25 November 2021
Global Biometrics Market to Reach $44.1 Billion by 2026
Biometrics technology is used to identify an individual on the basis of physiological and behavioral characteristics such as hand geometry, retinal pattern, fingerprint, and facial thermograms. The person should be present physically for the identification to get the access into the system. The system does not require any password or PIN number for identification. The systems act as identification as well as authentication system in accordance with the situation. Biometrics works on Automated Identification and Data Capture (AIDC) methodology to enable an organization to effectively manage material, workforce, and time. Amid the COVID-19 crisis, the global market for Biometrics estimated at US$19.5 Billion in the year 2020, is projected to reach a revised size of US$44.1 Billion by 2026, growing at a CAGR of 14.8% over the analysis period. Non-AFIS, one of the segments analyzed in the report, is projected to grow at a 12.9% CAGR to reach US$14.8 Billion by the end of the analysis period. After a thorough analysis of the business implications of the pandemic and its induced economic crisis, growth in the AFIS segment is readjusted to a revised 16.4% CAGR for the next 7-year period. This segment currently accounts for a 28.6% share of the global Biometrics market.
The U.S. Market is Estimated at $5.7 Million in 2021, While China is Forecast to Reach $7.3 Billion by 2026
The Biometrics market in the U.S. is estimated at US$5.7 Billion in the year 2021. The country currently accounts for a 27.38% share in the global market. China, the world second largest economy, is forecast to reach an estimated market size of US$7.3Billion in the year 2026 trailing a CAGR of 18.7% through the analysis period. Among the other noteworthy geographic markets are Japan and Canada, each forecast to grow at 11.5% and 13.1% respectively over the analysis period. Within Europe, Germany is forecast to grow at approximately 13.4% CAGR while Rest of European market (as defined in the study) will reach US$8.7 Billion by the close of the analysis period.
The COVID-19 pandemic has resulted in unprecedented disruptions and sweeping changes across various industries, and created a notable demand for touchless biometric solutions. Advanced multifactor and multimodal biometric platforms are gaining increasing relevance due to their authentication accuracy and alignment with social distancing guidelines for COVID-19. Latest rules specified by various governments require businesses to avoid using palm print, fingerprint and hand-key readers for preventing physical contact and spread of the virus. These measures are paving way for iris scans and facial recognition technologies that are user-friendly and suitable for diverse environments. With people vary of touching card readers, keypads, elevator buttons, and door handles, facial and iris recognition, as well as other such contactless biometric technologies are likely to replace methods that require repeated touching of surfaces by people.
Contactless biometrics technology is set to experience remarkable gains due to the confluence of factors such as COVID-19-related guidelines and adoption of digital security solutions. The increasing focus on public safety monitoring coupled with the need for early detection and patient screening are driving the adoption of advanced contact-less biometrics technology.
Fuelled by rising application of the technology for identity verification, transactions, access control and payments, the global market for contactless biometrics technology is projected to post a strong growth rate through the year 2030. The technology is anticipated to receive a major boost from COVID-19 pandemic and associated need for contactless biometrics coupled with rising adoption of online transactions. The concept is expected to witness a notable uptick in facilities requiring stringent surveillance, access control and law enforcement. In addition, biotechnology and healthcare units are estimated to hold the major share, mainly for facial recognition. The adoption of security and innovative solutions for healthcare applications is expected to foster demand for iris scans and facial recognition. Contactless biometrics is anticipated to find rising application for identity verification and access control while software solutions are estimated to enjoy the dominating position. The increasing implementation of contactless biometrics is attributed mainly to the fact that the technology is more secure in comparison to conventional access control options.
Iris Segment to Reach $5.7 Billion by 2026
Iris biometrics is a method of identifying, verifying and validating individuals by photographing and scanning iris of their eye and analyzing the unique random colored patterns of their iris. Iris biometric system makes a collective use of optics, computer vision and pattern recognition to scan and identify the distinctive iris patterns from individuals eyes. Iris biometrics recognizes and captures over 250 distinguishing characteristics from about four hundred distinguishing characteristics in an individual. Another unique characteristic is the ability of this technology to work considerably well on different age groups, an edge over fingerprinting technique. Iris scanning technology provides secured identification, because a person`s iris is not suspected to wear and tear, and remains unchanged during one`s life. Iris technology has about six times additional distinct identifiable features in comparison to fingerprint.
In the global Iris segment, USA, Canada, Japan, China and Europe will drive the 16.6% CAGR estimated for this segment. These regional markets accounting for a combined market size of US$1.7 Billion in the year 2020 will reach a projected size of US$4.9 Billion by the close of the analysis period. China will remain among the fastest growing in this cluster of regional markets. Led by countries such as Australia, India, and South Korea, the market in Asia-Pacific is forecast to reach US$992.8 Million by the year 2026.