Biometric systems market to grow by over $30B in next five years, report says
The global market for biometric systems will nearly double to be worth $68.6 billion in 2025, up from an estimated $36.6 billion this year for a 13.4 percent CAGR during the forecast period, according to a report from MarketsandMarkets.
The increasing use of consumer electronics for biometric authentication and identification, the growth in surveillance to thwart terrorist attacks, and a surge in the adoption of biometrics for automotive applications will drive the market, according to the new ‘Biometric System Market with COVID-19 Impact…” report.
Multi-factor authentication is expected to be the fastest-growing segment by authentication type, led by the government and defense sectors, while systems that are a hybrid of contact and contactless modalities will grow faster than either contact or contactless systems, although the latter will also gain from heightened concerns about shared surfaces.
The ‘rest of world’ region, including the Middle East, Africa, and South America, will register the highest growth among geographies, according to the forecast.
Convenience and human resources applications will be among the market’s other drivers, with the high cost of deployment a market restraint, the analysis says.
Telecoms could generate over $8B from digital ID by 2025
Mobile network operators are turning a potential challenge into a revenue opportunity, with digital ID expected to generate $8.1 billion in revenue for MNOs by 2025, according to a new report from Juniper Research.
The ‘Digital Identity: Technology Evolution, Regulatory Landscape & Forecasts 2020-2025’ report states that mobile operators will make $1.3 billion from digital identity in 2020. The increase will be in large part due to emerging markets, where MNOs play an increasingly important role in the absence of widespread bank services.
Juniper recommends operators institute robust KYC (know your customer) checks to ensure identity security. The company has also published a white paper on ‘Why Digital Identity is Critical to Post-pandemic Society.’
Smartphones with native biometric capabilities are expected to reach 2025, providing MNOs an opportunity for secure initial verification that can support high-trust transactions like financial services access.
“Bringing biometric verification within digital identity requires robust orchestration capabilities and extensive partnerships, meaning that digital identity vendors must focus on building out their ecosystems,” says report Co-author Mick Maynard.
The ‘API Economy’ and the increasing popularity of open APIs in particular is cited as a stimulant to the digital identity market, though it brings orchestration challenges with it. AI can be a critical capacity for carrying out this orchestration, though Juniper also advises companies work to maintain explainability in their decision-making processes.
The market for ultra-thin glass like that used in optical sensors and mobile devices will grow from $9.5 billion in 2019 to $16.6 billion in 2027, according to a report from Allied Market Research, driven by increasing demand for consumer devices like smartphones and TVs.
Growing demand for touch panel displays and biometric fingerprint sensors is also expected to boost the market for glass 1mm in thickness or less, according to the 275-page ‘Ultra-thin Glass Market’ report.
Blockchain drives IAM growth
The implementation of blockchain for identity and access management (IAM) operations will change the market and drive it to $24.76 billion by 2026, a 13.2 percent CAGR from $9.53 billion in 2018, Fortune Business Insights predicts in a new report.
The ‘Identity And Access Management Market Size, Share and Industry Analysis…’ report examines the market by technology type, deployment model, enterprise size, industry vertical and region, and suggests that the threat of identity theft will be the primary motivation behind IAM adoption.