Major Growth Coming For European Biometrics Market: Report

“AI-driven behavioral biometrics will become the main identity verification element in two-factor or multifactor authentication…”

Major Growth Coming For European Biometrics Market: Report

A new report from Frost & Sullivan projects major growth for the European biometrics market, which is expected to climb from $4.98 billion to $11.5 billion by 2023. Artificial intelligence and machine learning will fuel much of that growth as performance improvements make it easier to leverage behavioral biometrics for identification.  

“AI-driven behavioral biometrics will become the main identity verification element in two-factor or multifactor authentication,” said Industry Analyst Ram Ravi. “Blockchain will be used for identity management across applications, and neurolinguistic programming will become mainstream as financial institutions use voice processing to offer services and assistance.”

Looking beyond the financial sector, voice, face, and iris recognition are expected to have significant applications in healthcare, with secure blockchain functionality becoming increasingly important in government and commercial smart devices. Biometrics-as-a-service will also prove to be lucrative for many providers.

Previous Frost & Sullivan reports have forecast similar growth in other sectors of the biometrics marketplace. If the firm’s predictions are accurate, the border security market will nearly double by 2028, while mobile biometrics will drive significant growth in the Asian region.  

Frost & Sullivan’s figures are comparable to a similar report from Allied Market Research, which suggested that the behavioral biometrics market alone would hit $3.9 billion globally by 2025.

(Originally posted on FindBiometrics)