Global biometrics market expected to grow to $76 billion by 2027

  1. What is biometrics? What is biometric authentication?
  2. Biometrics industry segmented by applications and end-use
  3. A new technology: typing biometrics
  4. Global biometrics industry statistics & facts 2020
  5. Key factors driving and restraining the growth of the biometrics industry
  6. Biometrics industry could lose $2B this year from pandemic
  7. Growth opportunities for biometric vendors

According to the latest reports, the global biometrics market accounted for $17.28 billion in 2018 and is expected to reach $76.64 billion by 2027, growing at a CAGR of 18% during the forecast period.

What is biometrics? What is biometric authentication?

source: Tractica

Biometrics industry applications

Biometrics industry end-use

  • smartglasses that enable video chat and medical consultation
  • smart doorbells with face recognition capabilities
  • smart cars with iris recognition that are capable of identifying the driver without any need for physical contact.

A new technology: typing biometrics

Global biometrics industry statistics & facts 2020

source: envato.com
source: envato.com
source: envato.com

Key factors driving the biometrics industry market growth

  • The need to counter security threats and prevent terrorist attacks
  • The growing need for surveillance
  • Consumers expecting a safe identity mechanism
  • Increased need to prevent frauds in banking and finance
  • Improvements in customer experiences
  • The end-users are increasingly looking for integrated solutions, rather than depending on conventional methods.
  • Increasing theft of private information and personal data
  • Growth in the e-passport program
  • Extensive use in criminal identification
  • The rise in airport security initiatives
  • Increased attempts to reduce the crime rates

Key restraining factors for the growth of the biometrics industry market

  • High deployment cost
  • High initial investment cost
  • Fear of privacy intrusion

Biometrics industry could lose $2B this year from pandemic

Growth opportunities for biometric vendors

  • They need to come up with behavioural and multimodal biometrics technologies.
  • Also, they should consider entering strategic partnerships with vendors to make sure their solutions are in line with market demands.
  • The next step is to make Biometric-as-a-Service available for government and commercial applications.
  • Add an AI engine or introduce an IoT strategy to meet demand in commerce, automotive and finance
    focus on interoperability and deployment details to ensure maximum usability.

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