As per the report, The global biometric technology market was valued at $34,950.35 million in 2020, and is projected to reach $1,27,322.12 million by 2030, growing at a CAGR of 14.1% from 2021 to 2030.
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Increase in crime and privacy intrusion rate have raised concerns among people and organizations to secure their assets and personal details, which in turn, drives the global biometric technology market. On the other hand, high installation costs impede the growth to some extent. However, huge R&D activities and market competition have paved the way for lucrative opportunities in the industry.
Based on component, the hardware segment held the major share in 2020, generating nearly two-thirds half of the global biometric technology market. This is owing to the fact that these hardware scans are matched against the saved database to approve or deny access to the respective system. The software segment, however, is projected to cite the fastest CAGR of 15.4% during the forecast period. This is due to the fact that it allows different application software on different operating systems to be compatible.
Based on type, the physiological biometric segment held the highest share in 2020, generating around three-fourths of the global biometric technology industry. The fact that it is considered as highly reliable, as people's characteristics are unique and cannot be compromised by influence of psycho emotional phase drives the segment growth. The behavioral biometric segment, on the other hand, would cite the fastest CAGR of 16.8% from 2021 to 2030. This is because it is based on the unique and measurable patterns of human activities such as voice, keystroke, handwriting, middleware, signature, and odor for identification or authentication.
Based on region, the market across North America accounted for the major share in 2020, contributing to more than two-thirds of the global biometric technology industry. This is attributed to the growing use of web applications and the Internet has escalated the demand for security and verification on account of the increased threat of cyber-attacks and data pilfering. Asia-Pacific, simultaneously, is expected to cite the fastest CAGR of 17.3% throughout the forecast period. Increasing use of the Internet, online payments, immigration and initiatives such as "Digital India" and "Adhar" by the Indian government are likely to expand the biometric market growth at the fastest rate in the region.
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