Biometrics market research: contactless to reach $70B by 2030, fingerprint sensors, PIAM platforms
Contactless biometric technology will ride the wave created by the COVID-19 pandemic to a CAGR of 17.4 percent from 2020 to 2030, with the global market increasing five-fold to reach $70 billion, according to a new report from Future Market Insights. Facial, iris, palm vein, voice, and touchless fingerprint recognition for identity verification, access control, payments and transactions are expected to increase due to benefits in hygiene and accuracy, low maintenance and greater security, the 350-page “Contactless Biometrics Technology Market” report says.
North America is expected to hold a 32 percent regional market share, with government and military applications adopting touchless biometrics. Facial recognition is expected to be widely implemented for identity verification and access control, for the largest share among modalities, while identity verification is expected to be the fastest-growing application type during the forecast period. The COVID-19 crisis is expected to boost demand by governments and for facial recognition.
Reports of the death of the fingerprint sensor are greatly exaggerated, according to Knowledge Sourcing Intelligence’s report projecting a 14.9 percent CAGR from $3.829 billion in 2019 to $8.809 billion in 2025.
The “Fingerprint Sensor Market – Forecasts from 2020 to 2025” report was written prior to the full effect of the COVID-19 crisis, so the prediction that security and employee time and attendance systems in commercial spaces and offices will help fuel the growth may need to be revisited. The 119-page report also suggests consumer devices and smartcards will be key market segments.
The Asia-Pacific region is expected to be the dominant region for supply, and also experience growth in demand. Multi-factor authentication systems and government programs like Aadhaar are expected to contribute to the growth. The market for platforms used by organizations for physical identity and access management (PIAM) will surpass $1 billion by 2025 as more sophisticated systems are deployed to secure premises with secure authentication, according to Adroit Market Research.
