Biometrics Market Worth $37.2 Billion by 2024

According to IMARC group, the global biometrics market is expected to reach a value of US$ 37.2 billion by 2024.

According to the latest report by IMARC Group, titled “Biometrics Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024”, the global biometrics market size reached US$ 16.7 Billion in 2018. 

Biometrics refers to a technological authentication method which is utilized in information assurance (IA) for secure entry, data or access. It primarily relies on scanning their physical or biological characteristics, such as the face, DNA, fingerprint, iris, retina, palm and palm veins, which are difficult to forge or duplicate. It helps to provide more accurate identification and lower the risk of unwanted intrusion. As a result, biometrics technologies are widely used in schools, colleges, banks, public libraries, corporate and government offices, and consumer electronics including smartphones and tablets.

Biometrics Market Trends

Owing to the affordability and easy usage of biometrics technologies, they have gained acceptance across the globe. For instance, biometric security systems are considered relatively more convenient for employees and other personnel in the corporate sector as they do not involve memorizing passwords or carrying an identification card at all times. Apart from this, several smartphone manufacturers are incorporating fingerprint scanners in their devices to enhance the overall user experience. This has also encouraged several banking organizations to utilize these systems for securing users from fraudulent activities while using online banking services or making transactions on e-commerce websites via their mobile devices. Furthermore, these technologies are being used in various government organizations, especially in the e-passport and e-visa programs. Looking forward, the biometrics market analysis projected to reach a value of US$ 37.2 Billion by 2024, expanding at a CAGR of around 14% during 2019-2024.

Biometrics Market

Based on the technology, the market has been segmented into face recognition, hand geometry, voice recognition, signature recognition, iris recognition, Automated Fingerprint Identification System (AFIS), non-AFIS and others. At present, AFIS represents the most widely used technology across the globe.    On the basis of the functionality, contact represents the largest segment, dominating the market. Other segments include non-contact and combined. Based on the component, the market has been bifurcated into hardware and software. The market growth has been segregated on the basis of authentication which includes single-factor authentication and multifactor authentication. Amongst these, single-factor authentication accounts for the majority of the total market share. Region-wise, the market has been segmented into North America, Europe, Asia Pacific, the Middle East and Africa, and Latin America. Presently, North America is the biggest market, holding the majority of the global share.