Global biometrics market size to reach $99.63 billion in 2027

The global biometrics market size reached USD 33.26 Billion in 2019 and is expected to register a revenue CAGR of 14.6%, during the forecast period, according to latest analysis by Emergen Research. Increasing penetration of smartphones around the world is one of the key factors expected to drive biometrics market revenue growth over the forecast period. Biometrics has become almost ubiquitous in smartphones. Significant increase in smartphone penetration, as well as a rising need for efficient and faster biometric security in smartphones facilitating smartphone manufacturers to significantly invest in the research and development of biometric systems technologies, as well as the implementation of biometric systems in smartphones.

Increasing integration of biometric systems with IoT devices is another factor expected to propel revenue growth of the market going ahead. Biometric authentication is a new approach to IoT security. In order to identify a user, behavioral biometrics uses now-common smartphones and IoT devices to collect important data sets. As more IoT-connected device is being used, data becomes richer, allowing for a continual authentication procedure to take place while the device is in operation. In addition, increasing introduction of e-passports is expected to increase demand for biometric systems, which in turn is expected to boost growth of the market in the forthcoming years. However, concerns regarding data security are expected to hamper growth of the global biometrics market over the forecast period. PR Newswire