Global Biometrics Market to Reach US$93.0 Billion by 2030

The global market for Biometrics estimated at US$31.6 Billion in the year 2023, is expected to reach US$93.0 Billion by 2030, growing at a CAGR of 16.7% over the analysis period 2023-2030. Non-AFIS, one of the segments analyzed in the report, is expected to record a 14.7% CAGR and reach US$25.4 Billion by the end of the analysis period. Growth in the AFIS segment is estimated at 18.3% CAGR over the analysis period.

The U.S. Market is Estimated at US$7.4 Billion While China is Forecast to Grow at 20.3% CAGR

The Biometrics market in the U.S. is estimated at US$7.4 Billion in the year 2023. China, the world`s second largest economy, is forecast to reach a projected market size of US$14.9 Billion by the year 2030 trailing a CAGR of 20.3% over the analysis period 2023-2030. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at a CAGR of 12.7% and 14.3% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 14.9% CAGR.

Global Biometrics Market - Key Trends and Drivers Summarized

Biometrics refers to the measurement and statistical analysis of people`s unique physical and behavioral characteristics. The technology is primarily used for identification and access control, or for identifying individuals that are under surveillance. The most common biometric modalities include fingerprint scanning, facial recognition, iris recognition, and voice recognition. Each modality offers a different level of security and convenience, and the choice of which biometric system to use depends on the specific application. For example, fingerprint scanning is widely used for its ease and speed in consumer electronics and entry access systems, while iris recognition is favored in high-security environments due to its low false acceptance rates.

Biometric systems are increasingly being integrated into a variety of devices and platforms across multiple sectors. In consumer electronics, smartphones and laptops often feature fingerprint sensors and facial recognition for device security and personalized access. In the realm of public safety and surveillance, governments are deploying facial recognition technology to enhance security measures and improve the efficiency of law enforcement. Furthermore, biometric technology is being adopted in the banking and finance sector to strengthen security protocols for transactions and customer authentication, replacing traditional methods like PINs and passwords that are susceptible to fraud and theft. The healthcare sector also benefits from biometrics, using patient identification systems to reduce errors and improve patient management.

The growth in the biometrics market is driven by several factors, including technological advancements, increasing concerns about security, and the digital transformation of industries. Enhanced computing power and innovations in artificial intelligence have significantly improved the accuracy and reliability of biometric systems, making them more appealing across various applications. The rising emphasis on security, driven by an increase in identity theft and data breaches, has prompted organizations and governments to invest in biometric technologies as part of their security infrastructures. Additionally, the growing trend of digitalization across industries has necessitated the need for more robust authentication methods to manage and secure access to critical information and locations. Consumer behavior also plays a role, as there is a growing preference for convenience and seamless user experiences, which biometric technologies offer.