Biometrics Market Analysis

Biometrics Market Analysis

The UK biometrics market is predicted to observe a 16% growth rate through 2027 led by the growing usage of facial recognition systems that ensure the precise authentication of individuals. As of August 2021, the country has one of the highest smartphone penetration rates of around 85%. The country witnessed a rise in the use of smart devices, such as laptops and tablets, since the imposition of lockdown in 2020. The expanding consumer electronics market will spur the demand for biometrics that ensure accurate user authentication. The government is also using facial recognition technology to track criminals. The Metropolitan Police currently uses NEC Corporation’s NeoFace Live Facial Recognition technology to capture images and compare them with the existing images on the watchlist. It measures the structure of every face including the distance between the mouth, jaw, nose, and eyes to create a facial template.

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In U.S., BFSI segment will grow at 14% CAGR till 2027 impelled by the modernizing BFSI sector in the region, adopting biometrics to authenticate individuals to prevent fraud in financial transactions. Fingerprint-based smart cards are gaining popularity in the region attributed to the increased security and convenience. Industry participants, such as Mastercard and Visa, are introducing biometric cards in response to the high demand from consumers. With contactless payment solutions gaining traction in the region, the market will register high growth. As biometric authentication ensures improved security over traditional chip & pin techniques, the market will see notable growth. The increasing use of online banking will encourage BFSI organizations to use biometric solutions for user validation during the login process, surging the industry demand.

Asia Pacific biometrics market accounted for more than 20% of revenue share in 2020 owing to the government organizations in countries including India, South Korea, China, and Japan supporting the acceptance of biometrics to ensure national security through accurate citizen identification. Government organizations are supporting the development and implementation of biometrics to improve public safety, which will drive the industry expansion.