Biometrics to Become a $60 Billion Industry

Research and Markets has predicted that the global market for biometrics technologies, inluding voice as well as face, hand geometry, signature, and iris recognition, will reach $59.31 billion by 2025, due in large part to increasing demand for biometrics technology across various applications to overcome security threats.

The firm notes in a new report an increasing use of biometrics technology in consumer electronics and e-commerce to enhance customer experiences, enable secure transactions, and provide new opportunities to the market.

Biometrics technology, it said, is extensively used for e-passport programs and to counter illegal migrations. Other uses in government, defense, banking, and financial services are further expected to witness high growth over the forecast period. Transport/logistics emerged as a dominant end-use segment in 2015 and accounted for more than 27 percent of the total biometrics technology market that same year. Non-government use was estimated to be a considerable application segment in 2015, accounting for more than 38 percent of the overall industry revenue.

North America was estimated to be the largest regional market in 2015 and is expected to grow at a considerable rate over the forecast period. The Asia Pacific region is also expected to contribute, significantly, to the industry growth with increasing use of the technology in countries such as India, China, and Indonesia.

---