Biometrics Global Market Reaching New Heights
April 23, 2019
A new report by Research And Markets has predicted that the biometrics global market is going to grow considerably in the coming years, reaching more than $50 billion by 2023.
Biometric global market more than $50 billion
To be exact, the biometrics global market is predicted to surpass $51.98 billion by 2023. That is a CAGR (compound annual growth rate) of 22.54 per cent between 2018 and 2023.
Much of the growth and transfer to biometric solutions – including fingerprints, facial recognition, voice and more – is put down to a greater need for safety and security in a number of organisations.
The report also highlights societal shifts towards cashless solutions. Without cash, paying for services and products really comes down to verifying identity. Biometrics are an ideal way to approach that task.
Using biometric solutions
Even though it is a push towards safety and security that is driving the biometrics global market, it is actually perceived concerns about privacy that are holing biometrics back from an even bigger predicted market valuation.
And high security laboratories, banking and financial institutions were marked out as the biggest adopters of such solutions.
However, here at BioStore, we know neither of these things need to be the case. Implemented properly, privacy concerns are not something organisations have to worry about when using biometrics. BioStore’s systems only store a template of a fingerprint, not enough data for a reconstructed image of the fingerprint to be created.
Furthermore, biometrics don’t have to be a technology reserved for these large organisations. In fact, organisations of all sizes and types can benefit from the implementation of fingerprint biometric security that handles identity.
BioStore’s systems can simplify and secure internal operations, making offices, schools and more easier to get around and immensely secure. All users need is their fingerprint to access the building, register their attendance, log-on to their computer and more. Biometrics can even be integrated to cashless solutions for catering. Letting users get their lunch with nothing more than a fingerprint. Find out more.