ABI Research is predicting that the overall biometrics market will reach a value of $30 billion by the year 2021. In a statement summarizing recent findings, the market research firm says this will reflect growth of 118 percent since 2015.
The main market driver continues to be mobile fingerprint sensors, which ABI Research says will see two billion shipments within the forecast period, and a CAGR of 40 percent. Meanwhile, facial recognition and biometric surveillance technologies will further propel the market in the years to come. Commenting on this latter trend, ABI Research Analyst Dimitrios Pavlakis says that “by 2021, we anticipate more than one in three surveillance cameras shipped to be IP connected cameras,” adding, “This will undoubtedly open up new pathways for facial biometrics and surveillance analytics.”
Looking to regional trends, ABI Research asserts that “North America and the Asia-Pacific region continue to dominate the majority of the biometrics market share,” though Latin America and the Middle East are on the rise too, with financial services applications driving their growth. The Middle East market will also be pushed forward through rising security concerns, as will that of Europe.
ABI Research also highlights some specific, salient developments in recent months, citing MasterCard’s use of facial recognition; a new partnership between FPC, Precise Biometrics, Gemalto, and STMicroelectronics; and Morpho’s Airtel project in India. Such projects are helping to further push the expansion of the global biometrics market.
March 17, 2016 – by Alex Perala