The global biometrics market will be worth $44.2 billion by the year 2021, according to a new report from Radiant Insights.
Starting with an estimated value of $7 billion in 2014, the market research firm says the biometric market is growing across a range of sectors and applications, though Radiant Insights places a particular focus on government projects, and asserts that security applications seeking to counter terrorist threats will be a major factor pushing market growth over the next several years. Meanwhile, China, Russia, and India with its Aadhaar program are helping to drive the biometric ID segment of the market.
Looking to regional growth, Radiant Insights asserts that North America will be the dominant regional market thanks in large part to demand from its defense, security, justice, and commercial sectors. However, the Asia Pacific region is expected to undergo strong growth over the next several years as well.
January 29, 2016 – by Alex Perala