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 by 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, he linked this to the impact of COVID-19.
"The growth of the global biometric systems market is driven by the increasing adoption of advanced technology over traditional PIN-based methods and the rise of applications of biometric solutions in commerce and e-commerce."
Advanced technology, such as facial recognition, fingerprint recognition, and iris recognition, has become increasingly popular in recent years as an alternative to traditional PIN-based methods.
These technologies offer enhanced security and convenience, as they are harder to replicate or steal than a simple PIN code. In addition, biometric systems are becoming more accurate and efficient, which has led to increased adoption in several industries, such as finance, healthcare, and government. This has resulted in a growing market for biometric systems as more and more organizations look to adopt this technology.
Finally, according to The Insight Partners, biometric authentication techniques are becoming common in enterprise and consumer systems. Where he highlighted physical identity verification, "Identity Proofing", advanced biometric authentication and continuous authentication.
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