The demand for biometric technology will continue to grow, according to a new report from Grand View Research. The company’s latest analysis predicts that the biometric technology market will hit $59.31 billion by 2025, with a CAGR of 19.5 percent during the 2018-2025 forecast period.
The overall pattern is in keeping with similar reports from other research firms, although the numbers differ slightly depending on which company you ask. A previous report from Acuity predicted that the mobile biometrics market alone would hit $50.6 billion by 2022, a figure that doesn’t fully account for the use of biometric technology in other areas like ATM banking.
On the other hand, the $59.31 billion figure greatly exceeds the estimates of similar reports from AMR and Tractica ($10.72 billion and $15.1 billion, respectively). The discrepancies raise some questions about how the various firms are defining the biometrics market.
Even so, the general upward trend is the same across the board. Grand View Research found that North America was the largest market for biometric tech in 2017, with major growth expected in Asia thanks to increasing demand in countries like China and India. Transportation and logistics was the top end-use segment in 2017, while non-AFIS tech accounted for just over 38 percent of the total market revenue.
The full 140-page report breaks down the biometric market by region, industry, and application, the latter of which details the prospects for different types of biometrics like fingerprint recognition and facial recognition. The enhanced security benefits of biometric tech will fuel much of the growth. However, the high cost of deployment will moderately slow the integration of biometric tech in the next couple of years.
(Originally posted on FindBiometrics)