Biometrics Market to Approach $55B by 2025: Frost & Sullivan

Frost & Sullivan has released a new report that suggests that COVID-19 has fundamentally changed the way that people interact with machines. The firm noted that organizations in nearly every sector are increasingly using technologies like biometrics and virtual reality to deliver more personalized user interfaces for their customers, and that trend has accelerated as people have transitioned to a remote ecosystem during the pandemic.

With that in mind, Frost & Sullivan predicts that the global market for virtual and augmented reality technologies will climb to $661.40 billion by 2025, a figure that corresponds to a CAGR of 86.3 percent for the period between 2019 to 2025. Much of that revenue ($161.29 billion) will come from the manufacturing sphere, where AR and VR technologies will be combined with robotics to overhaul the engineering supply chain and the broader production process.

The biometrics market, meanwhile, will grow to $54.97 billion in the same time frame. The need for secure identification technologies will drive much of that demand. Frost & Sullivan believes that the interest in palm vein and behavioral biometrics technologies will be particularly high, though fingerprint, iris, face, and voice recognition will also be deployed across a variety of public and commercial applications.

Other trends include digital twinning, and the development of machines that interface directly with the human brain. Digital twin technology will soon be integrated into four out of every five IoT platforms, generating a CAGR of 47.0 percent in the market. Neural interfaces, on the other hand, have applications in healthcare, while game developers are using EEG technology to create new control schemes that rely on signals from the human brain.

However, all of those user interfaces will need strong digital infrastructure to support them. As a result, the development of user interfaces will need to wait on the development of 5G networks and next-generation IoT devices.

“For futuristic UIs to become ubiquitous, security and privacy will be critical,” said Frost & Sullivan Senior Industry Analyst Murali Krishnan. “UI technologies will be an important component in the shift from the office to a virtual workplace that is mobile and more flexible.”

Frost & Sullivan’s $54.97 billion forecast for the global biometrics market is in line with its earlier predictions. The firm recently handed an Entrepreneurial Award to Invixium to acknowledge the company’s rapid response to COVID-19.

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(Originally posted on Mobile ID World)