January 19, 2016 -
BCC Research has published a new report entitled “Biometrics: Technologies and Global Markets”, which forecasts that the global market for biometric technologies will grow at a 2.7% CAGR between 2015 and 2020.
Authored by BCC Research analyst Srinivasa Rajaram, the 377-page report examines the global and regional markets for biometric technologies and devices during the 2015-2020 forecast period.
The report identifies newer markets as well as explores the expansion of the current application market for different biometric devices, including fingerprint, face, iris, vein, and voice technologies.
This analysis includes comprehensive data on product life cycles and technology life cycles of the biometric devices, along with the methods used by manufacturers and end-users in maintaining ecological balance.
Key findings include the projection that the global market for all biometric technologies market will increase from $14.9 billion in 2015 to $41.5 billion by 2020,
Meanwhile, the AFIS and fingerprint technologies segment is expected to grow from $8.8 billion in 2015 to $24.4 billion by 2020, representing a 22.8% CAGR.
The face, iris, vein, and voice technologies segment is projected to increase from $4.2 billion in 2015 to $11.9 billion by 2020, which represents a 22.9% CAGR.
Additionally, the report covers the variations in the growth of the industry in key regions, information on the latest merger and acquisition activity in the industry, and profiles of major manufacturers and suppliers of biometric devices.
In analyzing the different types of biometric technologies, the report determines each device’s current market size as well as estimates its future market size.
The report also addresses the many technological issues which stem from the use of biometric technologies, as well as how these technologies are used in government and public sector institutions.
Previously reported, Technavio Research recently released new market research which expects the global biometrics market for the retail sector to reach over US$2 billion by 2020, representing a 22% CAGR between the beginning of 2016 and the end of 2020.