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Biometrics System Market Worth $41.80 Billion by 2023
July 31, 2018 | PRNewswireEstimated reading time: 1 minute
The biometrics system market is estimated to grow from $16.80 billion by 2018 to $41.80 billion by 2023, at a CAGR of 19.99% between 2018 and 2023.
The biometrics system market has huge potential in application such as government; military and defense; and travel and immigration. Major factors driving the growth of this market are the increasing number of government initiatives to adopt biometrics, and growing need for surveillance and security owing to the threats of terrorist attacks.
Single-Factor Authentication to Hold the Largest Share of The Biometrics System Market by 2018
Single-factor authentication systems are fast, easy to install, and cost-effective compared to the multifactor authentication systems. Modalities such as fingerprint, face, and iris are among the most prominent technologies, especially in the government, travel and immigration, and banking applications.
Pin with Biometrics to Hold Largest Share of the Biometrics System Market for Multi Factor Authentication by 2018
The systems based on both biometrics and PIN are cost-effective and use a secure method for authentication compared to other multifactor authentication systems. Thus, banks and financial institutions are extensively using biometrics combined with PIN to authenticate and verify the transactions of an account holder.
Travel and Immigration to Hold Largest Share of Biometrics System Market from 2018 to 2023
The increasing demand for biometrics systems in travel and immigration applications is attributed to the growing need for security across border-crossing points (BCPs) as well as to the elevating implementation of biometrics system owing to increasing travel and tourism activities across these points.
North America to Hold Largest Share of Biometrics System Market by 2018
North America is the largest market for biometrics technologies owing to the presence of key biometrics system manufacturers such as Aware and Cross Match Technologies. The growth of the North American market can be attributed to the increasing government initiatives in North American countries such as the US, Canada, and Mexico for large-scale funded programs such as e-passports and e-visas.
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