Security in Your Hands: The Growing Biometric System Market

The biometric system market size is projected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. The market slightly declined in 2020, mainly due to the impact of COVID-19. The supply chain disruption caused by the pandemic affected the market, especially automotive, Industrial, and others. Also, due to lockdown restrictions, companies could not source the required labor for their operations due to travel restrictions.

Though the Biometric System Market is expected to be impacted in 2020–2021, it is expected to fully recover by mid-2022. 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.

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), Daon, Inc. (US), DERMALOG Identification Systems GmbH (Germany), Neurotechnology (Lithuania), Innovatrics(slovakia), Veridos GmbH (Germany), ZETES (Belgium), Jumio (US), Onfido (UK),iProov (UK), Facetec, Inc (US), BIO-key International (US),ID R&D Inc (US), Beijing Megvii Technology Co., Ltd.(China), SenseTime (China)Nuance Communications, Inc (US), David Link Manila Corporation (Philipines), Facebanx (UK), Securiport (US), M2SYS Technology (US), SUPREMA (South Korea), Fulcrum Biometrics, Inc, (US), OneSpan (US), Qualcomm Technologies, Inc. (US), Integrated Biometrics (US), Imageware (US), Leidos (US), Papillon Systems (Russia), Sonda (Chile) are the key players in the biometric system market.

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The biometric system market is competitive, owing to the dominance of few major players accounting to 45–50% of the entire global market. Key strategies adopted by these players to expand their product portfolio, increase their market share, and expand their presence in the market are partnerships, collaborations and product launches. Many market players adopted product launches and deals as their primary business strategies. For instance, In July 2021, Thales Group launched a new voice biometric solution, a part of the Trusted Digital Identity Service Platform, for onboarding and authentication. It allows detecting fraudsters attempting to mimic customers. For instance, in January 2022, IDEMIA collaborated with Microsoft to deliver next-generation eSIM and connectivity solutions for consumer and M2M/IoT devices

Thales Group is one of the prominent players in biometric system market. Thales Group operates through 5 business segments: Aerospace, Transport, Defense & Security, Digital Identity & Security, and Others. Its biometric systems, which include single-factor biometric identification and multi-factor biometric identification systems, are sold through the Digital Identity & Security business segment. In the biometric portfolio, the company offers products and services for the identification and authentication of users with the help of fingerprints, retinal scans, voice identification, and facial recognition. The biometric solutions offered by the company are integrated with advanced technologies and can collect/access data from all sources for user verification. The biometric systems offered by the company can also be used in nuclear facilities and airports. It has deployed more than 200 biometric projects in 80 countries, enabling strong biometric authentication and identification across the world for customers from the government sector. Thales Group has its presence across the Americas, APAC, the Middle East, and Europe. In December 2021, Thales collaborated with Bank Pocztowy to develop contactless biometric cards, ensuring fund security. The transaction is authorized through biometric verification of the cardholder’s fingerprint regardless of the amount.

Safran is a French global aerospace leader founded in 2005 through the merger of aerospace group SNECMA and Security Company SAGEM. It is a technology company operating in the aircraft propulsion and equipment, space, defense, and security markets. In 2017, IDEMIA was formed through the merger of Safran Identity & Security (Morpho) and OT (Oberthur Technologies). IDEMIA covers industries such as security, border control, banking, telecom, etc. The company offers its biometrics products to customers from segments such as financial institutions, mobile operators, connected objects, citizen identity, and public security. The biometrics terminals business segment includes products such as fingerprint terminals, facial terminals, vein and print terminals, fingerprint devices, and vein and print devices. In November 2021, IDEMIA partnered with the Mississippi Department of Safety (DPS) to introduce Mobile ID that allows citizens to control their identity via a free application on their smartphones.

1 INTRODUCTION (Page No. — 40)
 1.1 STUDY OBJECTIVES
 1.2 MARKET DEFINITION
 1.2.1 INCLUSIONS AND EXCLUSIONS
 1.3 STUDY SCOPE
 1.3.1 MARKETS COVERED
 FIGURE 1 BIOMETRIC SYSTEM MARKET SEGMENTATION
 1.3.2 GEOGRAPHIC SCOPE
 1.3.3 YEARS CONSIDERED
 1.4 CURRENCY
 1.5 VOLUME UNIT CONSIDERED
 1.6 LIMITATIONS
 1.7 STAKEHOLDERS
 1.8 SUMMARY OF CHANGES:

