BCC Research is predicting considerable growth for the global biometrics market over the next few years. In a new report, the market research company estimates that between 2015 and 2020, the overall global biometrics market will grow at a rate of 22.7 percent CAGR.
That will see the market grow from an estimated $14.9 billion last year to a whopping $41.5 billion by 2020. While the starting point is close to that of a recent report from Stratistics MRC, which pegged the market at $13.33 in 2014, its 2020 projection is much higher than Stratistics’ estimate of $29.37 in 2022. But, like Stratistics MRC, BCC Research believes that the fingerprint modality will be the major driver of the overall market, accounting for $8.8 billion last year and a predicted $24.4 billion by 2020; voice, vein, iris, and face modalities, meanwhile, together were valued at $4.2 billion last year and are expected to reach $11.9 billion by the end of the forecast period. BCC Research highlights facial recognition as a particularly important modality in this secondary grouping, with signature recognition and hand geometry trailing the pack.
As for what’s driving the growth overall, BCC Research points to government-mandated use of biometrics in the public sector, and growing enthusiasm overall in the private market. Commenting on the technology and its growing popularity in a report synopsis, BCC Research analyst Srinivasa Rajaram said that thanks to “improvements in dependability, accuracy, safety, and convenience, it is being adopted more readily by businesses and becoming part of our everyday lives.”
(Originally posted on FindBiometrics)