SecurityWorldMarket

19/11/2020

Significant growth predicted for biometrics market

Northbrook, Il (USA)

Marketsandmarkets expects the biometric system market market to grow from USD 36.6 billion in 2020 to USD 68.6 billion by 2025, at an estimated CAGR growth of 13.4%. The major factors cited by the researchers as driving the market include the increasing use of biometrics in consumer electronic devices for authentication and identification purposes, the growing need for surveillance and security with the heightened threat of terrorist attacks, and the surging adoption of biometric technology in automotive applications, and of course the impact of Covid-19.

The growing demand for multi-factor authentication means that this sub-sector is predicted to show the fastest growth over the period.  This is attributed to the rising need for additional security against the theft of sensitive data, especially in government and defence verticals. Combining multiple identifiers adds an extra level of protection, making the system more effective, accurate, and reliable. In addition, a multimodal biometric system can reduce the failure to enroll (FTE) and failure to capture (FTC) rates. The rapid development of biometric smart cards for payment and identification purposes is expected to drive the growth of the multi-factor authentication segment.

Hybrid systems offer more protection

Hybrid biometric systems are predicted to grow at the highest CAGR level, because they offer enhanced safety against spoofing or forgery through multi-level authentication. In addition, many countries, such as the US, India, and the UK, have adopted multimodal authentication systems (a combination of two or three biometric modalities, using contact-based or contactless systems) for security checkpoints at country borders due to the heightened threat of terrorist attacks.

Middle East national ID projects

The Middle East & Africa and South America are projected to show the highest growth in terms of geography. The Middle East is one of the fastest-growing economies in the world in terms of infrastructure, electronics industry, and other technological advancements. The growth of the biometric system market in the Middle East & Africa can be attributed to their unique geographic location, airport hubs, and increasing passenger traffic. The government sector is the primary investor in the biometric system market in the Middle East, mainly for the national ID projects; the banking sector is another major contributor to market growth in the region. The adoption of biometrics technology in other sectors such as residential and commercial security, healthcare, and travel & immigration is comparatively low, but it is expected to increase in the next few years.

This latest report from Marketsandmarkets cites some of the major companies involved in the development and supply of biometric systems including, Thales, Safran, NEC, Assa Abloy, and Fujitsu.


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