June 19, 2015 -
A blog post by Ploughshare Innovations offers a summary of recent analyst reports addressing the significant growth of the global biometrics market over the next decade.
MarketsandMarkets recently published a new report entitled ‘Next Generation Biometrics Market’, which projects that the biometrics market will undergo a CAGR of 17.9 percent between 2015 and 2020.
This figure exceeds recent predictions made by TechSci Research, which forecasted the global biometrics market to increase by 14 percent year-on-year between now and 2020, before eventually reaching a value of $21 billion.
Additionally, Telstra recently released a survey of over 4,000 Generation X and Y consumers from Australia, Singapore, Malaysia, Indonesia, Hong Kong, the US and the UK, in which it found that the majority of mobile banking app users prefer biometrics over passwords as an account authentication method.
The same study found they these app users would even be willing to share their DNA with their banks if it meant that it would increase the level of security and ease of access.
Consumers also said they would be willing to pay for the added security, with the respondents saying they would pay £11 a year, on average, if it helped protect them from the risk of a cyber attack.
This continuous shift in attitudes towards biometric technologies has laid down the foundation for growth in the market, lowering the barriers to governments and companies adopting these authentication methods. This, in turn, has lead to increased investment in the market.