Zion Market Research has released a new report that predicts that the global biometric technology market will hit $59.43 billion by 2025, climbing from $17.16 billion in 2018. The final figure represents a CAGR of 19.42 percent.
The forecast is nearly identical to that of Grand View Research, which projected a $59.31 billion global biometrics market (and a 19.5 percent CAGR) earlier this year. The repetition will likely give industry experts more confidence in both numbers, especially since Grand View’s report was much more optimistic than comparable reports from other firms.
Zion’s report suggested that the demand for better security would drive much of the growth as biometric authentication replaces outdated PIN security in a wide variety of devices, with facial recognition proving to be particularly popular in smartphones. According to Zion, healthcare and law enforcement have also been quick to adopt biometric technology. Healthcare providers have used biometrics to collect patient data and make operations more efficient, while police departments have leveraged facial recognition for surveillance, among other applications.
North America is expected to be the largest market for biometric tech, though Europe is not far behind and Asia will display the largest growth during the forecast period. Fujitsu, Imageware, Suprema, Thales, Bio-Key, NEC, and Precise Biometrics were amongst the key players highlighted in the report.
September 10, 2019 – by Eric Weiss