Research and consulting firm Frost and Sullivan has released a new report on the global biometrics market, predicting it will grow from $18.78 billion today to $45.98 billion by the year 2024.
The report highlights the importance of the rise of the Internet of Things (IoT) and smartphone usage — along with the increasing viability of mobile biometrics — in growing the biometric identity authentication market, one of the key drivers of growth in the industry as a whole.
Mobile biometrics allowing enterprises to authenticate their employees from a remote location makes it possible for many people to work from home.
With the recent outbreak of the COVID-19 virus, the world is facing an unprecedented demand for technologies that enable people to work from home, as the practice of ‘social distancing’ — avoiding crowds to slow the spread of the disease — is being adopted by people across the world.
New technological advancements and an increase in biometric spending due to the growth of eGovernance is another major driver of growth that the report predicts will be at a compounded annual growth rate (CAGR) of 19.6 percent.
“Rapid developments in eCommerce, Artificial Intelligence (AI), and blockchain are prompting biometric vendors to constantly innovate and make the most of the market demand for advanced biometrics,” said Nandini Bhattacharya, Industry Manager for Industrial at Frost & Sullivan. “Therefore, there is likely to be a spurt in the number of partnerships between biometric vendors and emerging technology companies.”
The report examines trends in biometric technologies such as fingerprint, face, iris, vein, voice, palm print, hand geometry, DNA and behavioral. It looks at key regional and technology trends along with market drivers and restraints expected to impact the market.
“Investments by governments are a major source of revenue for biometric vendors globally. The rising implementation and adoption of biometric border management, ePassports, and facial surveillance in cross-border applications are expanding the market for biometric technologies, especially fingerprint and face,” said Bhattacharya, adding that “[r]egionally, Asia-Pacific will experience the highest growth due to increased government spending on biometric-authorized applications.”
The report also makes recommendations to vendors on how to maximize growth opportunities, including the development of multimodal biometrics to satisfy demand, offering Biometric-as-a-Service for government and commercial applications, enhancing their product or service with the inclusion of AI, and having an IoT strategy to leverage the opportunities in the fields of commerce, automotive and finance.
(Originally posted on FindBiometrics)