The Latest Biometrics Industry Statistics Explained
The global biometrics market was valued at around $21.8 billion in 2020.
The statistic “The global biometrics market was valued at around $21.8 billion in 2020” indicates the total estimated worth of the biometrics industry worldwide in the year 2020. This value represents the revenue generated from sales of biometrics technology, such as fingerprint recognition, facial recognition, iris scanning, and other forms of physiological or behavioral traits used for authentication and identification purposes. The significant market valuation highlights the growing demand for biometric solutions across various sectors like government, healthcare, banking, and security due to the need for secure and convenient identity verification methods in an increasingly digitized world.
The biometrics market is projected to reach $76.64 billion by 2027, at a CAGR of 19.7%.
This statistic indicates that the biometrics market is expected to grow significantly in the coming years, with a projected value of $76.64 billion by the year 2027. The Compound Annual Growth Rate (CAGR) of 19.7% suggests a strong and consistent growth trajectory for the market. This growth is likely driven by factors such as increasing concerns regarding security and privacy, advancements in technology leading to more accurate and efficient biometric systems, and the widespread adoption of biometric solutions across various industries such as finance, healthcare, and government sectors. Overall, the statistic highlights the expanding opportunities and demand for biometric technologies in the global market.
North American biometrics market is estimated to reach around $18 billion in 2026.
The statistic indicates that the North American biometrics market is predicted to reach approximately $18 billion by the year 2026. This implies a substantial growth in the adoption of biometric technology for various applications such as security systems, access control, identity verification, and other industries. The increasing demand for more secure and convenient authentication methods, along with advancements in biometric technology and a growing awareness of cybersecurity concerns, are likely factors contributing to the expected market growth. This statistic suggests a positive outlook for the biometrics industry in North America, emphasizing its evolving importance in today’s digital and security landscape.
United States accounts for more than 30% of global biometrics spending.
The statistic that the United States accounts for more than 30% of global biometrics spending indicates that the US market is a major driver of investment and adoption of biometric technologies worldwide. Biometrics, which involves the use of unique physiological or behavioral characteristics for identification and authentication purposes, has seen significant growth in various sectors such as government, finance, healthcare, and security. The high proportion of spending in the US suggests a strong demand for biometric solutions in the country, likely driven by factors such as increasing concerns over data security, regulatory requirements, and advancements in technology. This statistic highlights the US as a key player in the biometrics industry and underscores the importance of the market in driving innovation and growth in the sector globally.
The biometric technology market in Asia-Pacific is expected to grow at the highest CAGR of 20.5% from 2020 to 2027.
The statistic indicates that the biometric technology market in the Asia-Pacific region is forecasted to experience the highest Compound Annual Growth Rate (CAGR) of 20.5% between 2020 and 2027. This suggests a significant and rapid expansion in the adoption and utilization of biometric technologies such as fingerprint recognition, facial recognition, and iris scanning in various sectors within the Asia-Pacific region. Factors contributing to this rapid growth may include increasing demand for advanced security solutions, government initiatives for biometric identification systems, and the integration of biometrics into a wide range of applications including finance, healthcare, and law enforcement. The substantial projected CAGR implies a booming market for biometric technology in Asia-Pacific, presenting opportunities for technological innovation and market expansion in the coming years.
In 2018, fingerprint recognition technology held the highest share in the global biometric market.
The statistic “In 2018, fingerprint recognition technology held the highest share in the global biometric market” indicates that among various biometric technologies such as facial recognition, iris scanning, and voice recognition, fingerprint recognition was the most dominant technology in terms of market adoption and usage in 2018. This suggests that fingerprint recognition technology was widely accepted and implemented across various industries and applications during that period, likely due to its accuracy, reliability, and relatively low cost compared to other biometric options. The statistic highlights the popularity and effectiveness of fingerprint recognition as a preferred biometric authentication method in 2018.
In 2019, the use of biometrics in government sector accounted for almost 34% of the global market.
