There’s no doubt that the technology sector remains a rapidly evolving sector, and one that continues to grow at an exponential rate.
This rule even applies to relatively niche sectors such as biometric technology, which have been designed with a distinct application before evolving to impact on additional markets and industries.
In this article, we’ll explore precisely what biometric technology is and ask why it’s set to drive a huge growth market for the foreseeable future.
What is Biometric Technology?
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In simple terms, biometrics is the measurement and statistical analysis of people’s unique physical and behavioural characteristics.
Historically, this innovative and far-reaching technology has been used for identification and access control, while it was typically applied to individuals who were under surveillance by the authorities.
During the last five years, however, this technology has been adapted to suit wider applications within the consumer market. In 2013, for example, we saw biometric tech features included on smartphones for the very first time, primarily in the form of fingerprint scanning and accessibility.
This has since evolved to the use of additional biometric features on mobile devices, including voice and facial recognition on some of the more recent handsets such as the iPhone X.
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While smartphones and mobile devices have helped to bring biometric technology into the consumer mainstream, other industries have been quick to adopt it for themselves.
Travel and leisure is one sector that has followed this lead, particularly as the geopolitical climate has prompted greater vetting for immigration applications.
In this regard, biometric features have been deployed to provide more comprehensive security at border-crossing points across the globe, while there has also been a rising demand for this technology as tourism has increased at some of these points.
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Overall, travel and immigration will evolve to hold the largest share of the biometrics system market between now and 2023, with North America leading this charge. This will fully establish itself as the largest market for biometrics over the course of the next five years, thanks primarily to the government initiatives imposed Donald Trump’s administration and the impact on surrounding nations such as Mexico and Canada.
In total, this evolution will translate into huge market growth through until 2023, with its value set to increase from $16.8 billion in 2018 to $41.8 billion in five years’ time. This represents a compound annual growth rate (CAGR) of 19.99% during this period, with some people believing that this could even be a conservative estimate.
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This growth market is also likely to attract the attention of investors, particularly as biometric technology continues to impact on the consumer mainstream.
After all, investors will be increasingly keen to back companies that develop and utilise this technology, while wealth management firms will also look to incorporate this in their portfolios going forward.
This will only add fuel to the fire, creating an even more powerful market that will grow even larger over the course of the next decade.