Biometric System Market: By Authentication Type (Single-Factor Authentication and Multifactor Authentication), By Component (Software and Hardware), By Functionality Type (Contact Functionality, Noncontact Functionality and Combined Functionality), By Application (Government, Military & Defense, Healthcare, Banking & Finance, Consumer Electronics, Travel & Immigration, Automotive, Security and Others) and Geography  

Biometric System Market size was valued at 41.50 Million in 2022 and is estimated to reach 100.09 Million by 2029, at a CAGR of 13.4% during the forecast period 2023 to 2029. Some of the factors favoring the market growth are rising adoption of biometric systems across all industry verticals, technological advancements and growing need for surveillance and security owing to the threats of terrorist attacks. However, lack of skilled people for operating biometric systems and threat of privacy and data breach restricting the market growth. Global market is surging owing to frequent acquisitions and launchings by the market players. For Instance, in Mar 2018, Thales acquired Gemalto, a key player in digital security, at USD 5.5 billion (USD 61.57 per share cum dividend). Under this agreement, Thales combined its digital assets with Gemalto and increased the R&D investments in the digital security businesses. Biometric systems are a type of technology that uses biological data to determine a person's identity. These systems are commonly used for statistical analysis of people's behavioural and physical features in a company. Biometric authentication is created by the biometric industry to demonstrate that each individual's physical and behavioural characteristics are distinct and unique. The majority of businesses employ these systems, which helps to drive the worldwide biometric system market forward. One of the key reasons for the growth of the biometric system market is the simple and unique biometric operation. According to the biometric system analysis, the increased use of biometric systems has resulted from an increase in the number of terror incidents and rising crime rates.