Global next-generation biometrics market predicted to grow by over 22 percent through 2023
The global market for next-generation biometrics will grow by at a CAGR of higher than 22 percent to reach an estimated $36.29 billion by 2023, according to a new report from Indian research firm IndustryARC.
The report “Next Generation Biometrics Market: By Type of Authentication (Single Factor, Multi-Factor, Others); By Application (Banking, Government, Consumer Electronics, Retail, Others); By Geography – Forecast (2018-2023)” shows the Americas continuing to represent the largest share of the market, and grow at a CAGR of 22.5 percent, though the APAC and RoW regions are predicted to grow at 22.4 percent and 22.3 percent rates, respectively.
Major growth factors discussed in the report include the demand for advanced security in smart phones, which is driving the market for fingerprint sensors in consumer electronics, as well as shifting theft and loss prevention techniques, and government initiatives in many countries. It also identifies key players in the market. Morpho, NEC, Synaptics, and Fingerprint Cards, are named as major suppliers for government agencies, while key sensor and component manufacturers include UEPK, IDEX, Integrated Biometrics and Precise Biometrics.