The size of the global biometrics market will increase more than USD 24 billion between 2018-2023, accelerating at a CAGR of over 15% during the forecast period. This growth in market size will be attributed to the rapid increase in the demand for mobile biometrics in several industries like healthcare, BFSI, and transportation, as well as the increasing government initiatives for implementing biometrics. The increasing focus of governments offering cost-effective, efficient, and safe services to their citizens is encouraging the adoption of biometrics, particularly in emerging economies.
The biometrics market will see strong growth, particularly in North America due to constant demand from the government sector. The government segment accounts for nearly 40% of the market share in this region, holding a strong lead over the healthcare, transportation, BFSI, and retail segments. We forecast the biometrics market in North America to grow at a CAGR of 12% between 2016-2020.
Numerous emerging trends are expected to gain traction during the forecast period and will positively impact the global biometrics market. These trends include the continued development of new products, the rising popularity of face and voice recognition biometrics in the BFSI sector, and technological advancements in biometrics. Major biometrics players are investing significantly in bringing advancements to their biometric solution. For example, the emergence of in-display fingerprint sensors is a recent notable advancement in this field. Qualcomm Technologies recently announced the launch of their Qualcomm 3D Sonic Sensor, which is an in-display fingerprint sensor based on ultrasonic imaging techniques. Other insights provided within our biometrics market reports include:
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Within our biometrics industry research, we provide deep insights into the market landscape, its segments, and their market share. Our biometrics market segmentation research offerings include:
We at Technavio, with our comprehensive understanding of the biometrics market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of market research reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our biometrics market reports offer the following insights: