Global Biometrics Market Revenue to Reach $15.1B by 2025, Report Says
Market intelligence firm Tractica forecasts fingerprint recognition, voice recognition, iris recognition and facial recognition will be the leading modalities as biometrics use cases continue to expand.
BOULDER, Colo. – Global biometrics hardware and software revenue will grow annually from $2.4 billion in 2016 to $15.1 billion by 2025, representing a compound annual growth rate (CAGR) of 22.9%, according to market research by Tractica.
During its 10-year forecast period, Tractica anticipates that cumulative biometrics revenue will total $69.8 billion.
The biometrics market has reached a tipping point driven largely by the confluence of organizations’ desires to better authenticate or identify users and users’ distaste for knowledge-based systems (password and challenge questions), according to the market research firm, based here. Thus, biometrics is working its way into consumer, industrial and government systems at an increasing pace.
“Growth in the biometrics market is driven by use cases,” says Tractica Principal Analyst Keith Kirkpatrick. “While there has traditionally been a demarcation between consumer and enterprise use cases, this dynamic is starting to change, as seen in financial institutions’ use of biometrics to allow consumer and corporate users to authenticate to online banking systems with their voices or with their eyes, in place of keying a personal identification number, to name just one example.”
Kirkpatrick adds that the biometric modalities representing the largest revenue segments will be fingerprint recognition, voice recognition, iris recognition and facial recognition. Meanwhile, the largest application markets for the technologies will be consumer, finance, health care, government and enterprise.
Tractica’s report, “Biometrics Market Forecasts,” is based on a comprehensive and detailed analysis of 142 biometrics use cases, each of which includes business function, industry and modality. Each use case is further analyzed by world region and is based on Organization for Economic Cooperation and Development (OECD) income levels for each country in a given region.
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