Biometrics Market on Track to Hit $41.8 Billion by 2023

Biometrics Market on Track to Hit $41.8 Billion by 2023The biometrics market will grow from a value of $16.8 billion this year to $41.8 billion by 2023, according to a new forecast from MarketsandMarkets. The growth will reflect a CAGR of 19.99 percent for the forecast period.

The government sector will be the key driver of the overall market’s growth, according to a report summary, with various government initiatives and a desire to protect against terrorist threats propelling demand. Immigration and travel applications are more important, however, holding the largest share of the biometrics systems market for the entire forecast period.

As for modalities, MarketsandMarkets’ report highlights fingerprint, facial, and iris recognition systems as being most prominent. Single-factor systems will hold the largest share of the market this year, while the most popular system for multi-factor authentication is one that combines biometrics with PINs.

Looking to regional trends, meanwhile, MarketsandMarkets says that North America will be the biggest market this year, with the firm specifically highlighting Aware and Crossmatch as major manufacturers helping to secure the region’s dominance.

(Originally posted on FindBiometrics)