Partnerships with technology companies to help biometrics vendors expand capabilities in multiple modalities and create revenue opportunities, finds Frost & Sullivan
SANTA CLARA, Calif., March 19, 2020 /PRNewswire/ -- The rise of Internet of Things (IoT) and smartphone usage has greatly expanded the market for biometric identity authentication due to the ubiquity of mobile biometrics. Technological advancements and higher biometric spending and implementations in the public sector due to the use of eGovernance are expected to drive the $18.78 billion market toward $45.96 billion in 2024 at a compound annual growth rate of 19.6%.
"Rapid developments in eCommerce, Artificial Intelligence (AI), and blockchain are prompting biometric vendors to constantly innovate and make the most of the market demand for advanced biometrics," said Nandini Bhattacharya, Industry Manager for Industrial at Frost & Sullivan. "Therefore, there is likely to be a spurt in the number of partnerships between biometric vendors and emerging technology companies."
Frost & Sullivan's recent analysis, Global Biometrics Market, Forecast to 2024, examines the key regional and technology trends as well as the growth drivers and restraints that are expected to impact the market. It analyzes the main competitors, their product offerings, and assesses if vendors are ready to go it alone or if they need partnerships to take their businesses to the next level. The study covers fingerprint, face, iris, vein, voice, and other technologies, such as DNA, palm print, hand geometry, signature, and behavioral.
For further information on this analysis, please visit: http://frost.ly/40a
"Investments by governments are a major source of revenue for biometric vendors globally. The rising implementation and adoption of biometric border management, ePassports, and facial surveillance in cross-border applications are expanding the market for biometric technologies, especially fingerprint and face," noted Bhattacharya. "Regionally, Asia-Pacific will experience the highest growth due to increased government spending on biometric-authorized applications."
To make the most of the significant growth opportunities, biometric vendors need to:
- Develop behavioral and multimodal biometrics technologies to tap the demand from major commercial applications.
- Engage in partnerships and acquisitions with technology vendors to enhance and adapt their product portfolio in the fast-evolving market.
- Offer Biometric-as-a-Service for both government and commercial applications.
- Enhance their offering to include an AI engine.
- Build an IoT strategy to leverage potential opportunities in the fields of commerce, automotive, and finance.
Global Biometrics Market, Forecast to 2024 is part of Frost & Sullivan's global Automatic Identification & Security Growth Partnership Service program.
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SOURCE Frost & Sullivan