June 21, 2013 -
Transparency Market Research is getting set to publish a report on the biometrics market, noting the market’s immense growth as of late and has also put together a report for the healthcare biometrics market.
According to the group, much of this growth can be attributed to adoption in the private sector as well as in various government projects.
As the report notes, the size of the biometric readers market was USD 50.2 million in 2011 and is further expected to grow at 48 percent CAGR to USD 363 million by 2018. In addition, the group says, the market for AFISs and other fingerprint technologies account for the largest share of the global biometrics market and is expected to retain its dominance in the market in the near future. In total, this sector of the market is valued at USD 2.8 billion, according to Transparency and is expected to increase at a CAGR of 19.6 percent to USD 6.6 billion by 2015.
Facial structure, iris, veins and voice recognition together constitute the second largest segment, according to the yet-to-be-released report, and is worth an estimated $1.4 billion in 2010, expected to reach $3.5 billion in 2015, also at a double-digit CAGR (19.9 percent).
Transparency has also released a report on the healthcare biometrics market and likewise, sees growth in its future.
Specifically, the group expects the healthcare biometrics market to grow at an impressive 33.3% CAGR from 2012 to 2018 and is expected to reach well over $1 billion by 2018. The group also notes that the United States holds the largest portion of the healthcare marketshare.
Increasingly, reports are coming out which suggest adoption of biometrics is becoming widespread, as the need for secure technologies and a diminshing cost structure encourage this growth.
The Biometrics Research Group shares this enthusiasm for market growth and projects that the global biometrics market will grow to $15 billion by 2015, from its 2012 estimated value of $7 billion.