North American biometrics market forecast to surpass $11B by 2023
Consumer demand for a balance of convenience and security is driving businesses to adopt biometrics, and will increase the industry’s revenues in North America from $4.6 billion to $11.1 billion by 2023, a CAGR of 19.3 percent, according to new market research from Frost & Sullivan.
The market will be boosted by the need to secure the proliferating network edge and IoT devices, which is leading to partnerships between biometrics and blockchain companies for identity management solutions, and the biometrics-as-a-service model is expected to advance in the government and commercial sectors, the “North American Biometrics Market, Forecast to 2023” says.
Frost & Sullivan also recently forecast the European biometrics market will grow to $11.5 billion by 2023.
“Behavioral biometrics is poised to enjoy high uptake, especially in multi-factor authentication. Artificial intelligence (AI) and machine learning will be increasingly used to complement biometrics and enhance security,” said Ram Ravi, Industry Analyst, for Industrial at Frost & Sullivan. “Besides, with smart connected devices shifting customer preferences towards alternate commerce channels, biometric market players are establishing a blockchain strategy to augment their offering.”
The report covers physical and behavioral biometrics, key growth drivers and constraints, trends impacting the market, key competitors, and applications in the government and commercial sectors.
“Biometrics has been gaining prominence in border control since 2017, with facial recognition showing potential to become a ubiquitous modality,” noted Ravi. “Airports are witnessing increasing biometric deployments across the United States due to the government’s focus on border control. Biometrics usage in law enforcement is also anticipated to rise gradually.”
It says vendors can pursue growth opportunities by offering greater visibility, machine-to-machine connectivity, and real-time interactions for connected healthcare, collaborating and partnering with certain blockchain vendors, including an AI engine, providing cloud-based services, offering capabilities built in-house as value additions, building partnerships with AI vendors to meet the demands of changing customer environments.