Rising consumer demand for convenience without comprising security is driving companies to adopt biometric technologies, propelling the $4.60 billion market toward $11.10 billionby 2023, at a compound annual growth rate of 19.3%. The proliferation of devices at the network’s edge and the rise of the Internet of Things (IoT) are creating a need for enhanced cybersecurity. In response, biometric companies are establishing new partnerships with blockchain technology companies to deliver identity management solutions. Meanwhile, the Biometric-as-a-Service business model is expected to gain considerable traction in both government and commercial applications.
“Behavioral biometrics is poised to enjoy high uptake, especially in multi-factor authentication. Artificial intelligence(AI) and machine learning will be increasingly used to complement biometrics and enhance security,” said Ram Ravi, Industry Analyst, for Industrial at Frost & Sullivan. “Besides, with smart connected devices shifting customer preferences towards alternate commerce channels, biometric market players are establishing a blockchain strategy to augment their offering.”
Frost & Sullivan’s recent analysis, North American Biometrics Market, Forecast to 2023, covers the modalities of fingerprint, face, iris, vein, voice, and others. It presents the key growth drivers and restraints, the impact of micro and macro trends on the market, key competitors and their offerings, as well as the strategies that they need to adopt. The study examines the application sectors of government (border control, law enforcement, e-ID) and commercial (physical access control, logical access control, surveillance).
For further information on this analysis, please visit: http://frost.ly/3lo
“Biometrics has been gaining prominence in border control since 2017, with facial recognition showing potential to become a ubiquitous modality,” noted Ravi. “Airports are witnessing increasing biometric deployments across the United States due to the government’s focus on border control. Biometrics usage in law enforcement is also anticipated to rise gradually.”
Vendors can tap further growth opportunities by:
- Offering greater visibility, machine-to-machine connectivity, and real-time interaction between people and assets to make the most of the rise of connected healthcare.
- Collaborating and partnering with select blockchain vendors.
- Including an AI engine.
- Providing cloud-based services.
- Building in-house capabilities to offer as value additions.
- Fostering partnerships with AI vendors to cater to the changing customer environment.
North American Biometrics Market, Forecast to 2023 is part of Frost & Sullivan’s global Automatic Identification & Security Growth Partnership Service program.
SOURCE Frost & Sullivan