ABIS), law enforcement and government agencies have also started adopting the product, which, in turn, is a major growth-inducing factor. Other factors, including rapid urbanization and industrialization, continuous product innovations and extensive research and development (R&D) activities conducted by key players, are also positively influencing the market. On account of the aforementioned factors, the market is anticipated to reach a value of USD 173.1 Billion by 2033, exhibiting a (CAGR) of 14.4% during 2025-2033.

Market Summary:

On the basis of the technology, the market has been segmented into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, AFIS, non-AFIS and others.
Based on the functionality, the market has been bifurcated into contact, non-contact and combined.
On the basis of the authentication, the market has been segregated into single-factor and multifactor authentication.
Based on the component, the market has been classified into hardware and software.
On the basis of the end user, the market has been categorized into government, defense services, banking and finance, consumer electronics, healthcare, commercial safety and security, transport/visa/logistics and others.
Based on the region, the market has been divided into North America, Europe, Asia Pacific, the Middle East and Africa and Latin America.
The competitive landscape of the market has been studied in the report with the detailed profiles of the key players operating in the market. Some of the key players include Accu-Time Systems, BIO-Key International, Inc., Cognitec Systems, GmbH, Fujitsu Limited, 3M Cogent, Inc., IDTECK, NEC Corporation, Siemens AG, RCG Holdings, Ltd., Suprema, Inc., Lumidigm, Inc., IrisGuard, Inc., Daon, Inc., DigitalPersona, Inc. and IDEMIA.

Report Coverage:

Report Features	Details
Base Year of the Analysis	2024
Historical Period	2019-2024
Forecast Period	2025-2033
Units	Billion USD
Segment Coverage	Technology, Functionality, Authentication, Component, End-User, Region
Region Covered	Asia Pacific, Europe, North America, Latin America, Middle East and Africa
Companies Covered	Accu-Time Systems, BIO-Key International, Inc., Cognitec Systems, GmbH, Fujitsu Limited, 3M Cogent, Inc., IDTECK, NEC Corporation, Siemens AG, RCG Holdings, Ltd., Suprema, Inc., Lumidigm, Inc., IrisGuard, Inc., Daon, Inc., DigitalPersona, Inc. and IDEMIA
Customization Scope	10% Free Customization
Post-Sale Analyst Support	10-12 Weeks
Delivery Format	PDF and Excel through Email (We can also provide the editable version of the report in PPT/Word format on special request)

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Global Biometrics Market to Reach USD 173.1 Billion by 2033, Impelled by Growing Incidences of Data Thefts

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