Changing consumer demands and the emergence of the Internet of Things are helping to propel the global biometrics market, according to a new report from Frost & Sullivan. The firm says that the market is currently valued at $4.6 billion, and that it’s poised to rise to $11.1 billion by 2023, with a compound annual growth rate of 19.3 percent.
Adjacent technologies like AI, Machine Learning, and blockchain are also playing a role, according to the report. As Frost & Sullivan analyst Ram Ravi explained in the report, “with smart connected devices shifting customer preferences towards alternate commerce channels, biometric market players are establishing a blockchain strategy to augment their offering.” Ravi said that behavioral biometrics technology in particular will see a “high uptake, especially in multi-factor authentication.”
Meanwhile, in the growing border control biometrics market, facial recognition is “showing potential to become a ubiquitous modality,” Ravi said. This is being driven by a strong government focus on border control, and the trend is already clearly visible in the US with the Customs and Border Protection agency’s rapidly developing biometric program.
The report is remarkably consistent with predictions in a 2017 forecast from Allied Market Research, which anticipated the global biometrics market to reach a value of $10.72 billion by 2022, and pointed to a CAGR of 19.4 percent for the 2016-2022 forecast period. All of which helps to validate the general sense of propulsive growth that has permeated the biometrics industry in recent years.
July 23, 2019 – by Alex Perala