The global biometric authentication and identification market will undergo considerable growth over the next five years, according to a new report from BIS Research. The market research firm says that the market will grow from a value of $10 billion last year to a little over $25.3 billion in 2020. That reflects an annual growth rate of 16.56 percent (CAGR).
In a report synopsis, BIS credits much of the growth to government demand stemming from security concerns. The market research firm also stresses that biometrics is increasingly being adopted across a range of sectors including banking, healthcare, consumer electronics, and retail, largely because technological advances have helped to make biometrics both more sophisticated and more economical.
The report’s predictions are roughly in line with those from other market research firms in predicting strong growth hovering around the 10 – 20 percent range for CAGR. While a Tractica report aimed lower in predicting that the overall biometrics market would be valued at $14.9 billion by 2024, ABI Research, on the other hand, says it will be worth $26.8 billion in 2020. For its part, in its new report BIS Research is sticking to the authentication and identification applications of biometric technology, and while those applications make up a huge part of the overall biometrics market, that still excludes applications like biometric health monitoring, so BIS’ latest predictions may actually be even more optimistic than they seem at first glance.
August 18, 2015 – by Alex Perala