Market research firm Research and Markets has released a new report on the global biometrics market. In the report, entitled “Global Biometrics Market Forecast and Opportunities, 2020” the researchers predict continued strong growth in the overall biometrics market worldwide, at a rate of 14 percent CAGR until 2020.
That shouldn’t come as much surprise for any industry-watchers, but the report does have some interesting insights in the details of the market. The researchers note that “increasing security needs, government projects and constant development in technology” are the main drivers of the the market’s growth, with the residential sector seeing some of the strongest gains. That may have a lot to do with the expanding and advancing Internet of Things, which is seeing more everyday devices smarten up and go online – which in turn is driving up the need for more advanced digital security.
Another interesting point is the researchers’ prediction that vein scanners will soon overtake fingerprint scanners as the most popular biometric modality. The researchers credit this to that particular technology “becoming more feasible and prevalent.” It will certainly come as good news to companies like Fujitsu, who has been pioneering that particular modality with its palm vein scanners.
Also worth noting: The researchers point out that the high costs associated with initial investments and ongoing research and development are helping to keep new players out of the market. That might sound like good news to well-establish companies, but the researchers also note that competition between those within the market is starting to get more intense. The pie is getting bigger, but everyone wants a bigger slice.
March 5, 2015 – by Alex Perala