Biometrics Market Size

Biometrics Market Analysis

The Biometrics Market size is estimated at USD 51.15 billion in 2024, and is expected to reach USD 104.22 billion by 2029, growing at a CAGR of 15.30% during the forecast period (2024-2029).

The biometrics market is anticipated to develop at a significant growth rate, owing to the rising number of terrorist activities and the increasing theft activities pertaining to crucial data and information that have raised concerns regarding national security.

• One of the key trends witnessed in the market studied is a model shift in business discourse toward more privacy and fewer security threats. The end-users are increasingly looking for integrated solutions rather than depending on conventional methods.
• Consumer biometric applications have expanded rapidly over the recent years, with the increased adoption of mobile devices. The consumer electronics sector is dominated majorly by security and access control devices, owing to the adoption of biometric systems. Thus, it supports the growth of the market. For instance, WhatsApp, a popular messaging app, launched an additional privacy measure on the Android platform. The company claims that users will soon be able to secure their accounts in the form of biometric authentication through fingerprint sensors.
• Additionally, multi-model or hybrid biometric systems have recently become a vital identification technique for authentication purposes. The multi-model biometric recognition system uses various features (facial, iris, and fingerprint) to authenticate users. This allows more reliability, high-speed, and high-precision authentication in large-scale systems that must respond to a variety of physical properties, as well as in usage scenarios that demand tight identity verification.
• The increasing adoption of reliable and efficient biometrics is credited with the fastest growing CAGR for hybrid biometric systems. Through multi-level authentication, multimodal biometric technologies provide increased security against spoofing or falsification. Nowadays, hybrid biometric systems comprise a wide range of modalities (voice, facial, and iris), and government agencies worldwide employ them in a variety of security-related tasks, including border control, law enforcement, human resources, national defense, healthcare, and enterprise security.
• For instance, in August 2021, the EU adopted interoperability requirements for multi-model biometric systems to improve data flows. The Multiple Identity Detector (MID) database evaluates a variety of other databases to see if the identity data for which the search was done is available in more than one information system.