The global biometrics market’s growth is set to reach $11.1 billion by 2023, with changing consumer demands and the emergence of the Internet of Things fuelling this rapid growth, according to new research by Frost & Sullivan. The firm says that the market is currently valued at $4.6 billion, meaning an annual growth rate of 19.3%.
According to the report, biometric technology is quickly becoming more mainstream across numerous sectors; ranging from BFSI, retail and healthcare, to government, policing and security. The driving factors behind this growth can be attributed to the improved security and ‘ease-of-use’ biometric solutions provide.
Jason Tooley, Chief Revenue Officer at biometric authentication platform provider Veridium, comments; “This predicted growth rate is entirely understandable. The ever-growing threat of cyber attacks and risk of fraud, coupled with the ever-changing consumer demands for a more streamlined experience, can be heavily attributed to the boom in the market. As companies evolve their Digital Transformation strategies with new digital services, such as the IoT and Cloud, it’s critical to ensure a secure experience that meets regulatory requirements.”
“One of the other biggest drivers for biometric adoption amongst companies is the desire to make biometric authentication frictionless. Other overwhelming benefits include removing the cost and security compromise associated with traditional passwords for both business employees and customer transactions.”
Jason continues; “This is such a pivotal time in the market, and given the plethora of benefits to both consumers and companies, I would not be surprised to see the market growth surpass that of $11.1 billion by 2023.”