The global biometric access control market is in for steady growth over the next couple of years, according to a new report from TechNavio. The market research firm predicts a CAGR of 18 percent for the market between 2015 and 2019. According to TechNavio’s calculations, the should bring the market to a valuation of over $12 billion by the end of the forecast period.
The growth is being led primarily by the government sector; highlighting India’s pioneering Aadhaar national ID project, the report forecasts that the government sector alone is to account for about $6 billion by 2019. Lead analyst Amrita Choudhury says that worldwide growth in infrastructure projects is helping to propel this sector as governments come to be more aware of the benefits of biometrics, which they use “for workforce management and authentication of their customers.”
Meanwhile, the BFSI, transportation, and healthcare sectors will further push the growth of the overall biometric access control market, accounting for $2 billion, $1.8 billion, and $1.6 billion by the end of the forecast period, respectively. Concerns about data breaches and fraud are helping to drive the interest in BFSI, while in transportation biometric access control will be adopted for border screening purposes; and in healthcare the interest is largely driven by a need to comply with increasingly stringent regulations, as well as time and attendance tracking.
Many of these trends are clearly discernible today, and according to TechNavio they’re going to remain important for at least the next couple of years.
March 23, 2016 – by Alex Perala