Global biometrics market to reach $71.6B by 2024 on demand for emerging tech: report
The global biometric technology market is forecast to grow rapidly over the next several years due to technological advancement in the field, performance optimization and problem solving opportunities mostly delivered by face and iris recognition technologies, now recognized “as a form of forensic biometrics,” reads the Future of Biometrics & Human Identification Industry report from BCC Research.
From a total worth of $23.4 billion in 2018, the global biometric technology market is expected to reach $71.6 billion in 2024, growth generated by emerging technologies such as affective computing and speech recognition, the report found. BCC Research forecasts extensive biometrics use in transactions and banking.
The global market for biometric technologies in everyday life will grow at a CAGR of 23.2 percent by 2024. The highest CAGR is forecast at 27.2 percent for upcoming technologies, followed by AFIS and fingerprint technologies at 22.9 percent and face, iris, vein and voice technologies at 22.6 percent. Hand and signature technologies will witness a CAGR of 19.6 percent.
By 2024, applications in healthcare services will see a CAGR of 26.3 percent, those in airport and seaport services of 25.8 percent, in financial services of 25.1 percent, and in government departmental services of 23.3 percent. Applications in retail services and gaming and hospitality will also witness a CAGR growth of 23 percent and 22.8 percent.
In an interview with Mark Nixon, a researcher, author and Professor at the University of Southampton in the UK, BCC Research investigates the use of gait recognition in suspect identification. When faces and fingerprints are not visible, Nixon believes gait recognition could be a successful replacement.
“Clearly there are long term conditions that can change gait,” Nixon explains in the interview. “We never had enough time to study medical matters. In the short term, we once showed that over 9 months people’s gait hardly changed, we’ve provided ID evidence in two cases, and it was enough (with the other evidence) for the suspects to plead guilty.”
The market will overall witness a high demand for integrated security technologies, with most growth led by players in manufacturing, healthcare, education, government and law enforcement. Despite technical and privacy concerns, biometric technologies are used in mass-deployments, where face, iris, vein and voice recognition are “the second largest segment” globally. By deploying biometric authentication and identification, enterprises aim to boost security and accountability in their infrastructures.