Dublin, Jan. 20, 2025 (GLOBE NEWSWIRE) — The “Next-Gen Biometric Authentication Market Size, Share & Trends Analysis Report By Component (Software and Services), By Authentication Type, By Technology, By End User, By Regional Outlook and Forecast, 2024 – 2031” report has been added to ResearchAndMarkets.com’s offering.
The Global Next-Gen Biometric Authentication Market size is expected to reach $187.18 billion by 2031, rising at a market growth of 20.7% CAGR during the forecast period.
Voice recognition technology analyzes vocal characteristics to authenticate users, offering a hands-free and convenient biometric authentication method. It is widely used in call centers, mobile banking, and smart home devices for voice command-based authentication. The voice recognition segment held 11% revenue share in the market in 2023. The technology’s ability to integrate with natural language processing and AI capabilities has enhanced its utility and application scope. The rising adoption of voice-activated virtual assistants and the need for secure voice-based transactions have driven the growth of the voice recognition segment in the market.
The major strategies followed by the market participants are partnerships as the key developmental strategy to keep pace with the changing demands of end users. For instance, In July, 2024, Fingerprint Cards AB announced a partnership with IN Groupe, a French company specializing in the production of secure documents, and launched a safe component for contactless biometric payment cards. This partnership aims to streamline production, improve reliability, and reduce costs, supporting global manufacturers in scaling next-generation card production for mass adoption. Additionally, In November, 2023, IDEMIA SAS signed a partnership agreement with Home Team Science and Technology Agency (HTX), the science and tech arm of the Ministry of Home Affairs, in Singapore. Under this partnership, the company will work with HTX on research and development in biometrics and forensics technologies.
Cardinal Matrix – Market Competition Analysis
Based on the Analysis presented in the Cardinal matrix; Fujitsu, Thales Group, HID Global Corporation and NEC are the forerunners in the Next-Gen Biometric Authentication Market. In September, 2023, HID Global Corporation teamed up with CERTIFY Health, which provides modern solutions to enhance patient care and experience and focuses on patient engagement and facial recognition. This offer aims to transform healthcare operations and deliver improved patient service at every touchpoint. Companies such as Aware, Inc., Fingerprint Cards AB, and IDEMIA SAS are some of the key innovators in Next-Gen Biometric Authentication Market.
Market Growth Factors
As private and public sectors strive to ensure greater security and data protection, biometric technologies offer a much-needed solution. The digital transformation of businesses across various industries, combined with heightened security threats, establishes biometrics as an essential tool for identity verification and fraud prevention. Therefore, the increasing demand for higher levels of security is one of the primary drivers of the next-gen biometric authentication market.
The adoption of biometric authentication in mobile devices is expected to grow as more manufacturers embrace these technologies. With companies like Apple, Samsung, and Google leading the way, biometric solutions have become standard in flagship mobile phones. This widespread integration of biometric technology is fueling growth in the next-gen biometric authentication market, making it a critical driver as the demand for secure, frictionless mobile experiences grows globally. Hence, the rising adoption of biometric solutions in mobile devices is propelling the market’s growth.
Market Restraining Factors
Privacy concerns also lead to regulatory scrutiny, with many governments worldwide introducing stricter regulations regarding collecting and using biometric data. The lack of universal standards and differing regulations across regions complicates compliance for businesses and may hinder their ability to deploy biometric authentication systems on a global scale. As these concerns grow, the next-gen biometric authentication market may face significant resistance from users and regulators, limiting its growth potential. Thus, privacy and data security issues hinder the market’s growth.
The leading players in the market are competing with diverse innovative offerings to remain competitive in the market. The above illustration shows the percentage of revenue shared by some of the leading companies in the market. The leading players of the market are adopting various strategies in order to cater demand coming from the different industries. The key developmental strategies in the market are Partnerships & Collaborations.
Regional Outlook
Region-wise, the market is analyzed across North America, Europe, Asia Pacific, and LAMEA. The North America region witnessed 36% revenue share in the market in 2023. The high revenue share in North America can be attributed to the widespread adoption of advanced biometric technologies across various sectors, including government, BFSI, healthcare, and defense. The presence of major biometric solution providers and the increasing emphasis on enhancing security measures and reducing fraud further bolsters the market growth in this region.
Market Competition and Attributes
The next-generation biometric authentication market is highly competitive, fueled by advancements in AI and the demand for secure, contactless solutions. Innovations in facial recognition, iris scanning, and voice authentication are driving adoption across industries, including finance, healthcare, and government. Increasing cyber threats and stringent regulatory requirements further intensify competition. Vendors focus on AI-powered analytics, multi-modal authentication, and integration with IoT to differentiate their offerings, while growing privacy concerns and interoperability challenges shape market dynamics.
