The global biometric wearable market is expected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. The market has a promising growth potential due to several factors, including increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas such as in consumer electronics, the government in APAC and other regions.
One of the major factors restraining the growth of the biometric wearable market is increased hygiene concerns and high risk of transmission of coronavirus posed by touch-based biometric solutions. Since the inception of the biometric system, the market players have been offering contact-based biometric solutions for authentication and security purposes. However, over the past two years, the rising hygiene concerns and the increasing risk of the communal spread of coronavirus posed by touch-based biometric solutions have forced manufacturers to focus more on contactless biometrics technologies. According to many experts, COVID-19 is likely to become an endemic disease. There are no studies substantiating the zero presence of the virus in the near future. To curb the spread of this infectious disease, market players are focusing more on building biometric systems based on touchless technologies such as the face, iris, vein, and voice recognition to sustain their position in the biometric system market.
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The market slightly declined in 2020, mainly due to the impact of COVID-19. The supply chains were disrupted in March and April 2020 due to the lockdown imposed by various governments and labor shortages in these industries due to travel restrictions, which would affect the biometric system market. Though the market was impacted in 2020, it is expected to fully recover by mid-2022.
Contactless: The fastest-growing segment of the biometric system market, by Type
The contactless biometric system segment is expected to grow at the highest CAGR during the forecast period. The surging demand for smartphones with face recognition software to increase security drives the market growth. Furthermore, the integration of digital disruptive technologies including AI and automation has uplifted the demand for contactless solutions in the biometric arena. In addition, the rising concerns of the spread of coronavirus through contact-based biometric solutions have contemplated the end-customers to transition toward contactless technologies and the trend shall continue throughout the forecast period.
Software: The segment of the biometric wearable market to grow at the fastest CAGR, by Offering
The software segment is expected to outgrow at a CAGR of 17.8% during the forecast period. The rising demand for strict security offerings to reduce frauds and malicious attacks has generated tremendous interest in biometrics. Software solutions play a critical role in ensuring the interoperability and compatibility of biometric devices. The adoption of cloud-based services and AI for biometric devices is expected to boost the requirement for associated software to ensure the compatibility of devices and operating systems for different applications. Software in biometric systems complements the function of hardware by storing and recalling spatial data; it also allows live data streaming. The emergence of mobile identification solutions such as arrest records, restraining orders, and warrants has been significant drivers for this segmental growth.
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North America has the largest market share in the biometric system market
North America dominated the biometric wearable market in 2021 with a revenue share of 37.6%. The US and Canada have a strong economy, which empowers them to significantly invest in public safety activities. The early adoption of smart technologies and rising military investments have further fueled the growth of the biometric wearable market in North America. The continuous increase in the use of web applications and websites by end verticals combined with the rising popularity of telehealth services has led to a precipitous increase in the number of identity thefts. This has increased the demand for biometric solutions in the region and shall be continued during the forecast period.
The report segments the biometric wearable market and forecasts its size, by value, based on region (North America, Europe, APAC, and ROW), by Authentication type (Single Factor and Multi-Factor), Offering (Hardware and Software), Type( Contact-based, Contactless and Hybrid), Mobility (Fixed and Portable) and vertical (government, military & defense, healthcare, banking & finance, travel & immigration, consumer electronics, automotive, security and others).
The report also provides a comprehensive review of market drivers, restraints, opportunities, and challenges in the biometric system market. The report also covers qualitative aspects in addition to the quantitative aspects of these markets.
The report profiles key players in the global biometric wearable market with their respective market share analyses. Prominent players profiled in this report are Thales Group(Paris), Idemia (France), ASSA ABLOY (Sweden), NEC Corporation (Japan), Fujitsu (Japan), Precise Biometrics (Sweden),secunet Security Networks AG (Germany), Stanley Black & Decker, Inc.(France), Aware Inc (US), Cognitec Systems GmbH (Germany), Daon, Inc. (US), DERMALOG Identification Systems GmbH (Germany), Neurotechnology (Lithuania), Innovatrics (slovakia), Veridos GmbH (Germany), ZETES (Belgium), Jumio (US), Onfido (UK), iProov (UK), Facetec, Inc (US), BIO-key International (US), ID R&D Inc (US), Beijing Megvii Technology Co. Ltd.(China), SenseTime (China) Nuance Communications, Inc (US), David Link Manila Corporation (Philipines), Facebanx (UK), Securiport (US), M2SYS Technology (US), SUPREMA (South Korea), Fulcrum Biometrics, Inc, (US), OneSpan (US), Qualcomm Technologies, Inc. (US), Integrated Biometrics (US), Imageware (US), Leidos (US), Papillon Systems (Russia), and Sonda (Chile).
The study contains insights from various industry experts, ranging from component suppliers to Tier 1 companies. The break-up of the primaries is as follows:
- By Company Type: Tier 1 – 40%, Tier 2 – 35%, and Tier 3 – 25%
- By Designation: C-level Executives – 40%, Directors – 35%, and Others – 25%
- By Region: North America – 30%, Europe – 20%, APAC – 35%, and RoW – 5%
Key Benefits of Buying the Report
The report will help the leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall market and the sub-segments. This report will help stakeholders understand the competitive landscape and gain more insights to better position their businesses and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the biometric wearable market and provides them information on key market drivers, restraints, challenges, and opportunities.
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