Global biometric system market is expected to reach an estimated $32.4 billion by 2022

Monday, Apr 03 2017 11:30 AM

Global biometric system market is expected to reach an estimated $32.4 billion by 2022

The global biometric system market is expected to reach an estimated $32.4 billion by 2022 and it is forecast to grow at a CAGR of 15% from 2017 to 2022. The major growth drivers for this market are increasing focus of safety and security in private and business sectors related to unauthorized access, growth in the e-passport program for personal identification, and the growing adaption of voice recognition systems in the banking and financial services sector.

Emerging trends, which have a direct impact on the dynamics of the biometric system industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors.

The global biometric system market looks promising with opportunities in the government, commercial, healthcare, and banking sector.  

Trends, opportunities and forecast in this market to 2022 by type (physiological and behavioral), by technology (fingerprint, AFIS, iris recognition, facial recognition, hand geometry, vein recognition, signature recognition, voice recognition, and others), by end use industry (government and law enforcement, commercial and retail, health care, travel and immigration, financial and banking, and others), and by region (North America, Europe, Asia Pacific, and the Rest of the World). 

Emerging trends, which have a direct impact on the dynamics of the biometric system industry, include development of advanced biometric modalities, such as body odor, ear pattern, and lip biometrics and increasing use of advanced biometric sensors.

AFIS is expected to remain the largest technology due to the increasing demand in various law enforcement and civil applications. The voice recognition technology segment is expected to experience the highest growth rate in the forecast period supported by increasing demand from the banking and finance sector in addition to the healthcare sector.

 

Biometrics Market Share by Christina Parlay

 

by Christina (Mora) Parlay
Biometrics statistician and researcher

She has a real passion regarding biometric technology and how it is going to alter our daily lives. From traveling to banking, it's no longer science fiction. It's helping to change the World. Follow her on LinkedIn https://www.linkedin.com/in/christina-mora-parlay-2b1674a1/