Adoption of AI-enabled facial recognition technology in healthcare and banking sectors unlocks value-grab opportunities in biometrics market; BFSI industry to witness rise in demand

Wilmington, Delaware, United States, Aug. 02, 2022 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - Rise in voice biometrics among enterprises particularly in the BPO sector has boosted the global biometrics market size. Biometrics market leaders are leaning on adopting cutting-edge identification software providers for facial recognition for meeting the needs in various industry verticals, thus broadening the horizon. The biometrics market is projected to advance at CAGR of 13.3% from 2022 to 2031.

Biometric technologies for next generation biometric market are focusing on solutions and services for law enforcement agencies. The usage of biometrics in the government sector has led to a robust uptick in demand for products in the biometrics market. Strides in the security sector worldwide has resulted in the adoption of various biometrics for surveillance. Moreover, the demand for biometric as a service is boosting biometric industry growth.

The future market of biometric technology will be enriched by rise in practical applications of artificial intelligence and machine learning technologies for facial recognition. Such technologies are likely to make rapid penetration in biometrics applications in online shopping, mobile banking, and e-commerce websites.

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Key Findings of Biometrics Market Study

• Adoption of Voice and Facial Biometrics Propelling Revenues: Emphasis by governments on supporting digital transformation of economies has led businesses to ramp up their investments in voice and facial biometrics. Companies in the biometrics market are reaping revenue gains from the adoption of facial recognition FRT for implementing security in the BFSI industry. Furthermore, the demand for biometrics systems is expected to grow steadily in the healthcare, military & defense, and automotive industries.
  
  

• Demand in AI-enabled Biometrics Underpins Abundant Avenues: Integration of biometrics with AI has unlocked a new avenue for stakeholders in the biometrics market. State-of-the-art systems equipped with AI features are gathering traction in the healthcare industry, where they are increasingly used for real-time interpretation of emotions in patients. In addition, biometrics have already been widely commercialized for user authentication in healthcare facilities.
  
  

• Enterprises Adopting Continuous Biometric Authentication Systems: Enterprises are expected to adopt technology that will allow them continuous biometric authentication. Businesses are using for continuous biometric authentication systems for preventing cybercrimes and data breaches.
  

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Biometrics Market: Key Drivers

• The demand for improved biometrics for user identification and authentication application is steadily growing in the BFSI, healthcare, military & defense, and automotive. This is a key underpinning for the expansion of avenues in the biometrics market.
  
  

• Need for next-gen biometrics has recently grown in surveillance applications among the providers of security solutions for the government sector. This is likely to continue, and thus will drive the global biometrics market.
  

Biometrics Market: Regional Growth Dynamics

• Asia Pacific and Europe currently account for key shares of the biometrics market.
  
  

• Asia Pacific held the leading share in 2022, and is projected to retain its sway during the forecast period of 2022-2031. A bulk of demand has come from the BFSI sector, mainly invigorated by rising digital payments in several economies of the region. Firms in the biometrics market are focusing on capitalizing on opportunities in China, South Korea, and India.
  
  

• The U.S. meanwhile is a highly lucrative market, pivoting on the back of presence of several prominent players catering to the demands for biometric solutions in defense and law enforcement sectors.
  

Biometrics Market: Key Players

The competition landscape is marked by high degree of fragmentation due to several vendors holding shares in the biometrics market. Among the slew of competitive strategies leaders implement in the market, focusing on untapped geographies and product portfolio expansion are the notable ones, found the TMR study.

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Some of the key players in the biometrics market are:

IDEMIA
NEC Corporation
HID Global Corporation
Voice Biometrics Group
IDEX Biometrics ASA
Innovatrics
Precise Biometrics
Fulcrum Biometrics
SUPREMA, Inc.
Aware, Inc.
Thales Group

Biometrics Market Segmentation

• By Authentication Type

  • Single Factor Authentication

    • Fingerprint

    • Face

    • Footprint

    • Iris

    • Other (Voice, Hand Geometry, Vein, Signature)

  • Multi-factor Authentication

• By Type

  • Contact-based

  • Contactless

  • Hybrid

• By End-user

  • BFSI

  • Government

  • Military & Defense

  • Consumer Electronics

  • Automotive

  • Healthcare

  • Others (Transportation, Media, Retail)

Region

• North America

• Europe

• Asia Pacific

• Middle East & Africa (MEA)

• South America
  

Countries

• U.S.

• Canada

• Mexico

• Germany

• U.K.

• France

• Spain

• Italy

• Japan

• China

• India

• ASEAN

• Saudi Arabia

• United Arab Emirates

• South Africa

• Brazil

• Argentina
  

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