March 9, 2015 -
TechSci Research has published the “Global Biometrics Market Forecast and Opportunities, 2020” report, which projects that the biometric authentication systems market to grow at a CAGR of around 14% till 2020.
The highly competitive market is driven by growing security needs, government projects and constant development in technology, as well as in the residential sector, according to the report.
Meanwhile, the report identifies high initial investment and fulltime R&D costs as two major entry barriers preventing the entry of new players into the biometrics market.
Competition among existing players – both small and large — continues to intensify. The report emphasizes the growing demand from various sectors as a result of improving accuracy rate, reliability and longevity of biometric authentication systems.
Perhaps the most intriguing trend highlighted in the report is the growing demand for palm vein and hand geometry over other biometric modalities as they continue to become more feasible and prevalent.
Over the next five years, vein scanners are expected to grow signficantly among all other biometric modalities, said the report.