Biometrics Industry in North America to grow at 20% CAGR from 2017 to 2024: Global Market Insights Inc. Biometrics Market size is estimated to surpass USD 50 billion by 2024, Growing implementation in various verticals such as mobile devices, healthcare, and financial institutes has positively impacted the biometrics market growth; according to a new research report by Global Market Insights, Inc. High acceptance among various verticals including mobile banking and financial services owing to rising security concerns has enhanced biometrics market size. Government initiatives for biometrics implementation coupled with high deployment for criminal identification will remain the key factors driving industry demand. Industry players focus on technological advancements and new product launches to cater to the customer requirements. Benefits offered including provision of precise and accurate validation as compared to traditional validation methods such as PINs and ID cards, are anticipated to increase the industry penetration across the globe till 2024.
Increased smartphone penetration coupled with expansion of consumer electronics will favor the biometrics market share over the forecast timeframe. In addition, rising investment in military & defense due to authentication concerns is anticipated to offer high growth potential. Multimodal biometrics system is an emerging trend in public and private work space for stringent attendance recording purposes. However, high implementation cost and stored data uncertainty may hamper industry growth over the forecast timeframe. Non-AFIS will account for the highest biometrics industry share, surpassing USD 18 billion till 2024. This can be attributed to its high usage in various applications which include cashless vending and workforce management. Moreover, it finds use in various public areas that assure keyless entry and efficient security. Iris recognition will exhibit over 20% CAGR owing to wide integration of iris scanners mainly in smartphones. Benefits such as unauthorized vehicle use detection, reduction of overtime expenses, and identification of billing anomalies will support the transportation & logistics segment growth from 2017 to 2024. Banking & finance applications will benefit from the rising demand from various financial institutions for precise authentication and streamlining of operations. 1|Page