Biometrics Statistics 2024 By Market Demands And Usage

Introduction

Biometrics Statistics: Starting from fingerprint to AI-powered voice and facial recognition and others, biometric technology has made a long journey in its technological innovations and advancements. Maybe used for personal or business purposes, biometrics has made huge beneficial impacts on everyday life. This article includes many effective and current statistics about Biometrics, such as impacts, application, usage, market share, and many more. Also. Also, if you are planning to invest in Biometric Authentication by 2024! This paper will be beneficial for you.

Editor’s Choice

• According to Biometrics Statistics, the leading biometric security technologies worldwide in February 2024 were CrossMatch and DataGrail, which held a market share of 17% and 10%, respectively.
• Based on a report published by Statista states that in the global market of digital identity solutions, biometric technology was the major component, resulting in $34.5 billion in revenue in 2023.
• By 2024, the market valuation of Biometrics will reach around $50 billion and will be above $54.97 billion by 2029.
• As of 2023, globally, around 72% of consumers have preferred using face biometrics over passwords for securing different online processes.
• It is expected that biometric authentication will secure around $2.5 trillion worth of mobile payment transactions by 2024.
• Biometrics allows for verifying in-person and remote payments, and by 2024, more than 60% of biometrically verified payments are supposed to be made remotely.
• Biometric Statistics also states that in 2024, more than 377 companies in the United States will be using biometric security software.
• Globally, almost 1.9 billion biometric applications will be downloaded in 2024.
• Over 75% of Americans have used biometric technology, such as fingerprint scanning, face recognition, signature dynamics, and hand geometry.
• In North America, Asia Pacific, and Western Europe, around 80% of people have enabled Biometrics on their active phones.

What Is Biometrics?

Biometrics is known to be the most pre-eminent technological equipment, and it is mainly used for authenticating and identifying individuals based on the aspect of their biology. There are different types of biometric technology available, such as fingerprint, facial, palm, voice, etc. These technologies help prevent fraud and crime cases, protect identities, save time, and allow access to several applications, such as checking employees’ backgrounds, banking, and many others.

Biometric Benefit Statistics

• As stated in Biometric Statistics 2023, nearly 47% of people claimed that English- speaking countries found Biometrics more beneficial because remembering passwords is not necessary now.
• 30% of respondents claimed biometrics authentication is beneficial for the login and onboarding process.
• Only 10% of people said that privacy is the main benefit of biometric methods.

Facts About Biometrics

• Biometric Statistics further states that in 2023, around 60% of IT and cyber security leaders in the United States will have used Biometrics such as facial recognition, fingerprint scans, iris scans, and voice verification.
• However, 46% of respondents stated that by 2024, remaining U.S. companies are planning to replace their traditional password solution with biometric authentication.
• Biometric sensors are expensive but only sometimes 100% safe.
• For mobile banking, around 70% of individuals use facial recognition authentication.
• Nearly 80% of global organizations are interested in using Biometrics.
• Utilization of fingerprint scanning is processed by 57% of businesses as a primary biometric identification method.
• 81% of customers have claimed that Biometrics is an effective means of identification verification in 2023.

General Biometrics Statistics

(Reference: precedenceresearch.com)

• In 2024, the market valuation of Biometrics approached $50.08 billion.
• The predicted market size in coming years are 2025 ($60.32 billion), 2026 ($72.64 billion), 2027 ($87.45 billion), 2028 ($105.38 billion), 2029 ($126.91 billion), 2030 ($152.86 billion), 2031 ($184.10 billion), and 2032 ($221.73 billion).
• The market will reach around $267.05 billion by 2033.
• Meanwhile, the annual growth rate of the biometric market will be 20.44% from 2024 to 2033.
• The global market size of overall biometric systems is growing enormously and, by 2027, is predicted to be $83 billion, as stated in a report by Statista.
• According to Biometric Statistics 2023, around 26% of worldwide respondents expect Biometrics to develop significantly in artificial intelligence in the coming five years.
• According to a survey conducted by Statista in 2023, almost 50% of respondents agreed that facial recognition usage would increase in the next few years, and only 7% believed the iris identification segment would rise significantly.
• Factors that are restraining the global biometric market are a lack of public trust, legislation and governance, misinformation about biometric technology, and concerns over data sharing.
• Automated fingerprint identification systems are one type of biometric technology, and the market for them is predicted to grow to $15.42 billion by the end of 2028.
• The facial recognition technology market will grow by around $19.3 billion by the end of 2032.
• The expenditure on smart identity verification approached to reach up to $18 billion by 2027.

