Authentication and identification methods have evolved over the past few years, from authentication documents and PIN to next-generation biometrics that uses a combination of hardware and soft based methods that identify biological characteristics like fingerprints, signature, iris, retina, face, voice, palm, and DNA. Evidently, next-generation biometric systems have enhanced security to many organizations worldwide and have reduced security breaches, financial frauds, and illegal immigration. According to Market Research Future (MRFR), the next-generation biometrics is anticipated to reach USD 32 billion at an 18% CAGR by 2023.
The market is estimated to show staggering growth over the forecast period due to the growing awareness about its benefits such as privacy, security, uniformity, interoperability, ease of use, and accuracy, and the increasing adoption of next-gen biometric systems in e-commerce industry, travel & immigration industry, and cloud computing industry, which is estimated to offer profitable opportunities for the next gen biometrics market. Another factor that influences the next generation biometrics market is the increasing investment of the global market players in technological advancement and R&D for improved products, along with mergers and acquisitions to contribute to the market growth.
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Segmental Analysis
The global market for next-generation biometrics has been segmented based on component, function, technology, vertical, authentication type, and region. The next generation biometrics market has been segmented by component, into hardware, solutions, and services. The hardware segment is further segmented into scanners, cameras, fingerprint readers, and others. Services are also segmented into maintenance services and installation services & support. 
The market has been segmented by function into contact, non-contact and others.
By technology, the market has been segmented into fingerprint, face, iris, palm, voice, signature, DNA, and others. The market has been segmented based on vertical into BFSI, military & defense, government, healthcare, consumer electronics, IT, travel & immigration and others.
The market has been segmented by authentication type, into single-factor authentication, and multi-factor authentication. Based on single-factor authentication the market has been segmented into face recognition, fingerprint recognition, iris recognition, palm print recognition, signature recognition, vein recognition, voice recognition and other biometric technologies (DNA recognition, keystroke recognition, gait recognition). Multi-factor authentication has been segmented into biometrics combined with PIN technology, biometrics combined with smart card technology, two-factor authentication, and three-factor authentication.
By region, Next Generation Biometrics Technology Market has been segmented into North America, Europe, Asia Pacific, and the rest the world.
Regional Analysis 
North America is estimated to lead the next generation biometrics market over the forecast period, owing to the maximum implementation of biometric systems, followed by the European market, which is assessed to report substantial growth over the forecast period, due to the presence of chief market players.
The Asia Pacific is the third largest market for next-generation biometric systems and is assessed to rise at a comparatively faster growth rate over the forecast period, owing to the influence of factors such as the increasing adoption of next-generation biometrics by the government, industrial and commercial sectors. It is also affected by the massive growth in the IT industry for the security of data and avoidance of operational risks, in segments like telecommunication, IoT, internet usage, and the rising number of data centers.
Key Players
3M Cogent Inc. (U.S.), Cross Match Technologies Inc. (U.S.), Fulcrum Biometrics LLC (U.S.), Bio-Key International Inc. (U.S.), ValidSoft (U.K.), Facebanx (U.K.), Safran S.A. (France), Thales Group (France), Precise Biometrics AB (Sweden), Fingerprint Cards AB (Sweden), Secunet Security Networks AG (Germany), Siemens AG (Germany), RCG Holdings Limited (Hong Kong), NEC Corporation (Japan), Fujitsu Ltd. (Japan), and Suprema Inc. (South Korea).
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