“Global Fingerprint Biometrics Market to reach a market value of USD 55.7 Billion by 2030 growing at a CAGR of 13.3%”
The Global Fingerprint Biometrics Market size is expected to reach $55.7 billion by 2030, rising at a market growth of 13.3% CAGR during the forecast period.
Access control is critical to safeguarding sensitive information and infrastructure in the IT and telecom sector. Fingerprint biometrics provide a robust solution for access control, ensuring that only authorized personnel can access secure areas, systems, or confidential data. Consequently, the IT and telecom segment would generate approximately 17.1% share of the market by 2030. As per the data given by the State Council of China, the telecommunications sector logged steady expansion in 2022.
Fingerprint patterns are unique to each individual, making them an excellent biometric identifier. The distinct ridges, whorls, and minutiae points on a person's fingerprint provide a highly accurate and individualized representation. This uniqueness significantly reduces the risk of false positives and ensures that each individual's identity is distinct. Hence, these factors can lead to increased demand in the fingerprint biometrics market.
Additionally, Fingerprint patterns are unique to each individual, providing a highly reliable and individualized form of identification. This uniqueness ensures that only authorized personnel with enrolled fingerprints can access secure areas, minimizing the risk of unauthorized entry. Fingerprint recognition offers a quick and seamless authentication process. Thus, these aspects will assist in the growth of the fingerprint biometrics market.
However, Smaller organizations, particularly those with limited budgets, may find it challenging to allocate sufficient resources for the initial setup costs of fingerprint biometric systems. This can hinder the adoption of this technology, limiting market growth, as these organizations might opt for more cost-effective solutions or delay implementation. Thus, these factors can lead to downturn in the demand for fingerprint biometrics.
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 Acquisitions, and Partnerships & Collaborations.
On the basis of offering, the market is divided into hardware, software, and services. In 2022, the services segment witnessed a 17.3% revenue share in the market. Consulting and advisory services have gained prominence as organizations across various sectors embrace fingerprint biometrics. Service providers offer expertise in biometric strategy, helping clients understand the potential applications, benefits, and risks of implementing fingerprint biometric systems. Hence, these factors can lead to enhanced growth in the segment.
Based on end user, the market is divided into IT & telecom, government & defense, automotive, BFSI, healthcare, travel & tourism, and others. The government and defense segment procured the 27.8% revenue share in the market in 2022. Law enforcement agencies leverage fingerprint biometrics for criminal identification and investigation purposes. Fingerprint biometrics contribute significantly to the forensic capabilities of law enforcement, aiding in solving crimes and ensuring public safety. Thus, these factors can lead to enhanced demand in the segment.
Based on type, the market is segmented into AFIS technology and non-AFIS technology. In 2022, the non-AFIS technology segment garnered a 66.1% revenue share in the market. The non-AFIS technology segment has found widespread adoption across various applications beyond traditional law enforcement and criminal identification. Industries such as finance, healthcare, government, and enterprise security leverage non-AFIS biometrics for various purposes, including access control, identity verification, and secure transactions. As a result, there will be increased demand in the segment.
Free Valuable Insights: Global Fingerprint Biometrics Market size to reach USD 55.7 Billion by 2030
By region, the market is segmented into North America, Europe, Asia Pacific, and LAMEA. In 2022, the Europe segment acquired a 29.5% revenue share in the market. Several European countries have integrated fingerprint biometrics into their national identification programs. Using fingerprints for identity verification in passports, national IDs, and residence permits has become commonplace. Therefore, these factors can boost the demand in the segment.
| Report Attribute | Details |
|---|---|
| Market size value in 2022 | USD 20.7 Billion |
| Market size forecast in 2030 | USD 55.7 Billion |
| Base Year | 2022 |
| Historical Period | 2019 to 2021 |
| Forecast Period | 2023 to 2030 |
| Revenue Growth Rate | CAGR of 13.3% from 2023 to 2030 |
| Number of Pages | 244 |
| Number of Tables | 380 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Market Share Analysis, Porter’s 5 Forces Analysis, Company Profiling, Companies Strategic Developments, SWOT Analysis, Winning Imperatives |
| Segments covered | Type, Offering, End User, Region |
| Country scope |
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| Companies Included | HID Global Corporation (Assa Abloy AB), NEC Corporation, Thales Group S.A., Dermalog Identification Systems Gmbh, M2SYS Technology, Inc., IDEMIA SAS (Advent International, Inc.), BIO-key International, Inc., Fingerprint Cards AB, Fingercheck LLC, Anviz Global Inc. |
By Type
By Offering
By End User
By Geography
This Market size is expected to reach $55.7 billion by 2030.
Rising Security Concerns and Identity Theft Prevention are driving the Market in coming years, however, High Cost of Implementing Fingerprint Biometrics Systems restraints the growth of the Market.
HID Global Corporation (Assa Abloy AB), NEC Corporation, Thales Group S.A., Dermalog Identification Systems Gmbh, M2SYS Technology, Inc., IDEMIA SAS (Advent International, Inc.), BIO-key International, Inc., Fingerprint Cards AB, Fingercheck LLC, Anviz Global Inc.
The expected CAGR of this Market is 13.3% from 2023 to 2030.
The Hardware segment is leading the Market by Offering in 2022 there by, achieving a market value of $23.3 billion by 2030, growing at a CAGR of 12.7 % during the forecast period.
The North America region dominated the Market by Region in 2022 there by, achieving a market value of $19.3 billion by 2030, growing at a CAGR of 12.5 % during the forecast period.
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