Yet another market report is predicting significant growth for the overall biometrics market over the next few years. In its new publication on the “Next Generation Biometrics market”, Stratistics Market Research Consulting estimates that the market will have grown at a CAGR of 10.38 percent between 2014 and 2022.
That will reflect growth from about $13.33 billion at the start of the forecast period to $29.37 billion by its end. In a synopsis, Stratistics MRC credited the growth to e-commerce and what it called “E-governance”—the latter already emerging in a big way in the case of India with its Aadhaar program—and pointed to future opportunities in the mobile sector and, again, e-commerce. Looking to potential obstacles for the market, Stratistics MRC highlighted the “fear of privacy intrusion”—an issue that has come up in various areas related to biometric technologies—and the security of biometric data.
The report complements another that Stratistics MRC issued last month, that one having covered the fingerprint sensor market. In that publication the firm estimated that the fingerprint sensor market would reach a value of $20.03 billion by 2022, suggesting that this sector alone will represent a huge proportion of the overall biometrics market, in Stratistics MRC’s view. It’s not an unreasonable view, given the modality’s current preponderance, particularly in the area of smartphone applications.
January 11, 2016 – by Alex Perala