The global biometric authentication and identification market will remain at the peak of its maturity over coming years and continue to proliferate through the new scope of applications, but the segments like fingerprint and facial recognition will witness a notable shift in consumer behavior due to COVID-19. Integration of several technologies like artificial intelligence (AI) and cloud computing within the biometric authentication system has notably increased the business opportunities of the market.
The latest trend is biometric authentication, and the identification market is offering authentication as a service instead of a turnkey solution. Companies are exploring possibilities of cloud computing and cloud storage to reduce the overall operation cost while offering consumers with desired security measures. Reduced reliability on hardware and increasing maturity, operational capability, and accuracy of software will define the growth areas of the market.
Global Biometric Authentication and Identification Industry Overview
The rise in the data breach, malware attacks, and other cybercrimes faced by several countries like the U.S., Canada, Russia, France, Germany, U.K., India, China, Japan, and Australia, among others, has forced government bodies and other organizations to increase their level of security and authentication system, generating notable demand for global biometric authentication and identification market. This biometric authentication system is one of the most secure and reliable access management solutions that is adopted by nations across the globe. Several developed and developing economies have already established a mass identification program to identify their citizens and optimize their legal operations.
Increasing integration and usage of biometric authentication and identification ensure that safety and security are being elevated to a certain level but using it in public places has created a resistance stating the reason for breaching an individual’s privacy without their consent. No regulatory body or landscape is adhering to such problems, which is one of the biggest challenges of the market.
The global biometric authentication and identification market is estimated to reach $8,798.9 million in 2026, at a compound annual growth rate (CAGR) of 16.30% during the forecast period 2021-2026.
The government bodies within the end user of global biometric authentication and identification market will capture the highest market share over coming years. The growth can be attributed to the mass identification initiatives taken by government bodies across the globe. Integration of biometric authentication in several government operations like public commutation and education has also spurred opportunities within the segment.