Biometrics Technologies Market Growth Scenario with 16.2% of CAGR by 2027 – ImageWare Systems, NEC Corporation, Precise Biometrics AB, Suprema

Biometrics technologies market in global is expected to grow from US$ 14.60 Bn in 2018 to US$ 55.42 Bn by the year 2027. This represents a CAGR of 16.2% from the year 2019 to 2027.

Biometric technologies are being widely accepted for identification and authentication purposes in various industries, and this trend is expected to continue further with increasing technological advancements in existing biometric technologies and development of new biometric methods. All these factors are expected to drive the global biometrics technologies market during the forecast period of 2019 to 2027.  

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Biometrics identification technologies are being used in airports to verify the identity of passengers and staff. Presently more than 800 million biometric passports are in circulation worldwide. In hospitals, various types of biometric technologies such as fingerprint, face recognition, palm recognition, and iris recognition are being used to identify patients, staff, custom access control, and other such applications. In the past decade, with increasing penetration of mobile biometrics in devices such as smartphones, tablets, etc., the demand for biometrics technologies is growing at an impressive rate owing to the enhanced security and convenience offered by these technologies.

Demand for biometrics technologies for enhanced security and convenience is fueling the market

With the increasing need for security among enterprises, the demand for enhanced identification technologies is growing at an exponential rate. In addition to this, continuous advancements and mass penetration of biometric technologies in consumer devices are two factors driving the growth of biometric technologies market. Biometrics Technologies are widely implemented in industries such as banking and finance, government, healthcare, military & defense, and consumer electronics for both single-factor and multi-factor authentication to provide enhanced security and accuracy. Large-scale government biometrics programs for national IDs & border control applications and employee access monitoring in public and private buildings are boosting the revenue growth of biometrics technologies worldwide

Strategic Insights

The market players present in biometrics technologies market are mainly focusing on product enhancements by implementing advanced technologies. By signing partnership, contracts, joint ventures, funding, and inaugurating new offices across the world permit the company to maintain its brand name globally. Few of the recent developments are listed below:

2019: IDEMIA announced partnership with ONFIDO for digital identity verification and customer solution.

2019: NEC Corporation partnered with Centre for Development of Advanced Computing (C-DAC).

2019: Precises’ fingerprint software deployed in a series of mobile devices – first integration with Asian partner Egis Technology.

Growing awareness regarding the advantages offered by biometric-based identification over traditional methods is expected further fuel the demand of biometrics devices, applications, and services among industries such as banking, financial services, insurance, healthcare, government, and travel among others. In addition to this, the advent of cloud computing technology is driving the market growth of biometric as a service. Some of the major reasons for the rising adoption of various cloud-based solutions are on-demand environment, low initial investment, sophisticated cloud & hosting models, advanced features, and fast integration & customizations. With investment in cloud-based solutions, enterprises are anticipated to reduce their operational costs, decrease human errors, and thus increasing the overall productivity. Governments in both developing and developed regions are taking various initiatives to boost the adoption of digital & cloud-based services among consumers and industries. Owing to all these positive developments, the adoption of cloud-based solutions such as biometric as a service is expected to grow at an impressive rate during the forecast period from 2019 to 2027.

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