A report recently published by Allied Market Research posits that the biometric technology market is expected to witness significant growth with figures estimated to hit $127.32 billion by the year 2030, at a CAGR of 14 percent, up from the $34.95 billion which the market was worth in 2020.
According to the summary of the report, this trend will be driven principally by the need for organizations, businesses and individuals to build strong security around their assets and personal details in the wake of increasing crime rate and privacy violations.
The report, which makes a COVID impact analysis on the biometric technology market, notes that while demand for biometric systems that involve touching of surfaces declined as a result of the pandemic, other touchless ones such as face and iris scanners witnessed an increase and will continue to see such high demand throughout the period under review.
Allied also finds that the hardware segment is projected to experience the highest CAGR growth at 15 percent, as will the physiological segment with behavioral biometric expected to lead the park here with a 16.8 percent CAGR within the period forecast.
With regards to region, Asia-Pacific is expected to have the most booming biometrics market thanks largely to a rise in use of the Internet, online payments, immigration and Indian government initiatives such as ‘Digital India’ and Aadhaar.
The report also cites some of the biometrics industry players who are likely to make major contributions to the market growth. These companies include Imageware, Suprema, Precise Biometrics, Secunet, Thales, BIO-key International, and NEC Corporation.