Multimodal Biometric Devices Market Size, Share, Industry, Forecast and outlook (2024-2031)

Global Multimodal Biometric Devices Market is Segmented By Type (Multi Finger, Single Finger), By Application (Healthcare, Government, Banking and Finance, Travel and Migration, Criminal, Others), and By Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Share, Size, Outlook, and Opportunity Analysis, 2023-2030.

Multimodal Biometric Devices Market Overview

Multimodal Biometric Devices Market is predicted to grow at a CAGR of 14.3% during the forecast period (2023-2030).

Multi-modal biometrics are systems that are capable of using more than one physiological or behavioral characteristic for enrollment, verification, and identification. Human identification based on multi-modal biometrics is becoming an emerging trend, and one of the most important reasons to combine different modalities is to improve recognition accuracy.

Multimodal Biometric Devices Market Scope

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Multimodal Biometric Devices Market Dynamics

The global multimodal biometric devices market growth is driven by government initiatives to support the implementation of biometrics in healthcare facilities and increasing healthcare fraud & medical identity theft.

Growing government initiatives to support the implementation of biometrics in healthcare facilities is expected to drive growth in the forecast period

Increasing the use of biometrics devices in different organizations worldwide by government initiatives that increase safe, easy, and superior identification and human resource management is a significant factor expected to increase the potential industry’s growth soon. Growing government initiatives supporting the adoption of biometrics in healthcare and growing healthcare data breaches and medical identity theft would propel the biometric healthcare market in the forecast period. Due to the complexity of a fragmented health insurance regime in the United States, the system is highly susceptible to fraud. The Federal Bureau of Investigation (FBI) estimates that around 50 to 75 USD billion is lost annually in health care programs nationwide. The FBI estimated that fraudulent billings to public and private health care programs total three to ten percent of total health care expenditures. Other estimates have placed total annual losses to health care fraud at between US125-175 billion. According to the National Health Care Anti-Fraud Association 69 USD, billion is lost annually in all health care programs nationwide.

Most hospitals and healthcare organizations are using biometric systems to ensure the safety of the patients’ data and to secure the identification process of patients. For instance, in October 2018, Bethesda Health, Inc. launched RightPatient, a biometric patient identification system for managing patients’ identity (Siemens Invision EHR workflows) at two not-for-profit hospitals, namely, Bethesda Hospital East and Bethesda Hospital West.

Moreover, in August 2017, Malaysia’s immigration department launched a biometric fingerprint identification system for foreign workers undergoing medical check-ups. This biometric system then cross-verifies Malaysia’s immigration system (myIMMs).

High cost of biometric devices is likely to hamper the market growth

Cost is an essential factor to be considered while selecting and deploying a multimodal biometric system. For instance, high-security applications require multi-factor authentication, while low-security applications require single-factor biometric systems. The implementation cost of multi-factor biometric applications may increase with the type of sensor used in the device. High costs of components of biometric solutions and the high installation cost hamper the demand for biometric technology from private and public firms.

COVID-19 Impact Analysis

The coronavirus will impact the global supply of biometric systems, mainly depending on how the situation globally stabilizes and when the factories start operating in total capacity. The demand for contact-based biometric systems has been affected the most due to the outbreak of the COVID-19 pandemic. Even after the pandemic recedes, the need for contact-based biometric systems is likely to fall drastically to avoid coronavirus spread. Similarly, contactless biometric systems, such as face recognition, iris recognition, and voice recognition, are expected to witness a boost in demand during post-COVID-19.

Multimodal Biometric Devices Market Segment Analysis

The multifinger segment is expected to hold the largest share in this market segment

Multi-finger authentication exhibits the most significant market share. It is estimated to generate revenue significantly during the forecast period in the global multimodal biometric system market due to mounting cyberattacks and data breaches across organizations coupled with multi-factor authentication (MFA), establishing additional security layers to authenticate the user identity and safe transactions over the internet.

Multimodal Biometric Devices Market Geographical Share

North America region holds the largest market share of global multimodal biometric devices market

North America has the largest market share and is estimated to grow significantly during the forecast period. This growth is concerned with the growing government initiatives for implementing biometrics, which is one of the key factors expected to drive the market’s growth. The rising attention of governments on offering cost-effective, efficient, and safe services to their citizens is encouraging the adoption of biometrics in the North American region. This growth can be attributed to increasing government initiatives to ensure data protection and the security of healthcare facilities and many prominent players. Owing to this, biometric technologies are increasingly being adopted to comply with stringent laws such as HIPAA and HITECH.

Multimodal Biometric Devices Market Companies and Competitive Landscape

Multimodal biometric devices market is highly competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include NEC Corporation, Morpho (a subsidiary of Safran SA (France), Imprivata, Inc, SUPREMA, BIO-key International, M2SYS Technology, and HID Global Corporation, part of ASSA ABLOY and DERMALOG Identification Systems GmbH.

Multimodal Biometric Devices Market – Key Companies to Watch

Imprivata, Inc

Overview: Imprivata is an IT security company based in Lexington, Massachusetts. Founded in 2002, Imprivata develops and sells the OneSign Platform for securing employee access to desktops, networks, and applications using a single sign-on.

Product Portfolio: It includes Multifactor authentication for patient monitoring devices used to capture and facilitate the electronic exchange of vitals to a patient’s medical record.

Key developments: On October 5, 2021, Imprivata and VMware Partner to Give Clinicians Password-Free Access to Any App for Smoother, More Secure Mobile Workflows.