Biometric System Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Single Factor Authentication, Multi Factor Authentication), By Vertical (BFSI, Consumer Electronics, Automotive, Government, Others), By Component (Hardware, Software), And By Geography - Forecasts From 2019 To 2024

The biometric systems market is expected to reach $60.425 billion by 2024 from $27.465 billion in 2018 growing at a CAGR of 14.04%.

The biometric system market is expected to grow at a modest rate due to cohesive support by the governments worldwide and favourable regulations are being carried out for triggering the promotion of the biometrics market. The main reason for the adoption of this technology is security. As in today’s era theft and breach of security is easily possible, so taking into consideration security, this market is growing. Simultaneously a growth in cyber-attacks and crimes is pushing the demand for biometric security during the forecasted period.

By verticals, the biometric system market is segmented as BFSI, consumer electronics, automotive, government and others. This market is growing in the automotive sector due to increasing vehicle thefts. Due to economic growth across the globe, demands for automotive are increasing at the ideal demographic trend, thus the growing automotive production is anticipated to push the demand for biometric systems. In the BSFI sector, the biometric market is boosting toward growth for justified reasons of uniqueness and security due to increased thefts and cybercrimes. The consumer electronic market will dominate this market as the manufacturers are investing heavily to make the devices more secure.

By geography, the biometric system market is segmented as Americas, Europe, Middle East & Africa and the Asia Pacific. In the Americas, this market is expected to grow at a tremendous rate due to the security and scrutiny of employees. Asia Pacific region is adopting the new technologies of biometrics for more security and efficiency. Now the various governments are implementing various security policies which show growth in this market in the forecasted period.

Major industry players profiled as a part of this report are NEC Corporation, Iris ID Systems Inc, Comfis S.R.O, Princeton Identity, BioRugged, Telepower Communication Co Ltd, Jagstar, Crossmatch, Infinity Optics Solutions Pte Ltd, Cognitec Systems GmbH

Biometric System Market Scope:

Report Metric	Details
Market size value in 2018	US$27.465 billion
Market size value in 2024	US$60.425 billion
Growth Rate	CAGR of 14.04% from 2018 to 2024
Base year	2018
Forecast period	2019–2024
Forecast Unit (Value)	USD Billion
Segments covered	Type, Verticals, Component, And Geography
Regions covered	North America, South America, Europe, Middle East and Africa, Asia Pacific
Companies covered	NEC Corporation, Iris ID Systems Inc, Comfis S.R.O, Princeton Identity, BioRugged, Telepower Communication Co., Ltd., Jagstar, Crossmatch, Infinity Optics Solutions Pte Ltd, Cognitec Systems GmbH, Safran, Thales Group, Fujitsu, Aware, Inc., Vision Box, Daon, Precise Biometrics, Falcrum Biometrics, LLC
Customization scope	Free report customization with purchase

Segmentation

The biometric systems market has been segmented by type, verticals, components, and geography.

• By Type

  • Single Factor Authentication

  • Multi Factor Authentication

• By Verticals

  • BFSI

  • Consumer Electronics

  • Automotive

  • Government

  • Others

• By Component

  • Hardware

  • Software

• By Geography

  • North America

    • USA

    • Canada

    • Mexico

  • South America

    • Brazil

    • Argentina

    • Others

  • Europe

    • Germany

    • France

    • United Kingdom

    • Italy

    • Others

  • Middle East and Africa

    • Saudi Arabia

    • Israel

    • Others

  • Asia Pacific

    • China

    • Japan

    • South Korea

    • India

    • Others

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Frequently Asked Questions (FAQs)

Q1. What will be the biometric system market size by 2024?
A1. The biometric system market is expected to reach a market size of US$60.425 billion by 2024. 

Q2. What is the size of the biometric system market?
A2. The biometric system market was valued at US$27.465 billion in the year 2018. 

Q3. What are the growth prospects for the biometric system market?
A3. The biometric system market is expected to grow at a CAGR of 14.04% over the six years. 

Q4. Who are the major players in the biometric system market?
A4. Some of the major players in the biometric system market are NEC Corporation, Iris ID Systems Inc, Comfis S.R.O, Princeton Identity, BioRugged, Telepower Communication Co Ltd, Jagstar, Crossmatch, Infinity Optics Solutions Pte Ltd, Cognitec Systems GmbH. 

Q5. What factors are anticipated to drive the biometric system market growth?
A5. The biometric system market is expected to grow at a modest rate due to cohesive support by the governments worldwide and favourable regulations are being carried out for triggering the promotion of the biometrics market.

