Biometrics is a technology used for identification and authentication of individuals by analyzing and measuring their personal traits, such as fingerprints, hand geometry, iris, voice, vascular pattern, face, palm print, DNA, signature, and typing pattern, gait. Biometrics technology provides advanced methodology compared to the traditional PIN-based methods. The technology is used to secure the personal or sensitive data from fraudulent use of an individual’s possessions, such as smart cards, ATMs, mobile phones or access to laptops, desktops, networks, or workstations by unique identification technique.
The increase in application of biometrics technology for better security purpose in automobiles, airports, personal gadget, offices, and others has led to significant growth of the biometrics market.
COVID-19 Impact on Biometrics Market
The outbreak of COVID-19 across the globe has moderately impacted the global biometrics market growth. The demand for contact-based biometrics system fell drastically to prevent the spread of the coronavirus. In addition, the short downturn in the automobile, aerospace, consumer electronics, and retail industries hampered biometrics demand in these industries during the pandemic period.
However, the significant rise in the demand for touchless biometric solutions due to their precision and alignment with the social distancing standards of COVID-19. Besides, advanced multimodal and multifactor biometric technologies are becoming increasingly relevant in the unprecedented times. As per the recent regulations by governments across the world, organizations must avoid utilizing fingerprint, palm print, and hand-key scanners to prevent physical contact and virus spread. These steps are making it easier for facial recognition and user-friendly iris scans technology that may be used in a variety of settings.
Biometrics Market Trends and Developments
The companies operating in the global industry are adopting several growth strategies and business tactics such as partnerships, collaboration, business expansion, and product launches to obtain a leading position in the global industry, which is predicted to drive the global biometrics market growth in the upcoming years.
For instance, in April 2019, Thales Group, the leading designer and manufacturer of electrical systems, completed the acquisition of Gemalto, an international digital security company, to offer biometrics and other digital identity & security technologies to critical infrastructure providers including banks, government agencies, telecom operators, and utilities.
In May 2020, NEC Corporation, a Japanese multinational information technology & electronics corporation developed a touchless, and the world’s highest level of precision multimodal biometric authentication terminal incorporating iris and face recognition technology. It has been ranked ‘No. 1’ by the US National Institute & technology (NIST) in identification technology benchmark tests.
In September 2021, IDEMIA, the global leader in Augmented Identity, announced the launch of a SaaS-based Automated Biometric Identification System (ABIS) namely, ‘IDEMIA STORM ABIS,’ for fingerprint analysis, documentation, and comparison. The first of its kind as the cloud-native architecture, IDEMIA STORM ABIS allows high availability, dynamic scalability, and on-demand system reliability.
Forecast Analysis of the Global Market
The global biometrics market is projected to witness an exponential growth during the forecast period, owing to the technological advancements such as electroencephalogram (EEG) and electrocardiogram (ECG), which are two new technologies that are projected to open up new growth opportunities for the market by 2028. Conversely, the high development cost associated with various biometric sensors is expected to hamper the market growth in the projected timeframe.
The increasing integration of biometric systems with internet of things (IoT) devices and the increasing demand for e-passports across the globe are the significant factors and biometrics market trends estimated to bolster the growth of the global market in the coming future. According to a latest report published by Research Dive, the global biometrics market is expected to garner $104,959.6 million during the forecast period (2021-2028). Regionally, the Asia-Pacific region is estimated to observe the rapid growth by 2028, owing to the wide usage of biometrics systems such as facial recognition, retina scan, and fingerprint mapping because they are rapid, safe, dependable, and accurate.
The key players functioning in the global market include
- Accu-Time Systems
- BIO-Key International Inc.
- Cognitec Systems GmbH
- Fingerprints cards AB
- Fujitsu Limited
- NEC Corporation
- Siemens AG
- RCG Holdings, Ltd.
- Thales Group