Biometric technology is being adopted in consumer, business, and government applications “at an increasing pace,” according to Tractica. The market research firm has announced a new report predicting that the global biometrics market will grow from a value of $2.4 billion last year to $15.1 billion by 2025, reflecting a CAGR of 22.9 percent.
The market is being driven both by organizations’ interest in improving customer authentication, and customers’ dislike of password-based security, argues Tractica. The report suggests that for the forecast period the dominant biometric modalities will be fingerprint, voice, iris, and facial recognition, with the consumer, enterprise, finance, government, and healthcare sectors driving the market.
The Tractica report tracks well with one recently published by Allied Market Research, which predicted a CAGR for the global biometrics market of 19.4 percent between 2016 and 2022, with total revenues of $10.72 billion by the end of that forecast period. AMR also highlighted the fingerprint, facial recognition, and iris scanning modalities, a focus that was very much in line with the findings of FindBiometrics’ 2016 Year in Review survey regarding the industry’s most exciting modalities.
February 6, 2017 – by Alex Perala