Biometric System Market Size Global Forecast to 2025

 he latest Biometric system market study offers an all-inclusive analysis of the major strategies, corporate models, and market shares of the players in this market. The Biometric system market size is projected to grow USD 36.6 billion in 2020 to USD 68.6 billion by 2025; it is estimated to grow at a CAGR of 13.4% during the forecast period.

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COVID-19 Impact on the Biometric System Market

The coronavirus will have an impact on the global supply of biometric systems, which will largely depend on how the situation globally stabilizes and by when the factories start operating in full capacity. The demand for contact-based biometric systems has been affected the most due to the outbreak of the COVID-19 pandemic. Even after the pandemic recedes, the demand for contact-based biometric systems is likely to fall drastically to avoid coronavirus spread. Similarly, contactless biometric systems, such as face recognition, iris recognition, and voice recognition, are expected to witness a boost in demand during post-COVID-19.

Increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications are the major factor propelling the growth of the biometric system market.

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Driver: Increasing use of biometric technology in enterprises to ensure improved convenience, secure identity management, and superior human resource management

Biometric systems are considered to be more quick, convenient, and secure solutions compared to traditional security systems that rely on passwords, PINs, or smart cards. These systems have aided in overcoming key security challenges such as international terrorism, organized crime, and illegal migration associated with identity theft and document fraud. Additionally, biometric systems are easy to install and do not require highly skilled expertise to make them operational.

 Main key players are Thales (France, www.thalesgroup.com), Safran (France, www.safran-group.com) , NEC (Japan, www.nec.com), ASSA ABLOY (Sweden, www.assaabloy.com), and Fujitsu (Japan, www.assaabloy.com) dominated the global biometric system market.

Opportunities: Advancements in biometric identification technology

Biometric solutions have undergone significant technological advances in the recent past. Advances in sensing technologies and the widespread use of devices such as computers and mobile phones offer new opportunities for capturing physiological and behavioral traits of human beings and analyses of the related data for biometric authentication. To enhance behavioral biometrics, machine learning and artificial intelligence technologies are bringing new possibilities to identify any unusual behavior intelligently and automatically and provide an additional layer of authentication, if necessary.

Challenges: Data security concerns and lack of technical know-how

Many people hesitate using biometrics technologies due to hygiene issues and less knowledge about the system. Insufficient knowledge about the functioning of biometric system market and the risk of data breach creates a certain level of anxiety, influencing the acceptance and adoption of biometric systems among users. The lack of cooperation or even resistance to using these systems can affect a biometrics system’s accuracy and subsequent adoption. The lack of technical know-how and awareness among the people are considered to be major challenges for the implementation of biometric systems.

Software offering is expected to be the fastest-growing market for biometric system market during the forecast period

Software play a significant role in ensuring the interoperability and compatibility of biometric devices. The adoption of cloud-based services and AI for biometric devices is expected to boost the requirement for associated software to ensure the compatibility of devices and operating systems for different applications. It is feasible for customers to integrate add-on features in existing hardware by updating the software. Software in biometrics systems complement the function of hardware by storing and recalling spatial data; they also allow live data streaming.

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