Contactless, behavioral and cloud biometrics all forecast for 19 percent or higher growth
The global market for contactless biometrics will reach $18.6 billion by 2026 on a 19.1 percent compound annual growth rate, driven by demand for faster and easier authentication processes and boosted by demand generated by the COVID-19 pandemic, according to a report from KBV Research.
The ‘Global Contactless Biometrics Technology Market By Component, By Application, By End User, By Region, Industry Analysis and Forecast, 2020 – 2026’ provides 278 pages of analysis on components, applications, end users and regions.
The report includes fingerprint payment cards for contactless payment among contactless biometric technologies.
A report on ‘Touchless Sensing – Global Market Trajectory & Analytics’ from Global Industry Analysts forecasts the market will grow from $9.2 billion in 2020 to $27.6 billion in 2027, a CAGR of 16.9 percent. RFID technology is expected to make up a third of the market by the end of the forecast period.
The report breaks down the market by region, evaluates trends and growth drivers, and profiles selected market players. The sensors segment will grow slightly faster than the overall market, at 18.1 percent CAGR, while camera-based technology will grow at 16.3 percent CAGR, according to the report.
Strong Biometrics-as-a-Service growth projected
Despite a hit from the COVID-19 pandemic the Biometrics-as-a-Service (BaaS) market will grow at a robust 19.7 percent CAGR from 2020 to 2025, driven by increasing user numbers and government data security initiatives, along with increased mobile device use and rising demand for fraud detection and prevention.
MarketsandMarkets revised its 2020 market revenues down from $1.5 billion to $1.4 billion, and correspondingly its 2025 forecast goes down by $100 million to $3.6 billion. The ‘Biometrics-as-a-Service Market…’ report considers the market based on offering type, modality, physiological or behavioral trait, organization size, vertical and region.
The pandemic has disrupted numerous businesses, but its effect on demand for biometrics is expected to be balanced by new applications for disease prevention and control protocols, according to the report.
Demand for cost-effective solutions for advanced biometric capabilities is expected to drive biometrics-as-a-service growth, while the security of biometric data stored in the cloud is expected to act as a constraint on growth. Adoption of cloud-based services continue to increase, however, providing ample opportunity for BaaS offerings. Integrating BaaS into existing systems could present a significant challenge.
Healthcare is expected to see the highest growth among verticals, while single-modality solutions are expected to outpace multi-modal ones. North America is expected to be the region with the largest market share.
The same market will reach $10.4 billion by 2030, according to a new report from GMD Research, growing at a 16.2 percent CAGR as general demand for biometrics increases.
The 181-page ‘Global biometrics-as-a-service (BaaS) market…’ report breaks down the market by offering, modality, technology, enterprise size, deployment mode, end user and region.
Behavioral biometrics to approach $4B by 2025
Behavioral biometrics will grow to a 3.92 billion global market by 2025, Allied Market Research forecasts in a new report, from a mere $720.5 million in 2017. That represents a 23.7 percent CAGR between 2018 and 2025.
The 317-page report analyzes the market according to component, application, organization size, and industry vertical. Signature analysis, keystroke dynamics, and gait analysis are considered types of behavioral biometrics, as, unusually, is voice recognition. The report also provides analysis of the top areas of investment, winning strategies, trends, drivers and opportunities.
The software segment is expected to take the largest market share, and grow at a 26.5 percent CAGR. Voice recognition represented two-fifths of the market’s revenues in 2017, and is expected to remain the largest segment by type, while gait analysis is expected to grow the fastest, at 27.5 percent CAGR. North America is the market’s largest region as of 2017, but the Asia-Pacific region is expected to have the highest growth rate, at 26.5 percent CAGR.
DHS biometrics spending creates opportunities
U.S. federal spending on biometric technology, airport security screening, emergency management and manufacturing is creating growth opportunities, according to Frost & Sullivan’s ‘US Department of Homeland Security Spending Plan to 2024’ report.
More than 275 companies won contract obligations worth more than $10 million from various DHS agencies in 2019, Frost & Sullivan claim.
The 135-page report considers the government’s focus, services it uses, and services it will likely require. It provides an overview of DHS research and development trends, and factors in the effects of the COVID-19 pandemic. The funding data cited refers only to discretionary spending, not mandatory fees.
The current administration is committed to reinforcing the country’s Southern border, building up cybersecurity capabilities, hardening U.S. infrastructure against terror attacks, and restoring communities affected by a series of damaging hurricanes.
Computer vision to reach $28 billion in 2030
The market for computer vision is expected to reach $28 billion by 2030 with applications in several different industries, according to a new report, with Chinese biometric facial recognition companies particularly well-placed to take advantage of the market’s growth. The market was estimated at $3.5 billion in 2019.
The report “Computer Vision (CV) in Aerospace and Defense – Thematic Research” from GlobalData suggests the growth will advance autonomous technologies, such as autonomous vehicles, as well as surveillance.
The report also analyzes the development of India’s planned implementation of facial recognition on its national CCTV network, which is running up against what the analyst firm calls “an animated debate about data privacy.”
The report highlights the market’s main trends over the next year or two, and presents analysis of key use cases.