Northbrook, IL -- (SBWire) -- 03/14/2022 --According to the new research report, the "Biometric System Market with COVID-19 Impact Analysis by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contact-based, Contactless, Hybrid), Offering Type, Mobility, Vertical & Region - Global Forecast to 2027", published by MarketsandMarkets™, the global Biometric System Market size is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%.
Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of biometric system in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology in the near future.
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The market has slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains was disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, that affected the biometric system market. Though the market is impacted in 2020, it is expected to fully recover by mid 2022.
Single factor authentication is estimated to contribute largest market share in the said market during the forecast period
Single-factor biometric systems are cost-effective and fast. Furthermore, the systems with single-factor authentication are much faster and simplified. However, these systems are prone to high-security risks. Nevertheless, technologically improving hardware and software solutions and biometric systems integrated with AI have increased the level of accuracy and security offered by single-factor authentication. Fingerprint recognition technology is the most used modality. The growth of the market for fingerprint recognition is attributed to the increasing demand for solutions based on this technology in travel and immigration Security Verticals for e-passports and e-visas, as well as in the government sector for issuing a driving license.
Consumer electronics vertical is estimated to be the fastest-growing market during the forecast period
Biometrics is one of the revolutionary technologies in the consumer electronics sector owing to its security and cost-effectiveness. In the consumer electronics industry, smartphones are significantly contributing to the growth of the adoption of biometrics technology. Consumer electronic companies are increasingly developing and deploying advanced and cost-effective biometric security features. There have been rapid advancements in the designs of chips and algorithms of voice and facial recognition. Also, the declining cost of biometric technologies installed in consumer electronics is playing a key role in driving market growth.
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Asia Pacific is expected to grow at the highest rate
The market in APAC will grow at the highest CAGR during the forecast period. The biometric system market in APAC is segmented into China, Japan, India, Australia, South Korea, and the Rest of APAC. The presence of prominent biometric system manufacturers including Fujitsu and NEC Corporation, is expected to contribute to the revenue share of this region owing to the rapid economic growth in major countries such as China, Japan, India, and South Korea The growth of the biometric system market in APAC is also attributed to technological advancements, increased awareness among the masses regarding the use of biometric systems for security purposes, and lowered the cost of devices based on these technologies.
Major players in the biometric system market include Thales Group(Paris), Idemia (France), ASSA ABLOY (Sweden), NEC Corporation(Japan) and Fujitsu(Japan), Precise Biometrics(Sweden), secunet Security Networks AG (Germany), Stanley Black & Decker, Inc.(France), Aware Inc (US), Cognitec Systems GmbH(Germany) among others.
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Biometric System Market Is Expected to Grow $82.9 Billion by 2027