The global next-generation biometric authentication market is projected to reach $187.18 billion by 2031, with a compound annual growth rate (CAGR) of 20.7 percent from 2024 to 2031, building on significant growth in mobile and contactless authentication solutions over the past decade.
Voice recognition technology commanded an 11 percent revenue share in 2023, driven by its integration with natural language processing and AI capabilities. The increasing adoption of voice-activated virtual assistants and demand for secure voice-based transactions have contributed to the segment’s growth. The advancement follows several years of progress in voice biometric technology, with companies like LumenVox pioneering integration into authentication platforms.
Strategic partnerships are emerging as a key development strategy among market leaders. In July 2024, Fingerprint Cards AB partnered with IN Groupe to develop a secure component for contactless biometric payment cards, aiming to optimize production efficiency and reduce costs for mass adoption. The collaboration builds on FPC’s previous successes, including their implementation with Crédit Agricole for biometric payment cards.
North America dominated the market with a 36 percent revenue share in 2023, attributed to widespread adoption across government, BFSI, healthcare, and defense sectors. The region’s strong presence of major biometric solution providers and emphasis on enhanced security measures continues to drive market growth, particularly as major payment networks like Mastercard announce plans to phase out passwords in favor of biometric authentication.
Leading companies including Fujitsu, Thales Group, HID Global Corporation, and NEC are advancing innovations in facial recognition, iris scanning, and voice authentication technologies. Recent developments include NEC Corporation’s launch of a biometric authentication system capable of identifying large groups in motion using advanced facial recognition, expanding on their established presence in aviation security.
In the payments sector, Thales Group S.A. and Garanti BBVA collaborated with Fingerprint Cards in March 2024 to introduce Turkey’s first biometric payment cards, enabling fingerprint verification for transactions. Similarly, Fingerprint Cards AB partnered with Valid S.A. in June 2024 to develop biometric payment cards for the Brazilian market, demonstrating the global expansion of biometric payment solutions.
The market shows strong growth potential, driven by increasing demand for secure and contactless solutions, though industry participants must navigate privacy concerns and varying regulatory requirements across different regions. The integration of biometric authentication in mobile devices continues to expand, with major manufacturers like Apple, Samsung, and Google incorporating these technologies as standard features in their devices. The expansion is further accelerated by initiatives like enhanced digital identity management systems and growing regulatory support for biometric verification in various sectors.
Sources: Globe Newswire, Market Research Future, Market Research Intellect
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