Global Biometrics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021

The global biometrics market was estimated at $ 27.09 billion in 2020 and is projected to be worth $ 62.52 billion by 2026, which is a CAGR of 15.2% over the forecast period 2021-2026. The biometrics market is expected to develop at a significant rate of growth due to the increasing number of terrorist activities and the increasing theft of critical data and information that raise national security concerns.

New York, November 18, 2021 (GLOBE NEWSWIRE) - Reportlinker.com announces the publication of the report “Global Biometrics Market - Growth, Trends, Impact of COVID-19 and Forecasts (2021-2026)” - https: // www. reportlinker.com/p06184969/?utm_source=GNW

Key highlights
One of the most important trends in the examined market is a model shift in business discourse towards more privacy and fewer security threats. End users are increasingly looking for integrated solutions instead of relying on conventional methods.
Biometric applications for consumers have expanded rapidly in recent years with the increasing adoption of mobile devices. The entertainment electronics sector is mainly dominated by security and access control devices due to the introduction of biometric systems. Thus it supports the growth of the market. WhatsApp, a popular messaging app, has introduced an additional data protection measure on the Android platform, for example. The company claims that users will soon be able to secure their accounts in the form of biometric authentication via fingerprint sensors.
In addition, multi-model or hybrid biometric systems have recently become an important identification technique for authentication purposes. The multi-model biometric recognition system uses various functions (face, iris, and fingerprint) to authenticate users. This enables more reliability, fast and highly precise authentication in large systems that have to react to a large number of physical properties, as well as in usage scenarios that require strict identity checks.
The fastest growing CAGR for hybrid biometric systems is ascribed to the increasing adoption of reliable and efficient biometrics. With multi-level authentication, multimodal biometric technologies offer increased security against spoofing or forgery. Today, hybrid biometric systems encompass a variety of modalities (voice, face, and iris) and government agencies around the world use them in a variety of security-related tasks, including border control, law enforcement, human resources, national defense, healthcare, and corporate security. ?
In August 2021, for example, the EU adopted interoperability requirements for biometric systems with multiple models to improve the flow of data. The Multiple Identity Detector (MID) database evaluates a large number of other databases to determine whether the identity data that has been searched for is available in more than one information system.

Major market trends

Software and services segment with the largest market share

Biometric software enables biometric devices and the computers and networks to which they are connected to be compatible and operational with one another. It also enables the compatibility of different application software on different operating systems and enables an effective connection. Software is an important part of biometric systems. For example, software in signature verification systems compares signatures and checks them for originality. Since signature fraud is not always obvious to human operators, it can become difficult for the human eye to accurately identify fraudulent signatures. As a result, signature verification software is increasingly being used as it saves time, prevents human errors during the signature process, and reduces the risk of fraud.
Software in biometrics will continue to be integrated with advanced technologies like AI to detect fraud. IntelliVision's facial recognition software, for example, is a deep learning-based facial recognition solution for integrators and developers that can recognize faces of all ethnicities without racial prejudice and recognize them from the image database. It offers facial recognition accuracy of around 99.5% on standard public records. In addition, it can also be used on the server and in the cloud.
In 2019, Avigilon introduced presence alerts for its AI (artificial intelligence) -based facial recognition video management software to help companies identify interested parties in corporate environments. The software warns security personnel to determine whether or not further investigation or action is required from the organization.
The biometric systems on site require IT infrastructures such as servers and networks. This infrastructure is expensive and requires maintenance. Therefore, the biometric service is becoming increasingly important as it does not require any specialized IT infrastructure or maintenance to provide a biometric project.
In addition, companies rely on biometric services because they are extremely scalable. The number of registrations varies from company to company, depending on their size. The biometric service helps companies to subscribe to services based on their needs. It's also very easy to expand or contract the facilities by changing the subscription plan. Companies like Aware Inc. and others offer biometric software products and services as independent suppliers, that is, independent of hardware vendors and system integrators. These benefits include reducing the risks and costs associated with hardware and software obsolescence and system maintenance challenges that can degrade performance and shorten the life of a solution.

