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The transition to technologies for interacting with people is the main trend of the biometrics market

The transition to technologies for interacting with people is the main trend of the biometrics market — RecFaces

In recent years, the global biometrics market has been developing rapidly, and this trend will continue in the foreseeable future.

If in 2018 its volume was estimated at $23.4 billion, then by 2024, 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 %. Fingerprint scanning, facial recognition, iris, vein, and voice technologies are expected to be implemented at the fastest pace.

The forecast of J'son & Partners Consulting assumes an even higher growth rate of the biometrics market — about 29.5 %. According to the company's calculations, the market will grow faster than the world market, and the projected annual growth rate of biometric technologies in the next couple of years will exceed the global figure by more than 1.6 times. 

The structure of the market of biometric technologies differs from the world market. Fingerprint identification in the domestic market continues to dominate only in the segment of access control and management systems (ACS) and in the field of criminology. The global share of vein recognition technologies is much higher.

Another difference is the share of state participation in the development of the market. If the development of biometric technologies in the world was initially financed from the state budget, starting from biometric documents and border control systems and ending with security systems, including video surveillance, then the development of biometrics began mainly with the commercial sector. For example, in 2014, about 87% of the entire biometric technology market was accounted for by ACS and time tracking solutions, which are mostly used by commercial companies (in 2018, this figure was 53 %). And if the demand for biometric technologies in the world is gradually moving from the public sector to the commercial sector, then in the reverse process is going on, and the share of the state is growing at a higher rate.The main drivers of the growth of the market are the banking sector, the service sector of sports facilities and transport, where the share of state participation is high.

The leading role in the growth of the domestic biometrics market is assigned to the Unified Biometric System (UBS), a national platform operated by Rostelecom. In the business sphere, its advantages are reduced costs, the ability to obtain reliable customer data, transfer services completely to digital form, as well as the ability to digitally identify and conclude contracts without taking into account the geographical location of the object. For individuals, the implementation of UBS means access to services at any time, anywhere, with increased security and without paper registration. In addition, you can choose the best offer on the market. Currently, the UBS covers 207 banks with more than 13 thousand branches in 1048 cities.

According to the forecast of J'son & Partners Consulting, among all industries, the highest growth rate (54% CAGR) in the period up to 2022 will be demonstrated by the banking biometrics sector, which by the end of the forecast period will increase its share in the total volume of the biometric technology market by more than two times compared to 2018.

If we talk about new promising areas in biometrics, the key trend will be the transition from the internal use of biometric solutions to B2C / client services.

  • In transport (especially at airports), it is expected that there will be a transition from video surveillance systems and biometric ACS to paperless Self-Boarding systems;
  • at sports facilities — to the development of paperless payment technologies at cash desks;
  • in the banking sector — to payment systems with remote customer identification;
  • in retail and hotel and restaurant business — from employee time tracking systems to biometric payment systems, biometric check — in systems and the use of biometric identifiers.
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