Fingerprint Biometrics Market to Reach $74.1 Billion by 2032 at 7.8% CAGR: Allied Market Research
Allied Analytics LLP
7 min read
Allied Analytics LLP
Surge in penetration of user identification devices and increased spending in the defense sector, drives the growth of the global Fingerprint Biometrics market.
NEW CASTLE, Delaware, Feb. 12, 2024 (GLOBE NEWSWIRE) -- Allied Market Research published a report, titled, “Fingerprint Biometrics Market by Offering (Hardware, Software, and Services), Type (AFIS Technology and Non-AFIS Technology), and End User (BFSI, Healthcare, Travel & Tourism, IT & Telecom, Government & Defense, Automotive, and Others): Global Opportunity Analysis and Industry Forecast, 2022-2032” According to the report, the global fingerprint biometric market generated $21.6 billion in 2022, and is estimated to reach $74.1 billion by 2032, witnessing a CAGR of 13.4% from 2023 to 2032. The report offers a detailed analysis of changing market trends, top segments, key investment pockets, value chains, regional landscapes, and competitive scenarios.
Drivers, Restraints, and Opportunities
The fingerprint biometrics market is expected to witness notable growth owing to surge in penetration of user identification devices and increased spending in the defense sector. Moreover, key technological developments leading to the commodification of biometrics are expected to provide lucrative opportunity for the growth of the market during the forecast period. On the contrary, operational concerns related to privacy, security, and ROI limit the growth of the fingerprint biometrics market.
Surge in penetration of user identification devices.
Increased spending in the defence sector.
Opportunities
Key technological developments leading to the commodification of biometrics
Restraints
Operational concerns related to privacy, security, and ROI
COVID-19 scenario-
The COVID-19 pandemic brought about a notable transformation in the landscape of fingerprint biometrics, primarily due to concerns related to hygiene and the potential transmission of viruses through surface contact.
Traditional fingerprint recognition systems, often employed in various sectors for secure access and identification, faced challenges as individuals became more cautious about physical contact with shared surfaces, such as fingerprint scanners.
The widespread use of face masks during the pandemic presented challenges for facial recognition systems, leading to a reevaluation of touchless alternatives. While facial recognition remained relevant, there was a growing interest in refining and improving fingerprint biometrics systems to make them more conducive to a hygienic environment.
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By offering, the hardware segment held the major share in 2022, garnering nearly half of the global fingerprint biometrics market revenue, as fingerprint recognition technology was becoming more widespread and integrated into various devices, including smartphones, laptops, and access control systems. Manufacturers were focusing on improving the resolution and sensitivity of fingerprint sensors to ensure more reliable and secure authentication. However, the services segment would also showcase the fastest CAGR of 15.9% during the forecast period, owing to the use of fingerprint biometrics in healthcare services, providing secure access to patient records and ensuring the accuracy of medical information. Moreover, the deployment of fingerprint technology in access control systems for buildings and secure facilities has gained momentum, enhancing physical security measures. As technology continues to evolve, the integration of fingerprint biometrics with artificial intelligence and machine learning is expected to further improve accuracy, speed, and overall reliability, expanding its applications in a wide range of services, from law enforcement to e-commerce.
The non-AFIS technology segment to dominate by 2032
By type, the non-AFIS technology segment accounted for nearly two-thirds of the global fingerprint biometrics market share in 2022, and is expected to rule the market by 2032, owing to the continuous improvement in accuracy and speed of fingerprint matching algorithms. AFIS systems are becoming more efficient in processing large databases and delivering rapid and reliable results, making them invaluable in law enforcement and identity verification applications. However, the non-AFIS technology segment would also display the fastest CAGR of 12.4% throughout the forecast period, owing to the deployment of non-AFIS fingerprint technology in access control systems for various sectors, including commercial buildings, healthcare facilities, and financial institutions. These systems contribute to heightened security by allowing authorized individuals seamless and touchless entry, aligning with the broader shift toward contactless technologies in the post-pandemic era.
The government and defense segment dominated the market in 2022
By end user, the government and defense segment accounted for nearly one-fourth of the global fingerprint biometrics market share in 2022, owing to the integration of fingerprint technology into national identification systems and e-passports, allowing governments to strengthen border control and streamline identity verification processes. In addition, many defense and law enforcement agencies are increasingly leveraging fingerprint biometrics for criminal investigations and intelligence gathering. However, the travel and tourism segment would also display the fastest CAGR of 17.8% throughout the forecast period, owing to the increasing adoption of fingerprint recognition technology at airports and border control checkpoints. This development enhances security measures by providing a more reliable and efficient method of verifying travelers' identities compared to traditional methods such as passports and boarding passes.
Asia-Pacific garnered the major share in 2022
By region, North America garnered the highest share in 2022, holding nearly one-third of the global fingerprint biometrics market revenue in 2022, owing to the integration of fingerprint recognition in access control systems for both physical and digital environments, including workplaces, government facilities, and financial institutions. The increased emphasis on security and identity verification fueled the deployment of fingerprint biometrics in smartphones, laptops, and other personal devices. The Asia-Pacific region would also portray the fastest CAGR of 16.6% during the forecast period, owing to the surge in the implementation of fingerprint biometrics for financial transactions, access control, and workforce management, reflecting a growing emphasis on security and efficiency. Mobile devices equipped with fingerprint sensors became commonplace, contributing to the seamless integration of biometrics into daily life.
The report analyzes these key players in the global fingerprint biometrics market. These players have adopted various strategies such as expansion, new product launches, partnerships, and others to increase their market penetration and strengthen their position in the industry. The report is helpful in determining the business performance, operating segments, developments, and product portfolios of every market player.
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