Next Generation Biometrics Market - Growth, Trends, and Forecast (2020 - 2025)

The next generation biometrics market was valued at USD 16.36 billion in 2019, and it is expected to reach a value of USD 93.88 billion by 2025, at a CAGR of 35.53%, during the forecast period (2020-2025). One of the key trends witnessed in the next generation biometrics market is a paradigm shift in business discourse toward more privacy and fewer security threats. The end-users are increasingly looking for integrated solutions, rather than depending on conventional methods.

• The next generation biometric market is anticipated to grow at a significant growth rate, due to the rising number of terrorist activities, coupled with the increasing theft activities on the part of crucial data and information that have raised concerns regarding national security. Major factors, such as growth in e-passport program, government support, and extensive use in criminal identification, are majorly driving the market.
• The rise in airport security initiatives and attempts to reduce the crime rates have increased the investments in biometric systems, globally. Various government initiatives, such as e-passports, e- driving licenses, border management, and national IDs, are being implemented in the developed countries using advanced biometrics
• IRIS recognition is one of the fastest-growing segments among the type of solution. Few benefits of this technology are that it is easy to use, difficult to forge, and is accurate. The iris recognition application in the consumer electronics sector is expected witness the highest growth rate during the forecast period, mainly because of the commercialization of various iris scan-based electronic devices, like smartphones, tablets, smart watches, notebooks, and others.
• However, factors, such as high deployment costs and fear of privacy intrusion, are expected to hamper the growth of the market.