Between 2012 and 2019, the value of the global biometrics market will have more than tripled, according to a new report from market research firm Radiant Insights. The firm’s researchers assert that in 2012 the market was valued at $5.2 billion, and by the end of the forecast period will reach $16.7 billion.
In a synopsis, Radiant Insights asserts that the growth can be attributed to three main factors: The demand for consumer security; digital security at the enterprise level; and physical access control. But Susan Eustis, the lead researcher with WinterGreen Research, which conducted the study for Radiant Insights, also emphasizes the role of government security needs, asserting:
“Governments and law enforcement agencies are leveraging biometric devices to strengthen all aspects of citizen protection.”
Indeed, the spectre of terrorism as well as concerns about crime are driving governments to adopt biometric security solutions. And governments are also spending heavily on more innocuous biometric projects such as biometric IDs, passports, driver’s licences, and so on.
The report’s predictions accord very roughly with other recent estimates. Tractica has been slightly less optimistic, pegging the current value of the global biometrics market at only $2 billion and predicting a valuation of $14.9 billion by 2024, and Strategic Defence Intelligence says its value will reach only $10.2 billion by 2025; whereas ABI Research has suggested it will be worth a whopping $26.8 billion by 2020. All agree that significant growth is coming, however, and most point to roughly the same myriad factors helping to drive it.
July 29, 2015 – by Alex Perala