By Market Demands

• Biometric Statistics states that 2/3 rd of people will use biometrics in 2023 as it will enable an easier and faster process.
• Around 81% of consumers have claimed biometric authentication is a secure identity verification method.
• Globally, around 72% of consumers have preferred using face biometrics to passwords for securing different online processes.
• The biometric mobile identity apps will be downloaded more than 4.4 billion by 2026.
• Worldwide sales revenue of biometric systems will reach $15.1 billion by 2025.
• In 2024, the overall market share of biometrics industries in North America will reach above 30%.

Biometric Segmental Statistics

• The net market valuation of face and voice biometric services in 2024 will reach $18,560.2 million and is expected to be $46,251.2 million.
• The annual market growth of both biometrics segments will be 9.6% from 2024 to 2034.
• However, in the above forecasted year, regional market CAGR in the United States (10.2%) and China (10.3%), respectively.
• The revenue generated by the voice biometric segment in 2024 will be $14,161.4 million, with an annual growth rate of 8.3% of CAGR.
• On the other hand, the market valuation of face biometrics will amount to $4,398.8 million, with an 8.5% CAGR.
• The leading industry segment in Biometrics is banking, financial services, and insurance companies, which are estimated to make $4,213.2 million in revenue and account for 8.9% of the CAGR.
• Meanwhile, government and law enforcement agencies approached with the goal of contributing $3,934.8 million.

United States Biometric Market Size

(Reference: precedenceresearch.com)

• The market size of the biometric industry in the U.S. turned out to be $9.98 billion.
• In coming years, the nation's market size will increase, followed by 2024 ($12.02 billion), 2025 ($14.48 billion), 2026 ($17.43 billion), 2027 ($21 billion), 2028 ($25.29 billion), 2029 ($30.46 billion), 2030 ($36.46 billion), 2031 ($44.18 billion), 2032 ($53.22 billion), and 2033 ($64.09 billion).
• The compound annual growth rate of the market will reach 20.50% from 2024 to 2033.

By Region

(Reference: precedenceresearch.com)

• The North American region had the highest market, with a share of 32%, in 2023.
• However, biometrics’s region-wise market share in Europe (28%), Asia Pacific (24%), Latin America (10%), and the Middle East and Africa (6%).

By Website Traffic Analyses

(Reference: similarweb.com)

• The United States of America had 19.22% of total traffic on biometricupdate.com, but it increased by 1.04% in total website visitors in February 2024.
• Furthermore, other countries recorded the following contribution in total traffic: Italy = 10.06% (-12.83%), India = 9.99% (+16.51%), the United Kingdom = 7.86% (24.06%) and Canada = 3.74% (15.6%).
• Other countries collectively made up around 49.13% of visitors to biometricupdate.com.

By Demographics

(Reference: similarweb.com)

• Biometric Statistics by age group states that the highest number of website users observed in biometricupdate.com is between 25 and 34 years old, resulting in 31.32%.
• 19.23% and 15.56% of users are aged from 35 to 44 years and from 45 to 54 years, respectively.
• 13.89% and 12.82% of traffic belong to 18 to 24 years and 55 to 64 years, respectively.
• 7.17% of user shares contributed from the age group above 65 years.
• Male and female user shares of the website are 60.4% and 39.6%, respectively.

By Traffic Source

(Reference: similarweb.com)

• The highest traffic rate towards biometricupdate.com was by organic search, resulting in a 62.35% share.
• 31.37% of the share is generated by direct traffic search, while 3.62% is from social.
• Other traffic sources that contribute to the website are referrals (2.05%), paid search (0.09%), and mail (0.52%).

By Social Media Referral Rate

(Source: similarweb.com)

• LinkedIn has the highest social media referral rate, with a 30.97% share compared to other social networks.
• Facebook and Twitter contribute by 22.41% and 20.04%, respectively.
• Traffic sent by Telegram is 11.39%, and YouTube contributes 8.42%.
• Other social media networks make a nominal contribution, collectively making around 6.77% of the share.

By Security Technologies

(Reference: 6sense.com)

• In the United States of America, more than 405 companies will be using biometric security tools in 2024.
• The top biometric security technology is Source, which holds a market share of 51.36% and has 208 customers in the U.S.
• Biometric technologies market share and involved customers are CrossMatch (17.04% and 69), DataGrail (7.41% and 30), Vision-Box (6.67% and 27), and Ikena Forensic (4.69% and 19).
• Meanwhile, market shares of other biometric technologies are EveVerify (3.70%), Omega Technology (2.96%), Tascent (0.99%), eSSL (0.74%), and Dyadic (0.74%).

