The global biometrics market will grow to $7.9 billion by 2027, according to a forecast by market consultancy ASDReports. This reflects a compound annual growth rate of 6.37 percent from 2017.
The increased attention is due to new uses for facial recognition and fingerprint identification capabilities.
Trends include a growing reliance on biometrics to secure national borders, use of multimodal biometrics over unimodal biometrics, and increased sales of mobile biometric devices.
“The fingerprint identification segment is expected to account for the largest share, 36.4% of the market, followed by the facial recognition segment,” according to the forecast. “Currently, North America dominates the sector with a share of 47.9%, followed by Asia-Pacific and Europe.”