The biometric system market size is projected to grow from USD 42.9billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. The market slightly declined in 2020, mainly due to the impact of COVID-19. The supply chain disruption caused by the pandemic affected the market especially automotive, Industrial and others significantly. Also, due to lockdown restrictions, companies were not able to source the required labor for their operations due to travel restrictions.
Though the market is expected to be impacted in 2020–2021, it is expected to fully recover by mid 2022. Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of Biometric System Market in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology in the near future.
Thales Group(Paris), Idemia (France), ASSA ABLOY (Sweden), NEC Corporation(Japan) and Fujitsu(Japan), Precise Biometrics(Sweden),secunet Security Networks AG (Germany), Stanley Black & Decker, Inc.(France), Aware Inc (US), Cognitec Systems GmbH(Germany), Daon, Inc. (US), DERMALOG Identification Systems GmbH (Germany), Neurotechnology (Lithuania), Innovatrics(slovakia), Veridos GmbH (Germany), ZETES (Belgium), Jumio (US), Onfido (UK),iProov (UK), Facetec, Inc (US), BIO-key International (US),ID R&D Inc (US), Beijing Megvii Technology Co., Ltd.(China), SenseTime (China)Nuance Communications, Inc (US), David Link Manila Corporation (Philipines), Facebanx (UK), Securiport (US), M2SYS Technology (US), SUPREMA (South Korea), Fulcrum Biometrics, Inc, (US), OneSpan (US), Qualcomm Technologies, Inc. (US), Integrated Biometrics (US), Imageware (US), Leidos (US), Papillon Systems (Russia), Sonda (Chile) are the key players in the biometric system market.
The biometric system market is competitive, owing to the dominance of few major players accounting to 45–50% of the entire global market. Key strategies adopted by these players to expand their product portfolio, increase their market share, and expand their presence in the market are partnerships, collaborations and product launches. Many market players adopted product launches and deals as their primary business strategies. For instance, In July 2021, Thales Group launched a new voice biometric solution, a part of the Trusted Digital Identity Service Platform, for onboarding and authentication.
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Thales Group is one of the prominent players in biometric system market. Thales Group operates through 5 business segments: Aerospace, Transport, Defense & Security, Digital Identity & Security, and Others. Its biometric systems, which include single-factor biometric identification and multi-factor biometric identification systems, are sold through the Digital Identity & Security business segment. In the biometric portfolio, the company offers products and services for the identification and authentication of users with the help of fingerprints, retinal scans, voice identification, and facial recognition. The biometric solutions offered by the company are integrated with advanced technologies and can collect/access data from all sources for user verification. The biometric systems offered by the company can also be used in nuclear facilities and airports. It has deployed more than 200 biometric projects in 80 countries, enabling strong biometric authentication and identification across the world for customers from the government sector. Thales Group has its presence across the Americas, APAC, the Middle East, and Europe. In December 2021, Thales collaborated with Bank Pocztowy to develop contactless biometric cards, ensuring fund security. The transaction is authorized through biometric verification of the cardholder’s fingerprint regardless of the amount.
Safran is a French global aerospace leader founded in 2005 through the merger of aerospace group SNECMA and Security Company SAGEM. It is a technology company operating in the aircraft propulsion and equipment, space, defense, and security markets. In 2017, IDEMIA was formed through the merger of Safran Identity & Security (Morpho) and OT (Oberthur Technologies). IDEMIA covers industries such as security, border control, banking, telecom, etc. The company offers its biometrics products to customers from segments such as financial institutions, mobile operators, connected objects, citizen identity, and public security. The biometrics terminals business segment includes products such as fingerprint terminals, facial terminals, vein and print terminals, fingerprint devices, and vein and print devices. In November 2021, IDEMIA partnered with the Mississippi Department of Safety (DPS) to introduce Mobile ID that allows citizens to control their identity via a free application on their smartphones.
Related Reports:
Biometric System Market with COVID-19 Impact Analysis by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contact-based, Contactless, Hybrid), Offering Type, Mobility, Vertical & Region — Global Forecast to 2027
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