Global biometrics market could reach £9.1bn in four years

The global biometrics market is currently valued at £3.7bn, and could grow to £9.1bn by 2023, according to research conducted by Frost & Sullivan. It predicts that changing consumer demands and the emergence of the Internet of Things will be the key drivers behind an annual growth rate of 19.3%.

The ‘European Biometrics Market Forecast to 2023’ presents the current and future market trends, as well as the most promising applications. It predicts that blockchain-based biometric technologies will enjoy considerable growth opportunities across applications, and that AI- and ML-driven behavioural biometrics will become key advantage in multifactor authentication.

“AI-driven behavioural biometrics will become the main identity authentication/verification element in two-factor or multifactor authentication,” said industry analyst Ram Ravi. “In the near term, businesses will increasingly use AI to aid decision-making as well as for greater behavioural pattern analysis of anomalies. In the longer term, blockchain will be used with biometrics for identity management across applications, and neurolinguistic programming will become mainstream as financial institutions use voice processing to offer services and assistance.”

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