MarketsandMarkets has released a new report that predicts that the Biometric System Market will hit $65.3 billion by 2024. That figure represents a CAGR of 14.6 percent from the firm’s $33 billion market valuation for 2019.
The research firm attributes much of that anticipated growth to the general demand for strong multi-factor security solutions, and biometric smart cards in particular. Multi-factor authentication offers more effective protection against hackers and other cyberthreats. It is also less likely to trigger a failure-to-enroll or failure-to-capture situation, which means the technology can be trusted to perform reliably in a range of different environments.
Biometric smart cards will gain traction because they offer considerable utility for payments and identification on a massive scale. Meanwhile, contact-based biometric systems will make up the largest segment of the overall biometric system market.
The contact-based segment encapsulates fingerprint, palm, and signature recognition systems. Fingerprint recognition is the oldest, most widely used modality of the three, with a previous MarketsandMarkets report suggesting that the fingerprint recognition market would hit $7.1 billion in the 2024 forecast period.
While fingerprint recognition remains the standard, MarketsandMarkets notes that signature recognition is becoming more popular due to the low cost of deployment. The biometric system market will make up a smaller portion of the broader security market, which is projected to reach $373 billion by 2022.
October 25, 2019 – by Eric Weiss