Biometrics-backed mobile money and facial recognition markets to grow as everything goes contactless
The biometric facial recognition market will be boosted by the COVID-19 pandemic, according to an update from MarketsandMarkets. The market will jump from $3.8 billion this year to $4.5 billion by 2021, a 17.1 percent increase, according to the firm, compared to pre-pandemic estimates of 13.5 percent growth to $4.2 billion.
Government spending on security and public safety and increased demand for contactless identity verification are expected to drive the market upwards. The Asia-Pacific region is forecast for the highest growth, and the development of NEC’s facial recognition-based iQuarantine is noted among recent developments impacting the market.
Biometrics powering rapid mobile money market growth
Digital wallets backed by biometrics and QR codes have become increasingly popular in the global mobile money market since the beginning of the pandemic, and the market forecast to rise at a 21.4 percent CAGR from 2020 to 2030 by Future Market Insights.
The analyst firm says steps taken by countries with major economic potential to enable digital payments has spurred the market, and smartphone and internet penetration will continue to encourage adoption. Demand for contactless payments in general is growing, according to the “2020 Analysis and Review Mobile Money Market by Application – Bill Payments, Money Transfer, Ticket Payments etc., for 2020 – 2030” report.
Digital wallets rely on the onboard biometric capabilities of mobile devices, such as fingerprint scanners, facial and iris recognition, and single sign-on (SSO) technology utilizing biometric security, according to the report. Multi-factor authentication combining passwords or PINs with fingerprint biometrics are also being adopted by financial organizations.
South Asia and the Pacific region are expected to hold the largest share of the market, buoyed by continued e-commerce growth. The entrance of tech giants to the market with services like Google Pay, Apple Pay and Samsung Pay could also impact the market.
FMI says the mobile money market grew at roughly an 18 percent CAGR over the past two years.
Biometrics to drive speech recognition past $29B by 2026
Speech recognition is expected to grow at a 19.9 percent CAGR to $29.28 billion by 2026, Allied Market Research predicts in a new report, driven by voice biometrics for authentication and automotive speech systems, along with potential for health care applications. The market was estimated to be worth $6.39 billion in 2018.
The consumer and robotics verticals are also expected experience increased demand, though the market could be hindered by poor accuracy in challenging environments, according to the 250-page report.
The pandemic and global slowdown have adversely affected the industry, but budgeted investments prior to the event will likely still be carried out.
On-premise systems are expected to make up more than half of the market, but cloud-based systems will grow at the highest rate of any segment, at 24 percent CAGR. Healthcare will hold the largest share and growth rate (21.9 percent) among industries. North America will be the largest region by revenues, but Asia-Pacific will grow faster at 21.4 percent.
$1.6B to be spent on automated security gates over next 5 years
The global automated e-security gate market is expected to grow by $1.63 billion from 2020 to 2024, with biometric technology development as a key driver, despite market growth deceleration of 20 percent, according to Technavio. That deceleration starts at a robust 23.5 percent growth rate in 2020, however.
The 120-page “Automated Security E-gate Market by Application and Geography – Forecast and Analysis 2020-2024” report breaks down the market by application and region, and identifies major market participants. The report says 36 percent of the expected growth will be in Europe.
Digital identity solutions to reach $33B by 2025
The worldwide digital identity solutions market is expected to increase dramatically from $14 billion in 2019 to more than $33 billion by 2025, on increasing integration of biometrics within smartphones and in numerous industries, according to Adroit Market Research.
The firm’s new 109-page report analyzes the market according to authentication type, biometric and non-biometric solutions, end-users and region.
The lack of consumer data security is expected to be a barrier to market growth, but the growing adoption of digital authentication in many verticals will create lucrative opportunities in the years ahead, Adroit says.
Next-generation biometrics hit pandemic speedbump
Next-generation biometrics will make up a smaller market than expected in 2020 due to the pandemic, with large regional variability, but over the long term will regain growth momentum, according to a report from OG Analysis.
The 150-page “Next Generation Biometrics Market Size Analysis and Outlook to 2026…” report suggests that developing markets will be key to the longer-term growth of the category. Key drivers, challenges, opportunities and growth contributors are considered.
The market is broken down by application, country and region in the report.