Biometrics Market Size

Biometrics Market Size

Biometrics Market size exceeded USD 20 billion in 2020 and is projected to expand at over 13% CAGR from 2021 to 2027. Government organizations supporting the adoption of biometrics for citizen ID cards will boost the market growth.

Several countries are modernizing their ID records to include biometrics that verify identity based on physical characteristics such as the face, iris, fingerprints, palm prints, and voice. For instance, in September 2020, the Singapore government announced that it will use facial verification in its national identity scheme. The biometrics validation will provide citizens with secure access to both government and private services. The Indian government also proposed to use biometrics for the identification of individuals in e-governance applications. Government organizations are focusing on strengthening their security systems by ensuring precise identification of citizens, which will fuel the market expansion.

The coronavirus pandemic hindered the market progression in 2020 due to the stringent lockdowns imposed by government organizations globally. The temporary closure of manufacturing plants and R&D facilities hampered the global supply chains, in turn, impacting the industry growth. The temporary downfall of the aerospace, automotive, retail, and consumer electronics sectors hindered the demand for biometrics from these industry verticals. The market will regain traction in 2021, following relaxations in the lockdown measures in the second half of 2020. The resumption of industrial activities will streamline supply chains and support the development of advanced identification solutions. Companies are also working on developing contactless identification solutions to ensure public safety during the pandemic.