Market research firm Research and Markets has released a new report on the global biometrics market, and predicts solid growth over the next decade. The researchers believe that the global market is currently valued at $4.4 billion USD and will grow at a rate of 8.7 percent (CAGR) to a value of $10.2 billion USD in 2025.
Research and Markets recently predicted a growth rate of 14 percent CAGR until 2020, which, combined with this latest prediction, would seem to indicate that market growth will slow considerably in the period between 2020 and 2025; and indeed, the new report indicates that 2025 is the year when the global market will reach its peak.
The new report offers further contrast with the firm’s previous study with respect to predictions about popular modalities. In the new report, fingerprint scanning is identified as the modality that will receive the greatest amount of expenditure in the market, accounting for 34.9 percent of the global market; but in the previous report, the researchers predicted that vein biometrics would soon overtake fingerprint scanning as the most popular modality, which, at that time, was taken as good news for companies exploring that area, such as Fujitsu.
Still, the predicted popularity of fingerprint scanners is easy to believe given the current preponderance of the technology, and the same is true for Research and Markets’ prediction that iris and retinal scanning system would be a close second, which jibes with the findings of a recent consumer survey. Also consistent with other analyses and predictions: Government will continue to be a major market driver, and North America will continue to dominate the global market, with the Asia-Pacific region and Europe not far behind.
March 17, 2015 – by Alex Perala