Global biometrics market revenue to reach $20 billion by 2018: report
Revenue for the global biometrics market is anticipated to reach $20 billion by 2018, according to a new report published by TechSci Research.
According to the report “Global Biometric Systems Market Forecast and Opportunities, 2018,” increasing security requirements for public security, border control management, national identity, e-passports, internet & network access and financial transactions are acting as growth driver for the industry. Presently, fingerprint recognition technology dominates the market.
The report also finds that vein recognition technology is gaining acceptance globally which is expected to grow rapidly in years to come. Regionally, North America & Europe together contributed 61% of the total revenues of global biometrics market in 2012.
The Biometrics Research Group Inc., has projected that the global biometrics market is poised to grow to $15 billion by 2015, from its 2012 estimated value of $7 billion. The most recent Biometric Research Note suggests that technologies that track eye and gesture movements will play a significant role in future mobile applications and devices.
Besides the accessibility of biometric technologies, perception and usage plays a large part in the growth of the industry. Adoption is undoubtedly growing for biometrics and new studies proving this are being reportedly nearly every day. According to a recent CNN/Time/Orc poll, 79% of Americans are in favor of using facial recognition at various locations and public events, and 81% support expanded camera surveillance on streets and in public places.
Also, a recent Cisco Customer Experience Report has found that many drivers are warming up to the use of biometrics in cars.