The Asia-Pacific region is expected to be the fastest growing market

Growing mobile payment transactions coupled with increasing private companies and government initiatives to adopt biometric authentication systems are expected to be the main driving forces behind the biometric market in the region. According to the Center for Strategic & International Studies Report (CSIS) 2021, China is at the forefront of the global digital payments revolution.
Chinese companies generated an expected transaction value of USD 2.9 trillion in 2020, based on a global market of USD 5.4 trillion in transaction value in digital commerce and mobile payments. China's strong emphasis on influencing global digital infrastructure, e-commerce, and new projects like the digital yuan and the proposed new intellectual property could lead to an authoritarian path for digitization. For example, in 2021 more than 3.51 million corporate wallets and 20.87 million personal wallets were opened with a total transaction volume of 70.75 million and a transaction value of 5.41 billion US dollars (34.5 billion RMB).
On the other hand, the increasing demand for biometric authentication systems from various end users, including retail, gambling, banking and financial sectors, hospitals, etc., is significantly influencing the growth of the market across the country. For example, the China Construction Bank (CCB) decided to work with IDEX Biometrics to use biometric cards in their digital renminbi experiments. The bank has already released a digital yuan wallet app. The NFC-enabled biometric smart card allows users to use digital currencies without the need for a smartphone. These biometric cards will serve as hard digital wallets for members of the Chinese digital currency experiment known as DCEP. Fingerprint sensors and biometric software protect these smart cards.
In addition, end-user industries such as BFSI and healthcare are home to many critical and very valuable assets. Any breach or neglect of security can be catastrophic, costly, and lost sales. Therefore, these industries in the country are enforcing strict measures to protect sensitive customer data with the latest technology. In February 2021, for example, customers can enter the Green Leaves + Shop-and-Go-Store in the Japanese Yokohama Techno Tower Hotel with their face and a wave of the hand to confirm their identity. Customers can use the smartphone application's multi-biometric authentication technology that combines their facial and palm vein identification information. Customers can also scan a QR code displayed on the Green Leaves + app to access the store.
In July 2021, Fingerprint Cards (a Swedish biometrics company) and MoriX (a Japanese electronics company) entered into a collaboration to develop and market biometric payment cards in Japan. According to the press release, the new card will feature Fingerprints' T-Shape module, which has extremely low power consumption and, according to the company, is designed to be integrated with payment cards using normal automated manufacturing methods. In addition, the company said there is "an increasing desire for card transactions" among Japanese consumers seeking no-touch, secure, and seamless payment methods.

Competitive landscape

The biometrics market is highly fragmented due to the global presence of various providers such as NEC Corporation, Fujitsu Limited, Leidos Holdings Inc., Gemalto NV (Thales Group), etc. The market is characterized by the increasing acceptance of biometric solutions in various end-user industries. The providers are also undertaking significant product developments in order to expand their market presence. The market also sees strategic partnerships and acquisitions as a lucrative expansion path.

October 2021 - Thales has teamed up with Inetum to expand the use of its automatic border control system (ABC) for biometric authentication of travelers at three Spanish airports. These systems include facial recognition and document review; These are intended to accelerate the border control process and significantly reduce the waiting times of travelers.
October 2021 - ImageWare Systems has developed a biometrically capable blockchain-based solution for self-sovereign identity and has entered the market for autonomous identity. Adding biometric protection to the identity block chain provides the final layer of protection, the data is safe in digital wallets and only accessible to authorized users.
June 2021 - Phonexia develops new audio discovery software - Phoenixia Orbis, using its experience from hundreds of public safety projects worldwide. This local solution enables law enforcement agencies to automatically and efficiently extract complex intelligence from large amounts of audio, making investigations effortless and straightforward.

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