Market research firm forecasts global biometrics market to reach $59.3B by 2025
The global market for biometric technology will grow by 19.5 percent CAGR from $14.4 billion in 2017 to reach $59.31 billion by 2025, with growth across the public, private, and commercial sectors, according to a new report by Grand View Research.
Transportation and logistics emerged as the leading end-use segment of the market in 2017, and is expected to grow at a CAGR of 18.1 percent from 2018 to 2025. The use of fingerprints and palm prints for civil applications is expected to drive significant growth, though the non-AFIS segment made up 38.1 percent of the market in 2017.
North America was the leading regional market, but the Asia-Pacific region is expected to contribute to market growth as biometrics use increases in China, India, and Indonesia.
The “Biometrics Technology Market Analysis Report By End-Use (Government, Banking & Finance, Transport/Logistics, Defense & Security), By Application (AFIS, Iris, Non-AFIS), and Segment Forecasts, 2018 – 2025” includes 140 pages of analysis of different biometric factors and end uses. Key market participants identified include Accu-Time Systems, BIO-key, EyeVerify (now known as Zoloz), and FaceFirst.
Wider application of biometric technology in consumer electronics and e-commerce transaction security are expected to contribute to market growth, though high initial investment costs could pose a barrier. Governments are also expected to increasingly demand biometric technology for e-passport programs.
ResearchandMarkets.com recently forecast the global market for biometric authentication and identification to reach $51.98 billion by 2023.