The growing demand for high-efficiency security systems is likely to drive considerable revenue growth in the worldwide biometric industry. An individual's distinctive physical and behavioural features are measured and statistically analysed in biometric. Traditional security solutions, such as passwords, Personal Identification Numbers (PINs), and smart cards, are deemed slower, less convenient, and less safe than biometric systems. Demand for biometric systems is anticipated to increase as a result of the growing requirement to enhance security and access control in places like financial institutions, airports, schools, and residential and commercial buildings, among others.

Increased demand from smart phones and financial sectors

The increased demand for smartphones with facial recognition software is expected to fuel market expansion. Additionally, contactless biometric are being used more frequently in financial institutions, which guarantees that safe financial transactions will be the factor driving market expansion. For instance, in September 2021, Fingerprint Cards AB announced a collaboration with Infineon Technologies AG, the prominent market player in contactless payment security controllers. Through this collaboration, both companies will push the boundaries of generating biometric payment cards for the mainstream applications with new, unique product designs.

Government & law enforcement organisations have also begun implementing cloud-based biometric technology, such as the cloud-based Automated Biometric Identification System (ABIS). As a result, the market for major businesses that provide biometric systems has enormous growth potential. Major market participants in the biometric technology space have also introduced products based on the novel technologies. For instance, in October 2021, Suprema, a leader in biometric security and access control, unveiled four types of the X-Station 2, a new type of "versatile intelligent terminal" that accepts a range of identification techniques, including mobile access cards, RFID cards, QR codes, and barcodes. A fingerprint identification module is included in the newest version of the X-Station 2 to provide users with more alternatives.

Technical advances and decreased device costs

The research suggests that it is the Asia Pacific market that will achieve the fastest CAGR during the forecast period. With the rapid economic development in countries including China, Japan, and India the region is expected to benefit from the presence of recognisable biometric framework manufacturers like Fujitsu and NEC Corporation. The expansion of the biometric framework market in Asia Pacific is also attributed to technological advancements, increased public awareness of the use of biometric frameworks for security, and decreased device costs as a result of these advancements.

Biometric technology market participants may focus on enterprises, start-ups, and other stakeholders to automate processes and leverage organisations to promote business innovation. Both organic and inorganic growth strategies, including mergers, product launches, acquisitions, and technical advancements, could benefit from financial support from well-known companies. For instance, in July 2021, Thales introduced a voice biometric solution as part of the Thales Service Platform which is a Trusted Digital Identity for onboarding and authentication. In addition to delivering a smooth customer experience, it satisfies the increased demand from mobile operator call centres to combat identity fraud.