2 RESEARCH METHODOLOGY (Page No. — 45)
 2.1 RESEARCH DATA
 FIGURE 2 BIOMETRIC SYSTEM MARKET: RESEARCH DESIGN
 2.1.1 SECONDARY AND PRIMARY RESEARCH
 2.1.2 SECONDARY DATA
 2.1.2.1 list of secondary sources
 2.1.2.2 Key secondary sources
 2.1.3 PRIMARY DATA
 2.1.3.1 Primary interviews with experts
 2.1.3.2 Key industry insights
 2.1.3.3 Breakdown of primaries
 2.2 MARKET SIZE ESTIMATION
 2.2.1 BOTTOM-UP APPROACH
 2.2.1.1 Methodology for arriving at market size using bottom-up approach
 FIGURE 3 MARKET SIZE ESTIMATION METHODOLOGY: APPROACH 1 BOTTOM UP (SUPPLY SIDE) — REVENUE GENERATED BY COMPANIES IN BIOMETRIC SYSTEM MARKET
 FIGURE 4 MARKET SIZE ESTIMATION METHODOLOGY: BOTTOM-UP APPROACH 2
 2.2.2 TOP-DOWN APPROACH
 2.2.2.1 Methodology for capturing market size using top-down approach
 FIGURE 5 MARKET SIZE ESTIMATION METHODOLOGY: TOP-DOWN APPROACH
 2.3 MARKET BREAKDOWN AND DATA TRIANGULATION
 FIGURE 6 DATA TRIANGULATION
 2.4 RESEARCH ASSUMPTIONS
 2.5 RISK ASSESSMENT
 TABLE 1 LIMITATIONS AND ASSOCIATED RISKS
 2.6 LIMITATIONS

3 EXECUTIVE SUMMARY (Page No. — 56)
 3.1 GROWTH RATE ASSUMPTIONS/GROWTH FORECAST
 FIGURE 7 IMPACT OF COVID-19 ON BIOMETRIC SYSTEM MARKET
 3.2 POST-COVID-19 SCENARIO
 TABLE 2 POST-COVID-19 SCENARIO: MARKET, 2022–2027 (USD MILLION)
 3.3 OPTIMISTIC SCENARIO (POST-COVID-19)
 TABLE 3 OPTIMISTIC SCENARIO (POST-COVID-19): MARKET, 2022–2027 (USD MILLION)
 3.4 PESSIMISTIC SCENARIO (POST-COVID-19)
 TABLE 4 PESSIMISTIC SCENARIO (POST-COVID-19): MARKET, 2022–2027 (USD MILLION)
 FIGURE 8 MULTI-FACTOR AUTHENTICATION TYPE TO REGISTER HIGHER CAGR IN MARKET DURING FORECAST PERIOD
 FIGURE 9 CONTACTLESS BIOMETRIC SYSTEMS TO WITNESS HIGHEST CAGR DURING FORECAST PERIOD
 FIGURE 10 MARKET FOR SOFTWARE TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
 FIGURE 11 PORTABLE MARKET TO GROW AT HIGHER CAGR DURING FORECAST PERIOD
 FIGURE 12 GOVERNMENT VERTICAL TO HOLD LARGEST SIZE OF MARKET IN 2027
 FIGURE 13 MARKET IN APAC TO GROW AT HIGHEST CAGR DURING FORECAST PERIOD

4 PREMIUM INSIGHTS (Page No. — 63)
 4.1 ATTRACTIVE GROWTH OPPORTUNITIES IN BIOMETRIC SYSTEM MARKET
 FIGURE 14 INCREASING DEPLOYMENT OF BIOMETRIC SYSTEMS IN HEALTHCARE TO FUEL MARKET GROWTH FROM 2022 TO 2027
 4.2 MARKET, BY AUTHENTICATION TYPE
 FIGURE 15 SINGLE-FACTOR AUTHENTICATION SEGMENT TO ACCOUNT FOR LARGER SHARE OF MARKET FROM 2022 TO 2027
 4.3 MARKET, BY OFFERING TYPE
 FIGURE 16 SOFTWARE SEGMENT TO OUTGROW HARDWARE SEGMENT DURING FORECAST PERIOD
 4.4 MARKET, BY TYPE
 FIGURE 17 CONTACTLESS BIOMETRICS TO HOLD LARGEST SHARES OF MARKET IN 2027
 4.5 MARKET, BY MOBILITY
 FIGURE 18 PORTABLE SEGMENT IS EXPECTED TO WITNESS FASTER GROWTH DURING FORECAST PERIOD
 4.6 MARKET, BY VERTICAL
 FIGURE 19 GOVERNMENT SEGMENT HELD LARGEST MARKET SIZE IN 2022
 4.7 MARKET, BY COUNTRY
 FIGURE 20 INDIA TO REGISTER HIGHEST CAGR IN MARKET FROM 2022 TO 2027

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