Next Generation Biometrics Market to Reach USD 166.7 billion, at a 18.6% CAGR by 2031 – Transparency Market Research Inc.
The next-generation biometrics market grows as a new generation of biometrics offers greater accuracy and flexibility.
Wilmington, Delaware, United States, Nov. 16, 2023 (GLOBE NEWSWIRE) — Transparency Market Research Inc. – The market for Next Generation Biometrics was worth US$ 37.3 billion in 2022. A CAGR of 18.6% is predicted for the market between 2023 and 2031. According to TMR, Next Generation Biometrics sales will reach US$ 166.7 billion by 2031. Machine learning (ML) and artificial intelligence (AI) will likely play an important role in this process. Adapting to changing patterns can help these technologies improve biometric accuracy over time.
Contactless technologies, including biometrics, are becoming more popular due to the COVID-19 pandemic. Access control and authentication applications will increasingly rely on contactless biometric solutions such as facial recognition and iris scanning. Biometrics based on behavioral traits may become increasingly important in the future. These traits can provide additional security and are less susceptible to spoofing.
With smartphones becoming more prevalent, mobile biometrics will likely continue to expand, including facial recognition and fingerprint scanning. Mobile payment applications and device access applications are particularly relevant to this. Privacy and ethical concerns will likely increase as biometric technologies become more prevalent. These issues may be addressed through regulations and standards that ensure biometric data is used responsibly.
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As an alternative to centralized servers, edge computing can accelerate and secure the processing of biometric data directly on devices. A real-time processing environment is especially important for applications that require immediate response.
Global Next Generation Biometrics Market: Key Players
Several vendors dominate the next-generation biometrics market, resulting in a fragmented global landscape. Researchers found that several firms invest significant amounts of money in extensive research and development to gain incremental market share.
- CMITech Company, Ltd.
- Croma Security Solution Group
- Fujitsu Limited
- Iris ID, Inc.
- Iritech, Inc.
- M2SYS Technology
- mofiria Corporation
- NEC Corporation
- SHIELD AI Technologies Pte. Ltd.
- Suprema, Inc.
- Thales Group
- ZKTECO CO., LTD.
Key Findings of Market Report
- Hybrid technologies with rapid advancements are expected to grow demand for next-generation biometrics.
- A portable next-generation biometric system will be available in the coming years.
- Biometrics based on voice recognition will become more popular with rising automation.
- Next-generation biometrics are likely to be led by the aerospace and defense industries.
- Single-factor authentication is expected to drive demand for next-generation biometrics in the market based on type.
Global Next Generation Biometrics Market: Growth Drivers
Cyber threats are becoming more sophisticated and frequent, so robust security measures are increasingly necessary. Compared to traditional password-based authentication methods, biometrics offer a more secure method.
The continued advancement of biometric technologies, including facial recognition, iris scans, speech recognition, and fingerprint scanning, drives this market’s growth. In addition to becoming more reliable, accurate, and cost-effective, these technologies are also becoming more affordable.
Government and law enforcement are not the only industries integrating biometrics into their business processes. Regulatory bodies in various countries are increasingly promoting using biometrics to verify identity. The use of biometric data must follow ethical and responsible standards and regulations.
Digital services, e-commerce, and online transactions are growing in popularity, which demands trusted and secure identity verification methods. An individual’s identity can be verified with biometrics in a convenient and secure manner.
The security of smartphones and other mobile devices has been enhanced by integrating biometric authentication methods, such as fingerprint recognition and facial recognition. This trend is likely to continue as mobile technology advances.
Cloud-based biometric solutions have been developed in response to the move towards cloud computing. As a result, biometric systems can be deployed more flexible and scalable, allowing them to be used across a broader range of organizations.
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Global Next Generation Biometrics Market: Regional Landscape
Growth in emerging economies is expected to be steady throughout the forecast period, and the Asia Pacific market will experience significant growth. The region’s growth is expected to continue as innovation advances and biometric devices become more widely available at affordable prices. Several business sectors and the government are using next-generation biometrics to identify individuals, causing the industry to grow.
The Asia-Pacific region has numerous governments that use biometrics for national security, border control, and identity management. Digital transformation is underway in the healthcare, finance, and telecommunications sectors. A convenient and secure biometric authentication solution will be in high demand in these sectors. As cyber-attacks become more sophisticated and frequent, biometrics have become more popular as a reliable authentication method.
- In November 2023, updates have been announced by two providers of selfie biometrics-based identity verification platforms. AuthID announced Verified 3.8, the latest version of its IDV platform, while Veriff announced updates to its fully automated ID verification platform.
- In November 2023, SecureAuth will deploy behavioral biometrics and passwordless authentication in another partnership.
Global Next Generation Biometrics Market: Segmentation
- By Type
- Single-factor Authentication
- Multi-factor Authentication
- By Technology
- By Mobility
- By Solution
- Face Recognition
- Fingerprint Recognition
- Iris Recognition
- Vein Pattern Recognition
- Biometrics Smart Cards
- Voice Recognition
- Others (DNA matching, signature recognition, keystroke dynamics, etc.)
- By Industry Vertical
- Aerospace and Defense
- Automotive and Transportation
- Consumer Electronics
- Commercial Spaces
- Others (healthcare, research, academia, etc.)
- By Region
- North America
- Asia Pacific
- Middle East & Africa
- South America
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Transparency Market Research, a global market research company registered at Wilmington, Delaware, United States, provides custom research and consulting services. Our exclusive blend of quantitative forecasting and trends analysis provides forward-looking insights for thousands of decision makers. Our experienced team of Analysts, Researchers, and Consultants use proprietary data sources and various tools & techniques to gather and analyses information.
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