Biometrics Market - Growth, Trends, Covid-19 Impact, And Forecasts (2021 - 2026)

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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.

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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North America Expected to Dominate the Market

- North America is expected to hold a prominent share in the biometrics market. The region offers lucrative opportunities for market growth, exhibiting a massive demand for biometrics authentication technology from various end-user industries, such as government, healthcare, BFSI, and others.

- Rising incidences of terrorist attacks in recent years have compelled the government of the region to implement robust physical security strategies. The biggest facial recognition surveillance system in the country is operated by the FBI.

- Airports are also witnessing increasing biometric adoption in the region due to the government's focus on border control. For instance, the Metropolitan Washington Airports Authority, in collaboration with US Customs and Bordor Protection (CBP), launched a cloud-based biometric screening system in September 2018, that deploys facial-recognition technology to streamline passenger verification and boarding on outbound international flights.

Competitive Landscape

The Biometrics Market is highly fragmented due to the presence of various vendors across the world. The market is also fragmented due to the increasing adoption of Biometrics solutions in various end-user industries. Also, the vendors are making significant product developments to expand their market presence. The market is also viewing strategic partnerships and acquisitions as a lucrative path for expansion.

- October 2019 - Google Pay added biometrics for digital payments. The feature can be seen in the latest 2.100 version of the app and allows users to protect their online transactions using fingerprint and facial recognition features.

- October 2019 - The first biometric fingerprint credit card was issued by a UK bank which began its three-month national trial in October. NatWest is a piloting biometric fingerprint technology with 150 customers, in partnership with Mastercard and Gemalto, a Thales Company.

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