Biometrics segment largest in AIDC market projected at over $100B by 2025
Biometrics made up the largest share of the global market for automatic identification and data capture (AIDC) technologies in 2020, a rapidly growing market that will surpass $100 billion by 2025, according to Meticulous Market Research. Biometric scanners were the largest offering category during the year as well, the firm claims in a new report.
The 357-page ‘Automatic Identification and Data Capture Market…’ report forecasts a CAGR in the market of 12.6 percent from 2019 to 2025, and 9.8 percent from 2020 to 2027, reaching $103.47 billion. Other examples of AIDC technologies include barcodes, RFID devices, GPS devices and specialized sensors for supply chain management.
Demand for contactless AIDC technologies, including biometrics and smartcards, is expected to rise with the influence of COVID-19, and the market may also benefit from increasing investments in healthcare. Adoption of biometric authentication devices is expected to increase for forensic, international boarding, and automotive applications. Advances in and increasing awareness of biometric technology are expected to drive market growth over the forecast period.
The market for biometric scanners is broken down by modalities, including fingerprint, facial, voice and iris recognition.
The relatively high cost of deploying biometrics and RFID technologies, and reluctance to adopting new technologies are potential retraining factors on the market’s growth over the forecast period, the firm says.
The report also examines the market by customer sector, geographic region, and key industry players.
Biometrics are also expected to take the lion’s share of the $15.8 billion identity verification market in 2025, according to a Markets and Markets forecast published late last year.