The statistic indicates that in 2019, the adoption and implementation of biometric technologies by government agencies worldwide comprised nearly one-third of the total global biometrics market share. This suggests that governments are increasingly leveraging biometric systems for various purposes such as identity verification, border control, law enforcement, and access control. The high percentage signifies the significant role that biometrics play in enhancing security measures and improving operational efficiency within government sectors. It also underscores the growing importance of biometric technologies in ensuring secure and accurate identification processes across various governmental services and operations.
84% of the organizations are currently using biometric technology for employee identification.
The statistic indicating that 84% of organizations are currently using biometric technology for employee identification suggests a widespread adoption of this technology across various industries. Biometric technology, such as fingerprint scans or facial recognition, offers a secure and efficient method of verifying employee identities, reducing the risk of unauthorized access and fraud. This high percentage reflects the increasing importance that organizations place on safeguarding their sensitive data and assets through reliable employee identification methods. The popularity of biometric technology in the workplace indicates a shift towards more advanced and sophisticated security measures in organizations to enhance their overall security and protect confidential information.
By 2022, over 1.9 billion bank customers will be using biometrics.
The statistic suggests that by the year 2022, biometric technology is expected to be utilized by more than 1.9 billion individuals worldwide for banking purposes. Biometrics, such as fingerprint, facial recognition, and iris scanning, provide a secure and convenient method for authentication and verification in various industries, including banking. This trend indicates a growing reliance on advanced technology to enhance security measures and streamline banking processes. The widespread adoption of biometrics among bank customers signifies a shift towards more secure and efficient methods of accessing financial services, ultimately leading to a more seamless and personalized banking experience for individuals globally.
By 2023, about 90% of mobile devices will have biometric systems.
The statistic “By 2023, about 90% of mobile devices will have biometric systems” predicts that the vast majority of mobile devices worldwide will incorporate biometric technology for user authentication and security measures. Biometric systems such as fingerprint scanners, facial recognition, and iris scanners are becoming increasingly popular due to their convenience and improved security over traditional password-based methods. This trend suggests a significant shift towards more advanced and secure technologies in the mobile device industry, aiming to enhance user experience and data protection across a wide range of devices.
By 2023, over 570 million biometric payment cards are expected to be in use globally.
The statistic indicating that over 570 million biometric payment cards are expected to be in use globally by 2023 signifies a significant growth and adoption of this technology for secure and convenient transactions. Biometric payment cards utilize fingerprint sensors to authenticate users, adding an extra layer of security compared to traditional chip and pin cards. The increasing popularity of these cards can be attributed to the rising concern for data security, coupled with the demand for fast and seamless payment methods. The projected figure highlights the rapid pace at which biometric technology is being integrated into everyday financial transactions, reflecting a global shift towards enhancing payment security and improving user experience.
The biometrics market in India is expected to grow at a CAGR of 31% from 2021 to 2026.
The statistic that the biometrics market in India is expected to grow at a compound annual growth rate (CAGR) of 31% from 2021 to 2026 indicates a significant and rapid expansion in the adoption and utilization of biometric technologies within the country over the next five years. This growth rate reflects increasing demand for biometric solutions across various industries such as government, healthcare, finance, and security, driven by factors like the growing emphasis on digital identity verification, enhancing security measures, and improving efficiency in processes. The projection suggests that the biometrics market in India is poised for substantial development, offering opportunities for businesses in the biometrics industry to capitalize on this upward trend through innovation, investments, and strategic partnerships.
China leads the Asia-Pacific region in its adoption of biometric technology, mainly driven by government initiatives.
The statistic stating that China leads the Asia-Pacific region in its adoption of biometric technology, driven largely by government initiatives, highlights the significant progress made by China in utilizing advanced identification and security technologies within the region. Biometric technology, which involves the automated recognition of individuals based on their unique physiological or behavioral characteristics, offers enhanced security measures and convenience in various sectors, including government services, financial institutions, and healthcare. China’s proactive approach to implementing biometric solutions aligns with its emphasis on technological advancement and innovation, showcasing a commitment to enhancing security measures and streamlining processes through the integration of cutting-edge technologies. This statistic underscores China’s role as a frontrunner in adopting biometric technology within the Asia-Pacific region, setting a precedent for other countries to follow suit in embracing the benefits of this advanced identification technology.
