North America Biometrics Market to grow at 20% CAGR from 2017 to 2024: Fractovia.org
Biometrics industry is forecast to surpass USD 50 billion by 2024. The speculated figure is almost quadruple of its market valuation in 2016 recorded at USD 12 billion, which is deemed to be a positive indicator for the overall business growth.The evolving technologies in biometrics market are expected to provide groundbreaking solutions to the businesses by addressing security threats. Having marked its strong presence in the security landscape, biometrics industry is now rapidly paving its way in the industrial as well as the governmental systems. As this technology is based on the statistical analysis of biological data, the biometrics are witnessing increasing demand in organization that are susceptible to cybercrimes and hacking. Renowned companies are seen signing deals with the tech-giants to secure their information and authentication arenas. One recent instance is of FacePhi Biometria, where this firm is bringing forth its new selfie based authentication system particularly in the financial sector to combat cybersecurity threats.
Apple’s recent launch of iPhone 8 with its facial recognition feature, has been a huge step forward in the product spectrum of biometrics industry. It is quite evident that from past few years, biometrics technology has evolved from the stuff of crime investigation to a broader set of technologies that make the operations profoundly secure. Apple Inc., started embracing the biometrics technology in its iPhone with Touch ID & fingerprint sensors and since then has been leading the way forward in adoption of biometrics for security with convenience. Other smartphone industry giants such as LG, Lenovo, and Samsung have also incorporated iris scanners into their smart mobiles and have thus impacted the overall biometrics market trends. In context, it would not be incorrect to say that increasing accessibility of smartphones enabled with biometric identification is all set to proliferate the global biometrics industry share. Apart from the consumer electronics, the BFSI sector has also been a prominent application destination of the biometrics market, owing to the technology’s extensive deployment for identification of errors and cybercrime scrambles in this arena. There has been increasing number of fraudulent cases that have led to several data breaches in the banking sector, JP Morgan Chase being one of the major victims. 1|Page