The global device-embedded biometric authentication market is projected to have a rapid-paced CAGR of 13.3% during the forecast period. The current valuation of the market is US$ 49,618.39 Million in 2022. The market value of the device-embedded biometric authentication market is anticipated to reach a high of US$ 1,72,958.44 Million by the year 2032. A historical market valuation of US$ 43,793.82 Million has been recorded in the analysis conducted by Future Market Insights.
| Report Attribute | Details |
|---|---|
| Device-embedded Biometric Authentication Market Value (2022) | US$ 49,618.39 Million |
| Device-embedded Biometric Authentication Market Anticipated Value (2032) | US$ 1,72,958.44 Million |
| Device-embedded Biometric Authentication Market Projected Growth Rate (2022 to 2032) | 13.3% |
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It is identified that the device-embedded biometric authentication market has been witnessing robust growth in demand in the recent few years. There has been an approximate rise of US$ 5,824.57 Million in market valuation from the base year to the current.
The surge in market shares of device-embedded biometric authentication systems can be attributed to the increasing need of diverse organizations to make sure that the data is safe. The device-embedded biometric authentication systems are cost-effective. A requirement of organizations for fast and secured registration is a key factor propelling the growth of the market. The ease of identification of employees at the office is fueling the adoption of these systems in 2022.
Furthermore, device-embedded biometric authentication systems are making allowance for easy access and control from mobiles, recording time, and making management of the workplace easier for budding business organizations. Advancements in cloud computing technologies and the rise in storage capacities of clouds for device-embedded biometric authentication systems are expected to flourish market growth through 2032.
Although the market has favorable growth, small industries are unable to adopt these systems due to the high initial costs involved. Additionally, the lack of skilled personnel for the management of these systems is also estimated to curb the market growth during the period 2022-2032.
The key players in the device-embedded biometric authentication market are leveraging advancements in technology to launch new products and gain a competitive advantage. These firms are continually investing in research and development activities to keep themselves in tandem with the changing consumer preferences and end-use industry demands. Efforts are being made to strengthen their foothold in the forum and aid the further progression of the device-embedded biometric authentication market.
Manufacturers are deploying advanced technologies like AI-based biometric behavioral detection for transaction monitoring. It provides Account Opening Protection for identifying digital behaviors, Account Takeover Protection for detecting behavioral anomalies, Social Engineering Scam Detection for identifying fraudulent behavior on money transfers, and more. Users can integrate the tools with websites and mobile-based platforms. Therefore, it is anticipated that the market is likely to witness significant growth through the projection period.
Growing trend towards secure and convenient way of authentication of devices is the key factor triggers the growth of global device-embedded biometric authentication market. Device-embedded biometric authentication is defined as the use of biometric authentication method to enhance the security and accessibility of devices, such as smartphones, tablets notebook PCs, and wearable devices.
Devices enabled with biometric authentication are embedded with necessary hardware and software for authentication. Based on the application various type of biometric authentication can be deployed, such as face, iris, voice and fingerprint authentication
Increasing need for effective personal authentication in wide range applications such as ID verification, access control, electronic commerce are the factors contributes the healthy growth rate of global device-embedded biometric authentication market.
Additionally, rising interest on deploying biometric authentication for verifying individual identity of users seeking access to various virtual asserts and increasing adoption mobile payment applications, accelerates the growth of device-embedded biometric authentication market globally.
Also, increasing smartphone sales, growing telecommunication infrastructure and growing preference for automated identity authentication solutions across various platforms, further fuels the growth of global device-embedded biometric authentication market. However, high initial cost and technical concerns related to compatibility with existing system are the key factors likely to deter the progression of global device-embedded biometric authentication market.
Principal Consultant
North America followed by Western Europe is expected to dominate the market due to continuous investment to deploy new technologies and high customer preference to enhanced security solutions. Asia pacific is identified as the fastest growing market due to increasing number of smartphone users and rapid adaptation to mobile banking applications.
The key vendors in the Global Device-Embedded Biometric Authentication Market, include HID Global, IDEX America, Inc., Gemalto NV, ImageWare Systems., FUJITSU, Fingerprint Cards AB, Techshino Technology, Apple Inc., Nuance Communications, Inc., and ArmorVox.
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The report is a compilation of first-hand information, qualitative and quantitative assessment by industry analysts, inputs from industry experts and industry participants across the value chain. The report provides in-depth analysis of parent market trends, macro-economic indicators and governing factors along with market attractiveness as per segments. The report also maps the qualitative impact of various market factors on market segments and geographies.
The market is likely to register a CAGR of 13.3% through 2032.
The market is currently valued at US$ 49,618.39 Mn in 2022.
The market is likely to grow to a valuation of US$ 1,72,958.44 Mn by 2032.
North America is likely to be a leading market during the forecast period.
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Device-Embedded Biometric Authentication Market
