Biometrics market worth between $7 to 8 billion, say research firms
Analysts from Visiongain, an independent market research firm, recently reported that the biometrics market this year would be worth US$7.59 billion due to demand for services and applications.
The firm noted that: “Biometric technologies are an increasing viable prospect for both military and civilian purposes. With progressively increasing technological advances and codification of doctrinal usage, biometric technologies are set to fulfil a range of security demands. Despite defence cutbacks, the global biometrics market is to be both sustained and enhanced by the commercialisation of the technology, which is increasingly finding applications within the civilian marketplace, providing security from criminal enterprises and identity theft”.
This estimate is in line with those of the Biometric Research Group, publisher of BiometricUpdate.com. Biometrics Research Group Inc. reported last month that the global biometrics market will grow to US$15 billion by 2015 from its 2012 estimated value of US$7 billion.
According to the Biometric Research Group, the market for automated fingerprint identification systems and fingerprint biometric technologies account for the greatest share of the global biometrics market and are forecast to continue to be the main source of overall market revenues from 2010 to 2015. This sector is valued at US$5 billion in 2012 and is expected to reach nearly US$10 billion in 2015.
Face, iris, vein, and voice recognition biometric technologies together form the second largest segment. This sector is worth an estimated US$2 billion in 2010 and is expected to reach US$5 billion in 2015.