According to a new report from ResearchAndMarkets, the global biometrics market is expected to increase at a compound annual growth rate (CAGR) of 16.50% in the forecast period 2021 to 2022.
The market is set to rise from $27.88 billion to be worth $32.48 billion in 2022 and is predicted to grow even further to $59.32 billion in 2026, at a CAGR of 16.25%.
The main types of biometrics include IRIS recognition, hand geometry, facial recognition, signature verification, fingerprint, voice recognition and palm vein.
North America was the largest region in the biometrics market in 2021, highlights the report, although Asia Pacific is expected to be the fastest-growing region in the forecast period.
The report says that the increasing use of biometric technology in consumer electronics for authentication and identification applications is driving the growth of this market. Biometric sensors are becoming a more common security feature in smartphones and other gadgets and the low cost of biometric technology allows manufacturers to incorporate them into a larger range of goods.
Consumer electronic devices such as access door locks, security devices, home automation, internet of things (IoT), cars, game consoles and mobile devices are increasingly utilizing biometric technology to enhance the security of the devices. Fingerprint, face and voice recognition are also becoming more popular methods of authenticating an individual for access and payments.
According to a survey conducted by Visa in May 2022, 86% of the consumers are interested in using biometrics to authenticate their identity for making payments, 70% of the consumers responded that biometrics are easier to use and 46% believe they are more secure than passwords or PINs.
Strategic partnership is a key trend gaining popularity in the biometrics market, the report highlights. The companies operating in the biometrics market are focusing on entering into a strategic partnership with technology to expand their product development activities and business reach.