BIS Research forecasts global biometrics market to reach $25.31B in 2020
Market analyst group BIS Research has authored a new report entitled “Global Biometric Authentication & Identification Market: Focus On Modality, Motility & Application – Estimation & Forecast, 2015-2020”, which forecasts the global biometric market will grow from $10.08 billion in 2014 to $25.31 billion in 2020.
This significant growth in the global biometrics market represents an estimated CAGR of 16.56% from 2015 to 2020.
The report states that the majority of the demand is sourced out of APAC and Middle East, although countries such as the U.S. and the U.K. are the leading revenue generating countries in the biometrics market.
The governments of these countries are passing the necessary legislation and encouraging tools in major research and development projects to support advanced modern innovations in biometrics, according to the report.
The 284-page report addresses several key topics, including key drivers, growth trends, and key challenges for future growth of the biometrics market in the next 3-5 years, key market players and key component providers, the various biometric modalities and how each modality will grow through the forecast period, recent breakthroughs which might lead to the dominance of such technologies in the market, the different applications (government, healthcare, enterprise, consumer electronics, banking and financial Institutions), and the global and the local competition.
The report highlights a number of key players in the market, including 3M, Anvis Global, Apple Inc., Authentec Inc., Aware Inc., Bio-Key International, Cognitec Systems, Crossmatch Technologies, Diamond Fortress Technologies, Fingerprint Cards AB, Fujitsu, Fulcrum Biometircs, Hid Global, Iris Id Systems, Inc., Kaba Group, M2Sys Technology, Morpho Group, Morphotrak LLc, Morphotrust LLc, Inc., Nec Corporation, Precise Biometics, S.I.C. Biometrics, Inc., Sensory, Inc., Synaptics, Inc., and Tyco International, Ltd.
Previously reported, ABI Research published new insights as part of its “Biometric Technologies and Applications Market Research”, in which it forecasts the global biometrics industry will reach US$26.8 billion in revenues by 2020.