International. According to The Insight Partners, the size of the biometric systems market, which was valued at 43 billion by 2021, will reach 85 billion in 2028. A phenomenon driven by the implementation of fingerprint and iris recognition.
The firm indicated, in a market study, that the size of the global biometric systems market will grow at a CAGR of 14.5% between 2022 and 2028. In addition, it related this to the impact of COVID-19.
“The growth of the global market for biometric systems is driven by the increasing adoption of advanced technology over traditional PIN-based methods and the increasing applications of biometric solutions in commerce and e-commerce.”
Advanced technology such as facial recognition, fingerprint recognition, and iris recognition have become increasingly popular in recent years as an alternative to traditional PIN-based methods.
These technologies offer enhanced security and convenience, as they are more difficult to replicate or steal than a simple PIN code. Additionally, biometric systems are becoming more accurate and efficient, which has led to increased adoption in various industries, such as finance, healthcare, and government. This has resulted in a growing market for biometric systems as more and more organizations seek to adopt this technology.
Finally, according to The Insight Partners, biometric authentication techniques are becoming commonplace in enterprise and consumer systems. Where he highlighted physical identity verification, "Identity Proofing", advanced biometric authentication and continuous authentication.
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