Biometrics Market Size

Biometrics Market size was valued at USD 42.1 billion in 2023 and is poised to reach USD 406.5 billion by the end of 2036, registering a CAGR of 20.8% during the forecast period., i.e., 2024-2036. In 2024, the industry size of biometrics is estimated at USD 50.8 billion.

With the rapid increase in digitization globally, the need for robust security features have increased. The rising awareness of data privacy and security concerns are the primary drivers of the biometrics market. In recent years, more governments and companies have actively invested in biometrics for security and population identification concerns, leading to market growth. In August 2024, FINGERPRINTS released their new biometric system, FPC AllKey, which is designed to bring smooth and secure authentication to multiple end uses such as peripherals, padlocks, cryptocurrency wallets, FIDO tokens, residential and workplace locks.

Manufacturers across the globe are focused on improving biometrics to cater to rising demands for greater data privacy and combat security threats. Manufacturers are trying to integrate behavioral biometrics and liveness detection techniques for enhanced security. For instance, in April 2023, Innovatrics released MagnifEye, capable of multimodal liveness detection within seconds without hampering user experience.