Biometrics market revenues to reach US$13.8b in 2015: ABI Research
ABI Research has published a new report that forecasts overall revenues for the biometric market to reach US$13.8 billion in 2015, with the majority of the revenues stemming from governmental organizations.
The report is offered as part of ABI Research’s Digital Authentication and Embedded Security Market Research.
As consumer acceptance of biometric modalities continues to increase, consumer and enterprise segments are predicted to catch up with governmental spending in late 2017 and ultimately dominate the market.
The report also highlights the recent terrorist threats in the European Union and the United States have led to their respective governments investing in more biometric technology.
This government spending on biometrics will continue to increase around the world, up until late 2016 to early 2017.
Fingerprint recognition has emerged as the most commonly used recognition technology, despite having a less accuracy rate than other solutions, said the report.
The popularity of fingerprint recognition can be attributed to its ability to support AFIS and non AFIS technology, the gradual public acceptance of using fingerprint data to identify individuals, and the accuracy-cost-acceptance-intrusive ratio of fingerprint technology when compared to other biometrics.
Meanwhile, the report highlights enterprise demand for wearables and smartphone technologies to implement biometrics into their products and services.
The report predicts a significant turnaround in 2018, as consumer and company spending on biometrics are expected to surpass governmental spending with more than US$8 billion in total revenues.
While technology giants Apple and Samsung are currently leading the field in mobile integration of biometric modalities, 3M Cogent, MorphoTrak, and NEC Corporation are leading the biometrics market overall.
North America and Asia-Pacific will continue to drive the field in sales for the next few years while countries in the Middle East are expected to have mandatory biometric registration in the coming years, said the report.