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The global biometrics market has been recently developing rapidly, and this trend will continue shortly. If in 2018 its volume was estimated at $23.4 billion, according to the forecast of the analytical company BCC Research, the market size may increase to $71.6 billion with an average annual growth rate of 23.2 % by 2024.
Fingerprint scanning, facial recognition, iris, vein, and voice technologies are expected to be implemented at the fastest pace. The analysis is based on the revenue indicators of key players depending on segments, including hardware, software, and integration.
Biometric electronic documents
Another analytical Agency, Acuity Research, estimates that the number of biometric electronic IDs will increase by about 3.5 billion electronic documents in the world. Moreover, more than half of the UN member States issue biometric passports.