Biometrics market to reach $76.6B by 2027 as mobile payments explode
The biometrics market will be worth $76.64 billion by 2027 after increasing from $17.28 billion in 2018, at an 18 percent CAGR, according to a market forecast by Stratistics Market Research Consulting, driven by surveillance to prevent terrorist threats, though cost could be a factor restraining growth.
The 159-page “Biometrics – Global Market Outlook (2018-2027)” report predicts significant growth in the use of voice biometrics, and breaks down the market by contact, contactless and combined functions, authentication type, hardware and software, end users and regions. The report includes keystroke recognition.
ASSA Abloy, Aware, Bio-Key, Cognitec Systems, Daon, Facebanx, Fujitsu, Fulcrum Biometrics, NEC, Precise Biometrics, secunet, Securiport, Stanley Black & Decker and Thales are identified as key market players.
Digital identity solutions
The global market for digital identity solutions will surge at a 16 percent CAGR to $33 billion by 2025, according to a report from Adroit Market Research.
Flexible and scalable digital identity technologies can help business reduce costs, the report says, and solutions can be built with or without biometrics to provide different levels of security.
Desire on the part of organizations to improve customer experience is expected to derive the overall market, but a lack of consumer data security could hinder it. North America is expected to remain the top regional market, and multi-factor authentication is expected to take a bigger market share than single-factor.
The report also examines key industry opportunities, end users, and major players in the market.
Banking and financial services
The market for fingerprint technology in banking and finance could grow at a 16.2 percent CAGR, according to the new “Biometrics for Banking and Financial Services” report from Global Industry Analysts. The report predicts a total market of over $7 billion by 2025, on 15.5 percent annual growth over the forecast period.
The report calls for a 10.5 percent CAGR in the U.S. market, while the market could grow by 21 percent in China. Market competitors, trends and drivers are also covered.
Even more optimistically, the “Global Biometric Payments Market Analysis – 2018-2027” report from Research Nester forecasts a CAGR of 49 percent driving the market past $15.5 trillion by 2027.
Mobile payments made up a $133.2 billion market in 2018, according to the report, and will grow by a 52.7 percent CAGR over the ten-year period. In addition to mobile, wearable, naked, IoT and other payments are considered, and the market is broken down by region.
Technavio examines the demand for mobile biometrics pre- and post-COVID-19 in a new report, and finds the market will grow by $28.45 billion from 2019 to 2023. Despite the impressive increase, market growth will actually decelerate by 22 percent over the forecast period.
The “Global Mobile Biometrics Market 2019-2023” report suggests the market remains fragmented, and will be driven by demand for mobile commerce. Almost half of the growth over the forecast period is expected to come from the APAC region. The report also breaks down the market by application and modality, identifies market trends, and looks at 3D sensors and in-display fingerprint sensors as an increasing growth driver.
Mobile authentication and the FIDO Alliance
FIDO standards will accelerate the adoption of biometric authentication, according to the new “Biometrics: Driven by Standardized Authentication, Adopted by Consumers” report from Mercator Advisory Group.
Consumers are adopting a wider variety of methods for authentication, including fingerprint, facial, and voice recognition, according to the report, utilizing new technologies in mobile hardware and software, lowering fraud risks, and addressing regulatory mandates.
“Authentication using biometrics is rapidly being adopted by consumers, in part as a result of hardware manufacturers enabling its use, and in part because the standard for authentication created by the FIDO Alliance has increased the ease with which authenticators can utilize the mobile biometrics over the web and decrease authentication friction for consumers,” comments David Nelyubin, research analyst at Mercator Advisory Group and co-author of the report.
The global market for contactless biometrics will increase five-fold over the next ten years, according to a new report by Future Market Insights, as the COVID-19 pandemic accelerates global trends towards automatic identification and data capturing, and the replacement of physical transactions with digital services.
Software will make up 45 percent of the market, according to the “Contactless Biometrics Technology Market” report, and government and law enforcement is anticipated to have the biggest market share among industries.
Government and defense applications in North America and Europe are expected to have high adoption of the technology, and lucrative opportunities are expected in the South Asia and Pacific region. Facial recognition will remain the most popular contactless modality, but iris recognition will gain significant momentum, according to the report.
The market for biometrics in healthcare will grow at a 19.7 percent CAGR, or $3.8 billion by 2025, according to a separate report from Global Industry Analysts.
The 102-page “Global Biometrics Healthcare Industry” report suggests that within healthcare, single-factor authentication will grow by 17.9 percent.
The report also breaks the market down by region, and identifies key competitors.
Global homeland security management budgets around the world will increase at a mere 0.9 percent CAGR from 2020 to 2025, but already total over a billion dollars, according to a new report. Demand for thermal imaging technology spurred by the pandemic, however, has driven this year’s spending much higher than last year’s however, so the CAGR from 2019 to 2025 is forecast at closer to 30 percent.
MarketsandMarkets’ report “COVID-19 Impact on Homeland Security Management Market” shows the APAC region holding a significant market share, and examines various market segments and major players.