International. The global biometric technology market is valued at US$23.311 billion in 2019, and is anticipated to witness a compound annual growth rate of 20.8% during the forecast period 2019-2027, coherent Market Insights highlights in the latest report on the topic.
Increased government demand
Proactive government initiatives, such as national border control projects, which include electronic passports/biometric passports, and the national identity scheme that includes Aadhar, have led to increased use of biometric technologies. For example, the Indian government's new e-passport scheme is set to contain an RFID chip on the passport cover, designed to contain biometric fingerprint information and a digital photograph of the passport holder.
In addition, e-passports contain numerous layers of security that provide protection against theft and therefore help prevent tampering with documents. Thus, these factors are expected to drive growth in the global biometric technology market during the forecast period.
New fields of biometrics present lucrative growth opportunities
Key market companies are focused on introducing innovative biometric technologies, in order to expand the product portfolio and gain a competitive advantage in the market. These innovative technologies include DNA recognition, odor recognition, nail bed recognition, lip movement recognition, facial thermography recognition, and skin reflectivity recognition. Major market players could capitalize on these opportunities and gain a greater market presence.
Market restrictions
However, the slow response time of some biometric machines is expected to potentially hinder the growth of the global biometric technology market during the forecast period. Some machines take longer to recognize the identity of authorized users, which slows down the entire process.
Such technical issues are hampering their adoption in several organizations where they prefer conventional access code and magnetic card systems to gain access. Analysts found that to overcome these issues in order to provide quick access to users, manufacturers must develop improvements in machine response time.
Geographical diffusion
Among the regions, North America is expected to witness significant growth in the global biometric technology market during the forecast period. This is due to the large presence of key market players across the region. Europe is also expected to record a solid growth rate in the global biometric technology market during the forecast period due, according to the research, to increased adoption in government locations and border control across the region.
