Market research firm Global Industry Analysts, Inc., has released a new report on the global fingerprint biometrics market. The researchers predict that the market’s overall value will reach $11.9 billion USD by 2020, with the government and enterprise sectors driving growth.
The researchers also note that mobile applications are a major market factor as well, calling smartphones “the new frontier of growth for fingerprint biometrics” in a report synopsis. But governments remain more prominent market drivers, the report says, with initiatives such as ePassports, security and border control programs, and electronic governance initiatives as the kinds of projects employing such technology. Businesses are also increasingly adopting fingerprint biometrics purposes such as access control, not to mention time and attendance tracking, as we have seen in many recent cases.
The American market for fingerprint biometrics remains the biggest in the world, though the researchers also point out the Middle East region as an area of high growth over their forecast period. Somewhat gloomily, the researchers predict that “growing social and political unrest and the ensuing increased focus on airport and border control processes” will drive the Middle Eastern market to reach a CAGR of 14.5 percent over the next few years. And it is true that we’re already seeing some major investment in just these kinds of deployments on the parts of some of the wealthier governments in the region.
All told, it’s not quite as optimistic a forecast as some other firms have predicted, but it’s very much on the same page in predicting strong overall growth for the market around the world.
April 13, 2015 – by Alex Perala