Biometrics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The Biometrics Market was valued at USD 27.92 billion in 2020, and it is projected to be worth USD 62.9 billion by 2026 while registering a CAGR of 14.59% during the period of 2021-2026. The biometrics market is anticipated to develop at a significant growth rate, owing to the rising number of terrorist activities, coupled with the increasing theft activities pertaining to crucial data and information that have raised concerns regarding national security.

• Significant factors, such as growth in the e-passport program, government support, and extensive use in criminal identification, are expected to majorly drive the market’s growth over the forecast period. Organizations across various sectors, where security remains the primary concern, are investing heavily in their security systems, with a focus on access control systems. The defense, law enforcement, as well as government institutions are some of the prominent users of this technology.
• Moreover, the soaring need to strengthen national security augmented the growth of these systems, globally. Iris recognition is used in various countries for different purposes, such as passport-free automated border crossings.
• Consumer biometric applications have expanded rapidly over the recent years, with increased adoption of mobile devices. The consumer electronics sector is dominated majorly by security and access control devices, owing to the adoption of biometric systems. Thus, it is supporting the growth of the market.
• Furthermore, IoT is expected to be a potential driver, primarily due to its ability to aid the combination of analytics and continuous assessment to generate an adequate level of assurance in real-time. IoT One forecasts that about 50 billion IoT (Internet of Things) devices may be in use by 2020. It also estimated that about 500 million biometric sensors had been deployed for IoT in 2018.

Scope of the Report

Biometrics refers to the measurement and statistical analysis of an individual’s unique physical and behavioral characteristics. It is mainly used for identification and access control, or for identifying individuals who are under surveillance.

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Key Market Trends

Facial Recognition Technology Expected to Grow Significantly

• Facial recognition has been gaining prominence in recent times, owing to the benefits it offers over traditional surveillance techniques, like biometrics. The governments across the world have been investing significant resources in facial recognition technology, among which, the United States and China are leading adopters.
• Brisbane Airport is conducting trials to implement facial recognition services from check-in to boarding. This is expected to be launched in all airports in Australia by the end of 2019. Additionally, Narita International Airport, Tokyo, announced that its passengers are likely to be able to board flights with facial biometrics instead of a passport or boarding pass check, starting in spring 2020.
• Initially, the technology found many errors when deployed in real-time. According to a study conducted by MIT researchers in 2018, Microsoft, IBM, and the China-based Megvii (FACE++) tools had high error rates when identifying darker-skinned women compared to lighter-skinned men. In June 2018, Microsoft, in a blog post, announced that it had made solid improvements to its biased facial recognition technology. 

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