Latin America biometrics market is estimated to reach $1.2 billion by 2026.
The statistic that the Latin America biometrics market is estimated to reach $1.2 billion by 2026 indicates the projected growth and market potential for biometric technology in the region. This estimate suggests that there is a growing demand for biometric solutions in Latin America, which involve technologies such as fingerprint recognition, facial recognition, and iris scans for various applications like security, authentication, and access control. The increasing adoption of biometric systems across industries such as banking, healthcare, government, and transportation is expected to drive this market growth, as organizations aim to enhance security measures, improve operational efficiency, and provide seamless user experiences. This statistic highlights the significant opportunities for companies operating in the biometrics industry to tap into the Latin American market and capitalize on the increasing adoption of this advanced technology.
In 2021, biometrics hardware and software spending reached $4.4 billion in the U.S.
The statistic indicates that the total amount spent on biometrics hardware and software in the U.S. in 2021 was $4.4 billion. This spending likely reflects the increasing adoption of biometric technology across various industries such as cybersecurity, healthcare, finance, and government. Biometrics, which involves the use of unique biological traits like fingerprints, facial recognition, and iris scans for identification and authentication purposes, is being increasingly used to enhance security, improve user experience, and enable more efficient processes. The significant investment in biometrics hardware and software suggests a growing recognition of the importance of biometric technology in addressing security concerns and improving operational efficiency in the U.S. This trend is expected to continue as organizations continue to prioritize data protection and seamless user experiences.
Middle East’s biometrics market is expected to reach $2.8 billion by 2027.
The statistic indicates that the market for biometrics technology in the Middle East region is projected to grow significantly, with an expected value of $2.8 billion by the year 2027. This suggests a growing demand for biometric solutions in the region, including technologies such as fingerprint recognition, facial recognition, and iris scanning for various applications like security, access control, and identity verification. The forecasted market size reflects the increasing adoption of biometric systems in both public and private sectors across the Middle East, driven by factors such as the need for enhanced security measures, advancements in biometric technology, and regulatory requirements. This growth projection highlights the expanding opportunities for biometrics vendors and service providers in the Middle East market over the coming years.
The facial recognition market is expected to grow from $3.2 billion in 2019 to $7 billion by 2024.
The statistic indicates a significant expected growth in the facial recognition market, projecting an increase from $3.2 billion in 2019 to $7 billion by 2024. This projected growth reflects the increasing adoption of facial recognition technology across various industries such as security, retail, healthcare, and banking. Factors contributing to this growth include advancements in artificial intelligence, increased demand for enhanced security solutions, and improvements in facial recognition accuracy and efficiency. The rapid expansion of this market highlights the growing importance and widespread application of facial recognition technology in modern society, signaling a promising future for the industry.
The iris recognition segment of the biometrics market is projected to grow at a CAGR of 9.9% from 2021 to 2026.
The statement indicates that the iris recognition segment of the biometrics market is expected to experience a Compound Annual Growth Rate (CAGR) of 9.9% between the years 2021 and 2026. This growth rate represents the annualized rate at which the market for iris recognition technology is predicted to expand over the specified time period. A CAGR of 9.9% suggests a strong growth trajectory for the iris recognition segment, indicating increasing adoption and demand for this specific biometric technology in various applications such as security systems, access control, and mobile devices. The projection highlights a promising outlook for the iris recognition market, signaling potential opportunities for businesses operating in this sector.
The global healthcare biometrics market is expected to reach $14.5 billion by 2025.
This statistic indicates that the global healthcare biometrics market is projected to grow significantly, with an expected value of $14.5 billion by the year 2025. This growth is driven by the increasing adoption of biometric technologies in the healthcare industry to enhance security, improve patient identification, and streamline processes. Biometric technologies such as fingerprint scanning, facial recognition, and iris scanning offer efficient and reliable ways to verify patient identities, access medical records, and ensure data privacy and security. The market growth reflects the expanding use of biometrics in healthcare settings to address challenges related to patient safety, fraud prevention, and regulatory compliance, among other factors.
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