The Asia Pacific Next-Gen Biometric Authentication Market would witness market growth of 21.3% CAGR during the forecast period (2024-2031).
The China market dominated the Asia Pacific Next-Gen Biometric Authentication Market by Country in 2023, and would continue to be a dominant market till 2031; thereby, achieving a market value of $17,328.6 million by 2031. The Japan market is expected to witness a CAGR of 20.7% during (2024 - 2031). Additionally, The India market would register a CAGR of 22.1% during (2024 - 2031).
Several factors, including the increasing need for robust security measures, regulatory requirements, and technological advancements, drive the adoption of NGBA. The rise in cyber threats and identity theft has necessitated adopting advanced security measures. NGBA offers a higher security level than traditional authentication methods, reducing the risk of unauthorized access and data breaches.
Advances in artificial intelligence (AI), machine learning (ML), and sensor technology have significantly improved the accuracy and reliability of biometric systems. Innovations in biometric modalities, such as multimodal authentication and behavioral biometrics, enhance the adoption of NGBA across various industries. Moreover, biometric authentication offers a seamless and user-friendly experience, reducing the reliance on passwords and PINs. Users appreciate the convenience of quick and secure service access, leading to higher adoption rates.
India’s BFSI sector is witnessing rapid growth, driven by the country’s expanding fintech industry. The fintech industry in India is growing at one of the fastest rates globally, with projections suggesting that the sector will reach $150 billion by 2025, up from $50 billion in 2021. This growth is expected to generate a massive opportunity of $2.1 trillion by 2030. The BFSI industry’s rapid digital transformation is making it increasingly reliant on secure authentication technologies to protect sensitive financial transactions and data.
Biometric authentication provides a robust solution for verifying customer identities, reducing the risk of fraud, and ensuring seamless access to banking services. The rising adoption of mobile banking and digital payment solutions in India further propels the demand for advanced biometric systems, creating a vast opportunity for growth in the next-gen biometric authentication market. In conclusion, as both countries experience shifts in their respective security and financial landscapes, the next-gen biometric authentication market benefits from the increasing emphasis on security and trust.
Free Valuable Insights: The Global Next-Gen Biometric Authentication Market is Predict to reach USD 187.18 Billion by 2031, at a CAGR of 20.7%
Based on Component, the market is segmented into Software and Services. Based on Authentication Type, the market is segmented into Single-factor Authentication and Multi-factor Authentication. Based on Technology, the market is segmented into Fingerprint Recognition, Facial Recognition, Iris Recognition, Voice Recognition, Palm Vein Recognition, Signature Recognition, and Other Technology. Based on End User, the market is segmented into Government, BFSI, Travel & Immigration, Home Security, Healthcare, Defense, and Other End Users. Based on countries, the market is segmented into China, Japan, India, South Korea, Singapore, Malaysia, and Rest of Asia Pacific.
By Component
By Authentication Type
By Technology
By End User
By Country
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