Last month, Grand View Research predicted that the global biometrics market would hit $59.3 billion by 2025. Now the analytics firm is taking a more granular look at that figure, with a new report that suggests that a major part of the fingerprint market alone will be worth $12.46 billion in the same time frame.
The report specifically looked at the prospects for Automated Fingerprint Identification Systems (AFIS), and concluded that the market for such tech will expand with a CAGR of 18.4 percent. North America is expected to provide the largest audience, with a projected market of $4.05 billion.
According to Grand View Research, the increasing prevalence of biometric payments – including biometric payment cards – will drive much of that growth. Security software will be equally important as more companies turn to biometric authentication to safeguard devices and accounts in the ever-expanding Internet of Things. In the US specifically, much of the demand will also come from government and law enforcement agencies looking to use AFIS technology for security and criminal identification.
The $12.46 billion figure is significantly lower than the $26.55 billion AFIS forecast from Stratistics earlier in the year, although the actual conclusions about trends in the market are quite similar. Both reports suggest that fingerprint biometrics is booming, a finding that has been echoed in similar research from MarketsandMarkets and ABI.
May 10, 2019 – by Eric Weiss