Rising demand for authentication, identification solutions, security and surveillance solutions in various application areas is driving the market growth. The increase in crime and privacy intrusion rates have raised concerns among people and organizations to secure their assets and personal details, which in turn, drives the global biometric technology market.
On the other hand, high installation costs impede growth to some extent. However, huge R&D activities and market competition have paved the way for lucrative opportunities in the industry.
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The report offers key drivers that propel the growth in the global biometric technology market. These insights help market players in devising strategies to gain market presence. The research also outlined restraints of the market. Insights on opportunities are mentioned to assist market players in taking further steps by determining the potential in untapped regions.
Based on type, the physiological biometric segment held the highest share in 2020, generating around three-fourths of the global biometric technology industry. The fact that it is considered as highly reliable, as people’s characteristics are unique and cannot be compromised by the influence of psycho-emotional phase drives the segment growth.
The behavioral biometric segment, on the other hand, would cite the fastest CAGR of 16.8% from 2021 to 2030. This is because it is based on the unique and measurable patterns of human activities such as voice, keystroke, handwriting, middleware, signature, and odor for identification or authentication.
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Based on components, the hardware segment held the major share in 2020, generating nearly two-thirds half of the global biometric technology market. This is owing to the fact that these hardware scans are matched against the saved database to approve or deny access to the respective system. The software segment, however, is projected to cite the fastest CAGR of 15.4% during the forecast period. This is due to the fact that it allows different application software on different operating systems to be compatible.
Based on region, the market across North America accounted for the major share in 2020, contributing to more than two-thirds of the global biometric technology industry. This is attributed to the growing use of web applications and the Internet has escalated the demand for security and verification on account of the increased threat of cyber-attacks and data pilfering.
Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 17.3% throughout the forecast period. Increasing use of the Internet, online payments, immigration and initiatives such as “Digital India” and “Adhar” by the Indian government are likely to expand the biometric market growth at the fastest rate in the region.
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Key Findings Of Study
- In 2020, the voice scan segment accounted for the maximum revenue and is projected to grow at a notable CAGR of 13.9% during the forecast period.
- The thermal sensors segment is expected to witness highest growth rate during the forecast period.
- Germany was the major shareholder in the Europe biometric sensors market, accounting for approximately 25% share in terms of revenue in 2020.
The key players profiled in the report include CROSSMATCH Technologies Inc., Fujitsu, Fulcrum Biometrics, Thales Group, IDEX ASA, Infineon, NEC Corporation, Precise Biometrics AB, SAFRAN S.A. and ZKTECO Inc. These players have adopted various strategies, such as partnership, agreement, collaboration, and product launch to expand their foothold in the biometric sensors industry.
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