Government biometrics initiatives to boost $18B market growth
Market research company Technavio announced a major boost to the biometrics market due to increased government initiatives. According to its latest market report titled Global Biometrics Market 2020-2024, the biometrics sector is set to grow incrementally by $18.1 billion worldwide during the forecast period.
Accordingly, Technavio predicts a CAGR of almost 10 percent through the four-year forecast period. The recent market report analyzes the current biometrics market scenario, trends, drivers, and overall environment. It further highlights the impact of the ongoing pandemic and new opportunities within its COVID-19 Crisis and Recovery Analysis.
The government sector drives the majority of biometrics market growth
Technavio identified the recent increase of government initiatives for biometrics implementations as one of the key factors for the expected global market growth. Governments increasingly adopt biometrics as they seek to offer cost-effective, efficient, and safe services to their citizens.
This trend is particularly evident in emerging economies. Countries such as Germany, Colombia, Spain, Italy, Belgium, and Argentina are currently planning or implementing nationalized ID systems including ePassports.
APAC region will account for 33 percent of the market’s growth
Biometric identification and authentication are also being widely implemented as they are made mandatory in several Asia Pacific (APAC) economies. As a recent example, Singapore announced plans to trial a nationalized digital ID using facial recognition in late 2018, allowing banks and healthcare to identify users via facial recognition.
Such infrastructure modernizations and the increasing use of biometrics such as IRIS by government and transportation sectors will significantly drive biometrics market growth in this region over the forecast period.
The Global market for biometrics is fragmented
To help clients improve their market position, the report provides a comprehensive overview and analysis section of major players including ASSA ABLOY AB, Aware, Cognitec Systems GmbH, Fujitsu, Idemia, M2SYS Technology, NEC Corp., Qualcomm Inc., Secunet Security Networks AG, and Thales.
COVID-19 will drive unprecedented growth
As the ongoing COVID-19 pandemic continues to impact businesses on a global scale, the biometrics market is expected to undergo positive and superior growth between 2020 and 2024.