Security in Your Hands: The Growing Biometric System Market
The biometric system market size is projected to grow from USD 42.9 billion in 2022 to USD 82.9 billion by 2027, at a CAGR of 14.1%. The market slightly declined in 2020, mainly due to the impact of COVID-19. The supply chain disruption caused by the pandemic affected the market, especially automotive, Industrial, and others. Also, due to lockdown restrictions, companies could not source the required labor for their operations due to travel restrictions. Though the Biometric System Market is expected to be impacted in 2020–2021, it is expected to fully recover by mid-2022. Increasing the advancements in biometric technology across various sectors and rising demand for authentication and identification solutions as well as security and surveillance solutions in various application areas are the primary factors driving the market growth. Moreover, growing adoption of biometric system in consumer electronics, BFSI as well as automotive verticals will drive the demand for this technology