Recent Strategies Deployed in the Market
- Sep-2024: NEC Corporation has launched a biometric authentication system that uses advanced facial recognition technology to identify large groups of people in motion swiftly. This innovation aims to improve efficiency and reduce congestion, reflecting broader trends in the biometric market, including AFIS.
- Jun-2024: Fingerprint Cards AB announced the partnership with Valid S.A., a Brazilian engraving company to create a biometric payment card for Brazil, integrating FPC’s second-generation T-Shape (T2) sensor module and software. This card enhances security, convenience, and hygiene in contactless payments. Valid will produce the cards using Fingerprint Cards’ biometric technology.
- Mar-2024: Thales Group S.A. and Garanti BBVA announced their partnership with Fingerprint Cards and unveiled Turkiye’s first biometric payment cards. This innovation enhances payment security and convenience by integrating fingerprint authentication directly into the card, allowing users to verify transactions with their fingerprint instead of a PIN or signature.
- Feb-2024-: Fingerprint Cards AB signed a distribution agreement with Ansal Component, a Tukiye-based provider of component supply services. Through this partnership with Ansal Component, the company aims to extend its presence in the Turkish market for access control solutions and biometric technology. Additionally, the collaboration will streamline the regional development of secure devices that incorporate advanced fingerprint sensors and software technologies.
- Dec-2023: Fingerprint Cards AB came into partnership with Tag Systems, an IT Services and IT Consulting company in Europe. Through this partnership, Fingerprint Cards AB would provide biometric cards to the market.
List of Key Companies Profiled in the Next-Gen Biometric Authentication Market include:
- Fujitsu
- Thales Group
- HID Global Corporation
- NEC
- Aware, Inc.
- Fingerprint Cards
- IDEMIA SAS
- M2SYS Technology
- CardLogix
- Touchless Biometric Systems
Key Topics Covered:
Chapter 1. Market Scope & Methodology
1.1 Market Definition
1.2 Objectives
1.3 Market Scope
1.4 Segmentation
1.5 Methodology for the Research
Chapter 2. Market at a Glance
2.1 Key Highlights
Chapter 3. Market Overview
3.1 Introduction
3.2 Key Factors Impacting the Market
Chapter 4. Competition Analysis – Global
4.1 The Cardinal Matrix
4.2 Recent Industry Wide Strategic Developments
4.2.1 Partnerships, Collaborations and Agreements
4.2.2 Product Launches and Product Expansions
4.2.3 Acquisition and Mergers
4.3 Market Share Analysis, 2023
4.4 Top Winning Strategies
4.4.1 Key Leading Strategies: Percentage Distribution (2020-2024)
4.4.2 Key Strategic Move: (Partnerships, Collaborations & Agreements : 2020, Apr – 2024, Jul) Leading Players
4.5 Porter Five Forces Analysis
Chapter 5. Global Next-Gen Biometric Authentication Market by Component
5.1 Global Software Market by Region
5.2 Global Services Market by Region
Chapter 6. Global Next-Gen Biometric Authentication Market by Authentication Type
6.1 Global Single-factor Authentication Market by Region
6.2 Global Multi-factor Authentication Market by Region
Chapter 7. Global Next-Gen Biometric Authentication Market by Technology
7.1 Global Fingerprint Recognition Market by Region
7.2 Global Facial Recognition Market by Region
7.3 Global Iris Recognition Market by Region
7.4 Global Voice Recognition Market by Region
7.5 Global Palm Vein Recognition Market by Region
7.6 Global Signature Recognition Market by Region
7.7 Global Other Technology Market by Region
Chapter 8. Global Next-Gen Biometric Authentication Market by End User
8.1 Global Government Market by Region
8.2 Global BFSI Market by Region
8.3 Global Travel & Immigration Market by Region
8.4 Global Home Security Market by Region
8.5 Global Healthcare Market by Region
8.6 Global Defense Market by Region
8.7 Global Other End Users Market by Region
Chapter 9. Global Next-Gen Biometric Authentication Market by Region
Chapter 10. Company Profiles
- Fujitsu
- Thales Group
- HID Global Corporation
- NEC
- Aware, Inc.
- Fingerprint Cards
- IDEMIA SAS
- M2SYS Technology
- CardLogix
- Touchless Biometric Systems
Chapter 11. Winning Imperatives of Next-Gen Biometric Authentication Market
For more information about this report visit https://www.researchandmarkets.com/r/i7k1km
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