According to latest research report by DataHorizzon Research, The biometrics technology market size was valued at USD 50.3 Billion in 2023 and is expected to reach a market size of USD 173.7 Billion by 2032 at a CAGR of 14.8%.
The demand for secure identification and authentication is rapidly increasing across industries, driving the growth of the biometrics technology market. With the rise of digital transactions and the constant threat of identity theft and fraud, businesses and governments are turning to biometrics as a reliable solution.
Biometric technologies, such as fingerprint and facial recognition, provide a unique and highly difficult-to-forge method of verifying an individual’s identity. This inherent characteristic makes them an attractive option for strengthening security measures across various domains.
Moreover, the adoption of biometric technologies aligns with broader trends in digital transformation and the advancement of secure digital ecosystems. As businesses and governments prioritize enhancing their cybersecurity measures and protecting sensitive information.
The surge in demand for biometrics technology is propelled by the urgent need to address identity-related risks and bolster security measures in an ever-expanding digital landscape.
Segmentation Overview:
Hardware registered staggering growth in 2023 and will likely influence the global market.
- Based on the market segmentation by component, the biometrics technology market can be divided into hardware and software segments. In 2023, the hardware segment is expected to hold the largest market share.
The public sector is the largest end-user of biometric technologies
- In the biometrics technology market, the end-user segmentation comprises the public sector, BFSI, healthcare, IT and telecommunications, and others.
Biometric Technology Market Report Highlights:
- The biometric technology market growth is anticipated at a CAGR of 14.8% by 2032.
- Integrating biometrics with emerging technologies, such as artificial intelligence (AI), the Internet of Things (IoT), and blockchain, presents significant opportunities for the biometrics technology market.
