Biometrics Market Analysis

 Type (Hardware, Software, Services)

The hardware segment is expected to account for a market share of 45.2% during the forecast period. The physical devices used to process biometric data such as facial recognition cameras, fingerprint scanners, and iris scanners are growing in demand. The continuous rise in security risks has led to a boost in the growth of this segment. The manufacturing trend in the hardware segment is to reduce complexity and boost ease of use, and improve accuracy of the biometrics. With innovations in biometrics such as emotion detection, vein recognition, and heartbeat detection the hardware segment is expected to witness significant growth going ahead.

The software segment is also growing rapidly in the biometrics market owing to rising security threats, including spoofing. To combat security risks, commercial and government entities seek advanced software for behavioral and physiological recognition. The current trend in this segment is to fix any gap in identifications by the software by updating their machine learning. For instance, in 2023, Aware released a biometric liveness detection software that can conduct identity proofing along with biometric authentication by using liveness detection.

Biometric Type (Fingerprint, Iris Recognition, Facial Recognition, Signature Verification, Hand Geometry, Palm Vein, Voice Recognition)

In biometrics type, the fingerprint segment accounted for the largest market share in 2023. Fingerprint authentication analyzes the unique fingerprint patterns of an individual to authenticate them. The primary driver in the segment is the large-scale integration of fingerprint recognition in smartphones. Each smartphone released today has fingerprint sensors embedded in it. With the development of faster and more accurate fingerprint identifications and increased use in personal and commercial spaces, this segment is poised to witness rapid growth during the forecast period.

The iris recognition segment is poised to grow at a staggering rate during the forecast period. Iris recognition authenticates individuals based identifying the unique patterns in the iris of individuals. The iris segment saw a boost during the COVID-19 pandemic due to its non-intrusive nature. The scalability and flexibility of the iris recognition method will continue to boost its growth.

Our in-depth analysis of the global market includes the following segments: