The Biometric Market May be Worth $2.9 Billion by 2022

biometric stocks

According to a new report titled “Biometrics as a Service Market”, which takes into account the use of biometrics including: fingerprint, facial, iris, voice, palm and vein recognition, the global forecast of the industry by the year 2022 is set to hit a staggering $2.97 billion.

The market behind biometrics currently stands at around $838 million so reaching around double that by 2022 is not an impossible feat.

There has been a large and increasing demand for various cost-effective solutions to biometric security which has helped to fuel various research projects in the industry. The adoption of biometrics as a service solution has become widespread and has helped to grow the market as a whole. It is not just the invention of better biometrics that is continuing the market growth, but the creation of technologies to help the world better adopt new biometrics.

There are currently two markets within the biometrics market that have been separated by modality. The two groups are known as unimodal and multimodal. The unimodal section consists of many of the most popular types of biometrics including fingerprint scanning, facial recognition, iris recognition, palm recognition, vein recognition and more. Multimodal does just what the name says, by incorporating two or more biometric devices into one. The benefits are quite clear with multimodal obviously being the more secure of the two, but both work extremely well.

With the market on biometrics increasing exponentially as time goes on, the increasing creation of new technology and companies to support it is widespread. Companies have begun to release new technologies such as Apple’s iPhone X, using facial recognition. If these end up working well and being well adopted by the public, the world of biometrics is only expected to continue its quick growth.

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