Research group BCC estimates that the biometrics market will globally be worth $41.5 billion by 2020, with both the public and private sector playing a major role in sustaining its upward trajectory.BCC believes that Automated fingerprint identification systems (AFIS) and fingerprint technologies will dominate with the segment reaching $24.4 billion by 2020 from $8.8 billion in 2015, demonstrating a five-year CAGR of 22.8%.Meanwhile, the face, iris, vein, and voice technologies segment of this market should increase from $4.2 billion in 2015 to $11.9 billion by 2020, with a five-year CAGR of 22.9%.”The markets for AFIS and other fingerprint biometric technologies account for the greatest share of the global biometrics market. These segments should comprise the majority of overall market revenues from 2015 to 2020, and beyond.”BCC notes that face recognition technology has been found to be the best option for surveillance applications, adding that hand geometry and signature recognition technologies have somewhat lower CAGRs relative to that of the other emerging technologies, mainly because of the lack of applications for the hand geometry segment.”In recent years, biometric authentication has been drawing widespread attention. Due to improvements in dependability, accuracy, safety, and convenience, it is being adopted more readily by businesses and becoming part of our everyday lives,” says BCC Research analyst Srinivasa Rajaram. “The increasing use for non-law enforcement purposes has recently provoked a shift of market attention to new business opportunities for identity management in government, civilian and commercial sectors.”
Biometric market to be worth $41.5 billion by 2020: BCC
