Technavio has released a new report on the global biometrics market, which is expected to display a CAGR of more than 15 percent between 2019 and 2023. The research firm attributes that growth to the rising demand for biometric solutions in the public and the private sectors.
With regards to the former, Technavio notes that governmental organizations have displayed a keen enthusiasm for biometric identity documents, echoing a separate report that found that the e-passport market alone would add nearly $24 billion in value in the same window. The European Union is now requiring e-passports with fingerprint and face data, and many countries have taken similar initiatives with driver’s licenses and national ID cards.
Private enterprises, meanwhile, are steadily releasing new consumer products designed for a wide variety of applications. The market covers everything from smartphones with facial recognition to bike locks with fingerprint scanners, and the number of products is only expected to increase as enterprises find new ways to leverage biometric technology.
That’s particularly true in the financial sector, where institutions have integrated voice biometrics to improve the security of call centers and deployed facial recognition to facilitate mobile onboarding of new customers.
“Technological advancements in biometrics and the rising popularity of face and voice recognition biometrics in the BFSI sector will further boost market growth during the forecast period,” said a Technavio Senior Analyst.
The Americas region is currently the largest segment of the biometrics market, though the Asia Pacific region will exhibit the most growth during the forecast period. Frost & Sullivan has credited that trend that to the area’s widespread interest in national ID programs.
Recent reports from Zion Market Research and Grand View Research have pegged the 2025 global biometrics market at approximately $59 billion. Technavio has previously predicted that connected cars will drive interest in biometric authentication for vehicle security.
(Originally posted on FindBiometrics)