Market research firm Tractica is buoyant about the prospects of the worldwide biometrics market over the next several years. In a new report entitled “Biometrics Market Forecasts“, the firm predicts that the global biometrics market will grow at a CAGR of 25.3 percent over the next ten years.
In financial terms, the firm believes that will see the market grow from $2 billion this year to a valuation of $14.9 billion by 2024. Speaking on the findings, Tractica principal analyst Bob Lockhart emphasized that the growth indicates a high level of industry maturity, asserting, “The biometrics market is finally here to stay.”
Tractica predicts that the key industries driving growth over its forecast period will include government, healthcare, finance, and consumer devices, with a number of others further pushing things along. In terms of the kinds of deployments that will be most prominent, a report synopsis lists “consumer device authentication, mobile banking, automated teller machines (cashpoints), government IT systems, point-of-sale transactions, pharmacy dispensing, and wearable device authentication.”
The report is somewhat more optimistic than another recent report from Research and Markets that pegged growth over the next decade at 8.7 percent CAGR, but clearly the firms agree on a general trend of strong growth for the industry. There’s also consensus on the most popular modalities, with fingerprint sensors leading the pack and iris scanning following in second.
May 6, 2015 – by Alex Perala