December 07, 2023: Industry analysts predict a global surge in the biometric authentication market, with a projected value of $51.6 billion by 2029. This translates to a healthy compound annual growth rate (CAGR) of 12.4% over the next seven years.
Several factors are fueling this expansion. Mobile biometrics devices are becoming increasingly popular, driven by rising demand for convenience and security. In parallel, government initiatives promoting biometrics technology are significantly boosting the market.
Consumer electronics are also embracing biometrics for authentication and identification purposes. This trend is evident in smartphones, laptops, and other devices, further fueling market growth.
Security concerns remain a significant driver, particularly in the military and law enforcement sectors. Organizations are actively deploying biometric solutions to enhance security and access control.
Multi-factor authentication (MFA) is expected to be the market’s fastest-growing segment. This is due to its ability to provide robust security by combining different authentication factors.
The biometric authentication market is poised for significant growth in the coming years. Various factors will drive this growth, including rising demand for mobile biometrics, government initiatives, and the increasing adoption of biometrics in consumer electronics and security-conscious sectors.