The global biometrics market will reach total revenues of $10.72 billion by 2022, according to a new report from Allied Market Research (AMR). The firm says this will reflect growth of 19.4 percent (CAGR) between 2016 and 2022.
Looking to regional growth, North America produced the highest revenue in 2015, followed by Europe and the APAC region. But the latter is expected to undergo the fastest growth over the forecast period, with a CAGR of 22 percent. All around the world, AMR says that rising concerns about security and privacy are the main market drivers.
As for the top modalities and technologies, fingerprint and facial recognition dominate the market, followed by the quickly-rising iris recognition, which is expected to grow at a CAGR of 22 percent over the forecast period. AMR credits the latter’s growth primarily to demand pertaining to security and employee identification applications, but it’s worth noting that it will likely play an increasingly prominent role in consumer electronics as major smartphone makers seek to integrate the technology into their devices.
AMR’s findings track well with the results of FindBiometrics’ recent Year in Review survey, which saw respondents agreeing that fingerprint and facial recognition are the most exciting modalities, with iris scanning (tied with behavioral biometrics) in third.
January 13, 2017 – by Alex Perala