Biometrics market in Europe forecasted to reach $11.5B by 2023
The integration of artificial intelligence, machine learning and deep learning will enhance the performance of various biometric modalities, driving European biometrics market growth from $4.98 billion to $11.5 billion by 2023, according to Frost & Sullivan.
The new “European Biometrics Market, Forecast to 2023” analyzes current and future market trends across the government and commercial segments. It suggests demand is increasing due to physical and cybersecurity attacks as well as trends in IoT proliferation and regulations.
Fingerprint recognition remains the market’s dominant modality, though facial recognition broke into the mainstream for banking and financial services in 2017, according to the report. AI and ML technologies will also enable behavioral biometrics to become a key technology for multifactor authentication.
“AI-driven behavioral biometrics will become the main identity authentication/verification element in two-factor or multifactor authentication,” says Industry Analyst Ram Ravi. “In the near term, businesses will increasingly use AI to aid decision-making as well as for greater behavioral pattern analysis of anomalies. In the longer term, blockchain will be used with biometrics for identity management across applications, and neurolinguistic programming (NLP) will become mainstream as financial institutions use voice processing to offer services and assistance.”
Ravi also sees blockchain-based biometric technologies as an emerging growth driver.
Major opportunities exist for biometrics vendors offering biometrics-as-a-service, building value-adding capabilities in house, partnering with select technology partners, and enhancing the facial, voice, and iris modalities for the financial services and healthcare verticals, the research firm predicts.
Technavio recently predicted the global biometrics market will grow to more than $24 billion in 2023.