The Next-Gen Biometric Authentication Market is Predict to reach USD 187.18 Billion by 2031, at a CAGR of 20.7%

Next-Gen Biometric Authentication Market Growth, Trends and Report Highlights

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).

List of Key Companies Profiled

• Fujitsu Limited
• Thales Group S.A.
• HID Global Corporation
• NEC Corporation
• Aware, Inc.
• Fingerprint Cards AB
• IDEMIA SAS
• M2SYS Technology, Inc.
• CardLogix Corporation
• Touchless Biometric Systems AG

Next-Gen Biometric Authentication Market Report Segmentation

By Component

• Software
• Services

By Authentication Type

• Single-factor Authentication
• Multi-factor Authentication

By Technology

• Fingerprint Recognition
• Facial Recognition
• Iris Recognition
• Voice Recognition
• Palm Vein Recognition
• Signature Recognition
• Other Technology

By End User

• Government
• BFSI
• Travel & Immigration
• Home Security
• Healthcare
• Defense
• Other End Users

By Geography

• North America
  • US
  • Canada
  • Mexico
  • Rest of North America
• Europe
  • Germany
  • UK
  • France
  • Russia
  • Spain
  • Italy
  • Rest of Europe
• Asia Pacific
  • China
  • Japan
  • India
  • South Korea
  • Singapore
  • Malaysia
  • Rest of Asia Pacific
• LAMEA
  • Brazil
  • Argentina
  • UAE
  • Saudi Arabia
  • South Africa
  • Nigeria
  • Rest of LAMEA

Related Reports:

North America Next-Gen Biometric Authentication Market Size 2031

• December-2024
• 150 Pages

LAMEA Next-Gen Biometric Authentication Market Size 2031

• December-2024
• 163 Pages

Europe Next-Gen Biometric Authentication Market Size 2031

• December-2024
• 164 Pages

Asia Pacific Next-Gen Biometric Authentication Market Size 2031

• December-2024
• 171 Pages