Biometrics market to rise: Valuates
31 May 2022: The global Biometrics market size is projected to reach USD 39030 million by 2028, from USD 15900 million in 2021, at a CAGR of 13.2% during 2022-2028 as per a report by Valuates. The primary factors driving the biometrics market growth are increasing biometric technology advancements across various sectors and rising demand for authentication and identification solutions, as well as security and surveillance solutions in various application areas. Furthermore, the growing use of biometric systems in the consumer electronics, financial services, and automotive industries will drive demand for this technology in the near future.
The introduction of the e-passport, voter registration in a low-literacy economy, ration card registration, and identifying persons of interest has resulted in its widespread adoption throughout the government sector. Furthermore, fingerprints are increasingly being used in the educational and commercial sectors to maintain employee attendance, time, and work-check, resulting in their widespread adoption. Fingerprint technology is also used to identify students and employees in cashless vending machines. This in turn is expected to drive the growth of the biometrics market.
The rising popularity of biometrics in the retail and e-commerce industries is expected to fuel the growth of the biometrics market.
Increasing adoption of iris recognition technology will further propel the biometrics market growth. Iris recognition technology is in high demand because it provides greater accuracy in the authentication process.
The automotive makers are now increasingly integrating their vehicles with in-car biometric solutions for user authentication, driver liveness detection, and payments. These systems allow automakers to enhance passenger convenience. Thus, the adoption of biometrics in automotive is expected to drive the market growth. For instance, voice-enabled access control technology helps in addressing car thefts by enabling accurate user identification.
Another technology that is in huge demand in the automotive sector is iris recognition.
Growing adoption of biometrics in military operations is expected to drive market growth.
The pandemic of COVID-19 has had a minor impact on the global biometrics market. The massive changes and disruptions in a variety of businesses, as well as the significant increase in demand for touchless biometric solutions during the pandemic period, have had a significant impact on the biometrics market share and size. Furthermore, because of their precision and alignment with COVID-19’s social distancing standards, advanced multifactor and multimodal biometric technologies are becoming increasingly relevant.
Based on type, Fingerprint Recognition is expected to be the most lucrative segment. Factors such as the widespread use of fingerprint sensors for biometric authentication in consumer electronics, the increased adoption of biometric authentication in government buildings, the rise in the number of identity threats, and the emergence of touchless fingerprint technologies are driving the fingerprint recognition sub-segment.
Based on application, the Military expected to be the most lucrative segment. Biometrics have long been used for military access control (military biometrics), criminal or civil identification, all within a highly regulated legal and technical framework. For years, organizations like the Federal Bureau of Investigations (FBI) and Interpol have used biometrics in criminal investigations. Law enforcement agencies all over the world are increasingly using biometrics to identify criminals.
Based on region, Asia-Pacific is expected to be the fastest growing. In the Asia-Pacific region, biometrics systems such as facial recognition, fingerprint mapping, and retina scan are widely used because they are dependable, accurate, quick, and secure.
