June 20, 2013 -
The global biometric technology, types and applications market is expected to reach $13.89 billion by 2017 at an estimated CAGR of 18.7%, according to a newly available report.
The report, Next Generation Biometric Technologies Market – Global Forecast & Analysis (2012-2017), notes that face, fingerprint, and iris recognition are the most common modalities used for authentication, and North America is a market leader in this space.
Now available in the ResearchandMarkets catalogue, the report picks iris biometrics as having a significant scope in the near future, due to its high accuracy rate and low false acceptances: between 0.0001% and 0.94%.
Reported previously, a separate report published by TechNavio says that the international market for biometric readers is expected to grow at a CAGR of 17.1 percent between 2012 and 2016, and notes that the market has seen an increase thanks to numerous mergers and acquisitions.
In addition, the Biometrics Research Group projects that the global biometrics market will grow to $15 billion by 2015, from its 2012 estimated value of $7 billion. Specifically, says the research group, the market for automated fingerprint identification systems and fingerprint biometric technologies account for the greatest share of the global biometrics market and is forecast to continue to be the main source of overall market revenues from 2010 to 2015. This sector is valued at $5 billion in 2012 and is expected to reach nearly $10 billion in 2015.
Face, iris, vein, and voice recognition biometric technologies together form the second largest segment. This sector is worth an estimated $2 billion in 2010 and is expected to reach $5 billion in 2015.