Report forecasts biometrics market to surpass $50b by 2024
Global Market Insights has published a new research report which forecasts the global biometrics market will surpass $50 billion by 2024.
The company’s analysts attribute the growth to the high acceptance among various verticals including mobile banking and financial services owing to increasing security concerns.
The report lists government initiatives for biometrics implementation combined with high deployment for criminal identification are also key factors driving industry demand.
Analysts state that industry players will focus on technological advancements and new product launches to cater to the customer requirements.
Meanwhile, the market is expected to offer several benefits including provision of precise and accurate validation as compared to traditional validation methods such as PINs and ID cards, to increase the industry penetration across the globe till 2024.
The biometrics market share will favor increased smartphone penetration coupled with expansion of consumer electronics over the forecast timeframe.
Increasing investment in military and defense to meet authentication concerns is also expected to offer high growth potential.
Multimodal biometrics system is an emerging trend in public and private work space for strict attendance recording purposes. However, high implementation cost and stored data uncertainty may hinder industry growth over the forecast timeframe, the report said.
The report’s authors state that non-AFIS will account for the highest biometrics market share, with over $18 billion till 2024. This figure can be attributed to its high usage in various applications which include cashless vending and workforce management.
Non-AFIS technology finds use in various public areas that assure keyless entry and efficient security. Iris recognition will undergo over 20 percent CAGR due to wide integration of iris scanners, mostly in smartphones.
The report forecasts that North America biometrics market is expected to account for more than 30 percent share till 2024, which will be further driven by increasing demand from government and security sector in U.S. coupled with the presence of major industry participants.
Asia Pacific is positioned to grow at the highest CAGR owing to various government initiatives in the countries including China and India, with the report citing the examples of India’s national enrollment program (UIDAI Aadhar) in India and China Resident Identity Card (CRIC).
The report highlights BIO Key International, David Link, EyeVerfiy, Iris ID, and NEC Corporation as being prominent players in the biometrics market, along with Lockheed Martin, Green Bit Biometric Systems, FaceFirst, ZKTeco, and 3M Cogent.
Industry players focus on adoption of strategies including strategic alliances and partnerships to strengthen their position.
Earlier this month, Technavio published a report on the global multi-factor authentication market which analyzes key trends expected to impact the market outlook from 2017-2021.