The global biometrics market will reach a value of $59.31 billion by the year 2025, according to a new report from Grand View Research. The prediction anticipates a period a substantial growth from Grand View’s estimated $10.41 billion valuation of the market in 2015.
Grand View says the growth will be driven primarily by consumer electronics, particularly with respect to digital commerce applications, as can already be seen in biometric authentication systems used in services like Apple Pay and Samsung Pay. The technology’s applications in ePassports, government defense, and the BFSI sector will also prove important in pushing overall market growth.
As for leading regions, Grand View notes in a report summary that North America represented the biggest market in 2015 and will continue to grow “at a considerable rate”, while the APAC region will also contribute “significantly” to global market growth. Top vendors highlighted by Grand View include NEC, Precise Biometrics, Fujitsu, FaceFirst, Hitachi, and 3M Cogent.
Grand View Research’s forecast diverges considerably from that of a recent Tractica report, with the latter predicting that the overall biometrics market will reach a value of $15.1 billion by 2025. The market research firms agree, however, in predicting growth, with Tractica starting its forecast at a $2.4 billion valuation of the overall biometrics market for 2016, pointing to a CAGR of 22.9 percent.
February 17, 2017 – by Alex Perala