Registering A CAGR Of 16.73%, Biometrics Market Is Projected To Grow Around USD84.27 Billion By 2026
Global biometrics market was valued at USD33.246 billion in 2020 and is projected to grow around USD84.27 billion by 2026, registering a CAGR of 16.73% through 2026. Rising national security concerns, use of multifactor authentication measures, and increased adoption of IoT devices are expected to positively influence the global biometrics market in the coming years . The increased use of biometric systems in consumer electronics and adoption of biometric measures in the automotive sector is further expected to positively influence the growth of the market through 2026. However, concerns related to the accuracy of biometrics and regulations related to the market might limit the growth in the industry in the forecast period. Global biometrics market can be segmented into solution type, functionality type, end use industry, and region. Based on solution type, the market can be segmented into fingerprint recognition, facial recognition, iris recognition, hand/palm recogn...