MarketsandMarkets has released a new report that predicts that the market for identity verification tech will more than double from $6 billion in 2019 to $12.8 billion by 2024, with a CAGR of 16 percent.
The rising demand for reliable identity verification solutions and services is expected to drive much of that growth as companies turn to biometrics, artificial intelligence, and other advanced technologies to reduce the risk of data breaches and fraud. Biometric authentication – including face and fingerprint recognition – will be particularly important in that regard, providing enterprises with strong data security without sacrificing customer and employee convenience.
North America is expected to be the largest market for identity verification tech. However, MarketsandMarkets is also expecting to see major growth in the Asia Pacific region as companies continue to invest in modern digital infrastructure.
Of course, identity verification is only one portion of the much larger biometrics market, which MarketsandMarkets expects to reach nearly $42 billion by 2023. Other reports, meanwhile, have focused on more niche segments of the market. The numbers in areas like risk-based authentication and far-field voice recognition are smaller, but the overall trend remains the same, with biometric technology slated to enjoy a boom period for the next few years.
(Originally posted on FindBiometrics)