According to a new report, published by KBV research, 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.
The Software segment is generating the highest revenue in the Global Next-Gen Biometric Authentication Market by Component in 2023; thereby, achieving a market value of $114.56 billion by 2031. The software component includes various applications and systems that enable biometric authentication, such as facial recognition, fingerprint scanning, iris recognition, and voice recognition technologies. These software solutions ensure secure access control, identity verification, and fraud prevention across multiple industries, including finance, healthcare, and government.
The Multi-factor Authentication segment registers a CAGR of 21.5% during (2024 - 2031). Multi-factor authentication (MFA) combines two or more independent credentials for identity verification, providing an additional layer of security. Typically, this involves combining biometric factors (like fingerprint or facial recognition) with another verification form, such as a password, smart card, or one-time passcode. MFA is increasingly favored in sectors requiring higher security levels, such as banking, healthcare, and government services, due to its robustness in preventing unauthorized access and mitigating risks associated with single points of failure.
The Fingerprint Recognition segment is generating the highest revenue in the Global Next-Gen Biometric Authentication Market by Technology in 2023; thereby, achieving a market value of $57.03 billion by 2031. Fingerprint recognition technology is one of the most widely used biometric modalities due to its high accuracy, reliability, and cost-effectiveness. It is extensively employed in various applications, including mobile device security, access control systems, and identity verification processes. The technology’s ease of integration into existing systems and its non-intrusive nature have made it a preferred choice for consumer and enterprise applications.
The BFSI segment is experiencing a CAGR of 20.3% during (2024 - 2031). The BFSI sector has increasingly adopted biometric authentication to enhance security, prevent fraud, and streamline customer authentication processes. Biometric technologies such as fingerprint, facial, and voice recognition are used for secure access to banking services, customer onboarding, transaction authentication, and fraud detection. Integrating biometrics with digital banking platforms and mobile applications has improved the customer experience by providing a secure and convenient authentication method.
Full Report: https://www.kbvresearch.com/next-gen-biometric-authentication-market/
The North America region dominated the Global Next-Gen Biometric Authentication Market by Region in 2023; thereby, achieving a market value of $65.06 billion by 2031. The Asia Pacific region is expected to witness a CAGR of 21.3% during (2024 - 2031). Additionally, The Europe region would obtain a CAGR of 20.3% during (2024 - 2031).
By Component
By Authentication Type
By Technology
By End User
By Geography
Unique Offerings 