By Biometric Security Customers

(Reference: 6sense.com)

• In accordance with biometric statistics, the majority of biometric security customers fall under the company size of 20 to 49 employees (92 companies).
• In addition, other biometric security customers by employee size in 2024 are 0-9 employees (74 companies), 100-249 employees (60 companies), 50-99 employees (34 companies), and 10-19 employees (33 companies).

By Countries

(Reference: 6sense.com)

• As of 2024, most companies in the United States are currently using biometric security technology software, resulting in 294 customers and an 81.22% share.
• India (20), Portugal (13), the United Kingdom (9), Germany (8), Canada (5), and the Netherlands (5) are the country-wise biometric security customers.

By Industry

• In 2024, the online banking industry secured the top position with 20 biometric security customers.
• Other industries with biometric security customers are Banking (20), Credit Cards (19), Financial Services (16), Wealth Management (15), Mobile Banking (15), and Personal Banking (14).

Digital Identity Solution Market Statistics

(Reference: statista.com)

• The global market revenue of digital identity solutions in 2023 accounted for $34.5 billion.
• Additionally, in the coming years, the expected revenue generated by the digital identity solution market is 2026 ($49.5 billion), 2027 ($70.7 billion), and 2028 ($83.2 billion).

By Implementations

• In the United States of America, 42.6% of people agreed that biometric face recognition technology at airports improved security.
• Based on Biometric Statistics, almost 72% of hotel owners are planning to use face recognition technology to interact effectively with guests.
• 44% of people said that biometric identification procedures in the online payment segment have helped them.
• By 2028, nearly 90% of vehicles globally will be equipped with voice assistants.
• In the United States, around 28% of financial industries have used biometric technology.

By Demands

(Reference: images.ctfassets.net)

• Recently, in January 2024, consumers’ comfort levels have declined in 2024 from the last two years.
• Biometric Statistics state that the demand for the fingerprint segment has declined to 50% due to several challenges caused by the pandemic.
• Other biometric segment demand has decreased to face scans (33%) and voice scans (20%).
• In 2024, public trust in the proper handling of biometric data by tech companies declined, such as high trust (5%), somewhat trust (52%), and do not trust (42%).

By Customers Concern

(Reference: images.ctfassets.net)

• Since 2023, customers have been expressing interest in Biometrics due to increased worries about data breaches, data misuse, identity theft, privacy concerns, and others.
• Thus, the above graph shows that consumers’ concern about Biometrics has increased in 2024 compared with 2022.
• Consumer concern shares in 2024 are misuse of data (88%), data breaches (86%), identity theft (81%), reduced privacy (71%), and inaccurate results (63%).

Facial Recognition Statistics By Usage Share

(Reference: images.ctfassets.net)

• In accordance with biometric statistics, the comfort of facial recognition will drop in 2024.
• Segments that share facial recognition are followed by passport control (69%), login to a device (73%), attendance tracking (36%), retail purchases (25%), and emotion recognition (16%).

Biometric Statistics For Online Purchase By Generation

(Reference: statista.com)

• A Statista report in 2023 states that biometric authentication is an effective way to validate an online purchase in the U.S.

The Reasons For Biometric Authentication By Generation Are:

• Faster checkout: Baby Boomers and seniors (21.5%), Gen X (24.5%), Millenials (26.1%), and Gen Z (28.6%).
• Improved security and fraud prevention: Baby Boomers and seniors (35.2%), Gen X (25.3%), Millenials (22.3%), and Gen Z (16.3%).
• More convenient: Baby Boomers and seniors (13.9%), Gen X (18.6%), Millenials (18.7%), and Gen Z (20%).
• Required to use it: Baby Boomers and seniors (12.5%), Gen X (14.7%), Millenials (18.3%), and Gen Z (15.8%).
• Encouraged by platform or service: Baby Boomers and seniors (10%), Gen X (7.4%), Millenials (7.5%), and Gen Z (12.5%).
• Integration with existing system: Baby Boomers and seniors (4.3%), Gen X (9.5%), Millenials (7.2%), and Gen Z (6.9%).

Best Biometric Devices In 2024

• eSSL X990 Biometric Device
• Real Time-RS 10
• BioMax N-K30 Biometric Device
• BioScribe 2C
• eSSL K30 PRO Biometric Device
• Ai350 3-in-1 Smart Dispenser
• Essl F22
• Ai150 Face Recognition Terminal
• ESSL Door Access Control
• Real-Time T304

Conclusion

Biometric security systems have enabled huge benefits for validation and identification. Biometric technology helped in keeping workplace environment safe and secure from unauthorized people. In recent years, the market has faced a few challenges, and their effects are discussed above, but overall market share is increasing continuously. Go through the article on Biometric Statistics. It would help if you got a clear idea about different segments of the market.