Research Report Predicts Huge Biometric Market Growth
July 2, 2019
The latest report into biometric market growth predicts a bright future for the technology. As more industries around the world seek solutions that increase security, more are embracing biometric solutions.
Large market growth
The biometric market growth is set to be massive. But how big is it already? The report by Industry Reports valued the global biometrics market at USD 12.07 billion in 2018. For the period up to 2024, it predicts that the CAGR of the market will be 35 per cent. That would yield a biometric market worth USD 69.27 billion by 2024.
The report highlights the growth of biometrics in the airport industry – something we have seen more evidence of recently. The banking industry has also been a driving force in biometric expansion. In both cases, biometrics provide the security such institutions need, without compromising the convenience consumers are looking for.
Iris recognition is one of the faster expanding sections of the market, but the high cost of deployment is expected to slow such growth down.
The appeal of biometrics
Such large biometric market growth is mainly down to businesses drive for greater privacy and stronger security according to the report.
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Biometric fingerprints are not in their infancy anymore. It’s technology that is tried and tested. At this point, it is reliable and cost-effective way to implement identity and access management systems.
Find out more about introducing biometric solutions into your working environment.