1. Introduction

1.1. Market Definition

1.2. Market Segmentation

2. Research Methodology

2.1. Research Data

2.2. Assumptions

3. Executive Summary

3.1. Research Highlights

4. Market Dynamics

4.1. Market Drivers

4.2. Market Restraints

4.3. Porters Five Forces Analysis

4.3.1. Bargaining Power of Suppliers

4.3.2. Bargaining Power of Buyers

4.3.3. Threat of New Entrants

4.3.4. Threat of Substitutes

4.3.5. Competitive Rivalry in the Industry

4.4. Industry Value Chain Analysis

5. Biometric systems Market Analysis, by Type

5.1. Introduction

5.2. Single Factor Authentication

5.3. Multi Factor Authentication

6. Biometric systems Market Analysis, by Verticals

6.1. Introduction

6.2. BFSI

6.3. Consumer Electronics

6.4. Automotive

6.5. Government

6.6. Others

7. Biometric systems Market Analysis, by Component

7.1. Introduction

7.2. Hardware

7.3. Software

8. Biometric systems Market Analysis, by Geography

8.1. Introduction

8.2. North America

8.2.1. North America Biometric systems Market, By Type, 2018 to 2024

8.2.2. North America Biometric systems Market, By Verticals, 2018 to 2024

8.2.3. North America Biometric systems Market, By Component, 2018 to 2024

8.2.4. By Country

8.2.4.1. United States

8.2.4.2. Canada

8.2.4.3. Mexico

8.3. South America

8.3.1. South America Biometric systems Market, By Type, 2018 to 2024

8.3.2. South America Biometric systems Market, By Verticals, 2018 to 2024

8.3.3. South America Biometric systems Market, By Component, 2018 to 2024

8.3.4. By Country

8.3.4.1. Brazil

8.3.4.2. Argentina

8.3.4.3. Others

8.4. Europe

8.4.1. Europe Biometric systems Market, By Type, 2018 to 2024

8.4.2. Europe Biometric systems Market, By Verticals, 2018 to 2024

8.4.3. Europe Biometric systems Market, By Component, 2018 to 2024

8.4.4. By Country

8.4.4.1. Germany

8.4.4.2. France

8.4.4.3. United Kingdom

8.4.4.4. Italy

8.4.4.5. Others

8.5. Middle East and Africa

8.5.1. Middle East and Africa Biometric systems Market, By Type, 2018 to 2024

8.5.2. Middle East and Africa Biometric systems Market, By Verticals, 2018 to 2024

8.5.3. Middle East and Africa Biometric systems Market, By Component, 2018 to 2024

8.5.4. By Country

8.5.4.1. Saudi Arabia

8.5.4.2. Israel

8.5.4.3. Others

8.6. Asia Pacific

8.6.1. Asia Pacific Biometric systems Market, By Type, 2018 to 2024

8.6.2. Asia Pacific Biometric systems Market, By Verticals, 2018 to 2024

8.6.3. Asia Pacific Biometric systems Market, By Component, 2018 to 2024

8.6.4. By Country

8.6.4.1. China

8.6.4.2. Japan

8.6.4.3. South Korea

8.6.4.4. India

8.6.4.5. Others

9. Competitive Environment and Analysis

9.1. Major Players and Strategy Analysis

9.2. Emerging Players and Market Lucrativeness

9.3. Mergers, Acquisitions, Agreements, and Collaborations

9.4. Vendor Competitiveness Matrix

10. Company Profiles

10.1. NEC Corporation

10.2. Iris ID Systems Inc

10.3. Comfis S.R.O

10.4. Princeton Identity

10.5. BioRugged

10.6. Telepower Communication Co., Ltd.

10.7. Jagstar

10.8. Crossmatch

10.9. Infinity Optics Solutions Pte Ltd

10.10. Cognitec Systems GmbH

10.11. Safran

10.12. Thales Group

10.13. Fujitsu

10.14. Aware, Inc.

10.15. Vision Box

10.16. Daon

10.17. Precise Biometrics

10.18. Falcrum Biometrics, LLC

11. Appendix

NEC Corporation

Iris ID Systems Inc

Comfis S.R.O

Princeton Identity

BioRugged

Telepower Communication Co., Ltd.

Jagstar

Crossmatch

Infinity Optics Solutions Pte Ltd

Cognitec Systems GmbH

Safran

Thales Group

Fujitsu

Aware, Inc.

Vision Box

Daon

Precise Biometrics

Falcrum Biometrics, LLC