As per the S&S Insider Report,“The Biometric System Market was valued at USD 39.07 Billion in 2023 and is expected to reach USD 140.58 Billion by 2032, growing at a CAGR of 15.33% over the forecast period 2024-2032.”
The biometric system market is growing strongly, driven by the growing demand for improved security solutions and rapid progress in biometric technologies. The rise in worries about identity theft, fraud, and unauthorised access has elevated the importance of biometric systems in worldwide security strategies.
The average cost of data breaches reached a new high of USD 4.88 million in 2024. Mistakes made by humans continue to play a major role in cybersecurity issues, leading to 88% of data breaches. Detecting these violations typically requires about 194 days, with the entire response process lasting approximately 292 days.
In the year 2023, the average ransomware payout was USD 1.54 million, with 75% of businesses facing at least one attack. Phishing remains a significant risk, as 57% of companies are constantly targeted by phishing attacks. Biometric authentication solutions solve these issues by providing a superior level of precision, making them more dependable than traditional password-based systems. Biometric systems are increasingly being utilised by organisations to protect sensitive data and streamline user access.
