A new report on the global biometrics market is out, and it’s even more optimistic than the last one. Research and Markets’ new “Biometrics – A Global Overview” report suggests that between 2014 and 2020, the market will grow at a rate of 19.6 percent (CAGR), rising from its current estimated value of $10.3 billion to reach $30.1 billion in 2020.
This report comes on the heels of another study on the global biometrics market – that one from 6Wresearch – that predicted the total market value would reach $21.9 billion by 2020. That would still be very strong growth, but is obviously a pretty huge differential. Still, both reports agree on the broadest terms: Large-scale government applications, especially for the purposes of citizen identification, is a major market driver; and fingerprint-scanning is the most common form of biometric technology in use today.
The Research and Markets folks say that those government applications – such as India’s efforts to construct a biometric citizen registry with its Aadhaar ID card program – had a global market value of $4.6 billion USD last year. Meanwhile, fingerprint recognition, enjoying its growing ubiquity on mobile devices as mCommerce takes off, had a value of $3.2 billion USD.
January 13, 2014 – by Alex Perala