Next Generation Biometrics Market Size (2024 - 2029)

Next Generation Biometric Market Analysis

The Next Generation Biometrics Market size is expected to grow from USD 42.96 billion in 2023 to USD 94.23 billion by 2028, at a CAGR of 17.01% during the forecast period (2023-2028).

One of the key trends witnessed in the next-generation biometrics market is a paradigm shift in business discourse toward more privacy and fewer security threats. The end-users are increasingly looking for integrated solutions rather than depending on conventional methods.

• The next-generation biometric market is anticipated to grow at a significant growth rate due to the rising number of terrorist activities, coupled with the increasing theft activities on the part of crucial data and information that have raised concerns regarding national security. For instance, in August 2022, Chile is implementing an automatic biometric identification system (ABIS) to combat organized crime. By comparing the biometric records of the civil police (PDI), the civil registry, and Interpol, the system would instantaneously identify recognized criminals, illegal migrants, and the deceased who lack any identity.
• The rising identity fraud across the globe is restricting market growth globally. According to Onfido, Identity fraud rose 43% YoY, with sophisticated fraud increasing 57% as criminals employed smarter tactics, utilizing realistic 2D/3D masks and deploying display attacks (for instance, showing a picture of a person on a screen) to try to spoof verification systems. And with 9 out of 10 consumers comfortable accessing digital services, the opportunities for fraudsters are further increasing.
• The next-generation biometric industry benefits from the increase in electronic cards and biometric passports. Costa Rica, for example, in September 2021, is slated to launch its biometric passport in 2022. The new passport was created using the most advanced security technology to reject fraudulent attempts. It also complies with the demands the International Civil Aviation Organization sets forth. Throughout the projected term, these advances may generate growth opportunities for market development.
• The COVID-19 outbreak significantly increased demand for touchless biometrics solutions, particularly in the healthcare sector, and created substantial disturbances and adjustments in various industries. Advanced multifactor and multimodal biometrics solutions are becoming increasingly important due to their accuracy and conformance with COVID-19's social separation norms.
• Companies must refrain from using fingerprint, palm print, and hand-key scanners to minimize physical touch and virus transmission. These actions are laying the groundwork for facial identification equipment and user-friendly iris scanning, which will be applied in several contexts. The outbreak brought about a trend toward contactless biometric technologies that assess face, gait, and speech recognition for accurate identification, which benefitted the market growth and is expected to grow over the forecast period.

Next Generation Biometric Industry Segmentation

Next-generation biometrics are the technologies used to authenticate the individuals' identity through biological characteristics, such as facial expression, voice, palm, fingerprints, signature, iris, vein, and DNA. The biometric techniques are easy to use, and the data obtained is in digital format, which is hard to forge, duplicate, and rebuild. Moreover, next-generation biometrics are available in various solutions that cater to many end-user verticals according to their needs.

The Next Generation Biometrics Market is segmented by type of solution (face recognition, fingerprint recognition, iris recognition, palm print recognition, signature recognition, and other types of solutions), end-user vertical (government, defense, travel and immigration, home security, banking and financial service, consumer electronics, healthcare, and other end-user verticals), and geography (North America, Europe, Asia-Pacific, Middle East and Africa, and Latin America). The market sizes and forecasts are provided in value (USD) for all the above segments.