Technavio forecasts global biometrics market to grow by more than $24B through 2023
The global biometrics market will grow by 15 percent CAGR, or $24.26 billion through 2023, according to a new report from Technavio.
The “Global Biometrics Market 2019-2023” report suggests that increasing concerns about terrorism, crime, and other global security threats are a key factor driving the growth of the biometrics market. The report analyzes important trends that could impact the market, and highlights the technological advancements that have been achieved in areas such as sensor technology due to significant investments by major vendors. Data breaches and stolen passwords are driving better biometric security technologies for mobile devices, Technavio says, and the same shift is happening in card payments.
A senior IT research analyst at the firm notes in the announcement that face and voice biometrics “are quickly surpassing touch and type-based interactions” for banking and financial industry applications, due to their combination of convenience and security.
The report breaks down the market by end-user type and geographical region, showing the Americas represented 40 percent of the global biometrics market in 2018, followed by the APAC region, and then EMEA. The APAC market is expected to grow faster than that in the EMEA region over the forecast period.