According to a report from Tractica, revenue from the global biometrics market is expected to reach $15.1 Billion by 2025. The report specifically cites fingerprint, voice, iris, and facial recognition as being the top technologies under the biometrics banner.
Tractica researchers claim the biometrics market has reached a tipping point, driven by the need and desires of companies and organizations to authenticate or identify users. It is also enabled by the rising distaste users have for knowledge-based systems that rely on usernames, passwords, and challenge questions. As a result, biometrics is working its way into consumer, industrial, and government systems at an increasing pace.
Tractica forecasts annual biometrics hardware and software revenue will grow from $2.4 billion in 2016 to $15.1 billion worldwide by 2025, representing a compound annual growth rate (CAGR) of 22.9%. During that 10-year period, Tractica anticipates that cumulative biometrics revenue will total $69.8 billion.
Biometrics Market Forecasts
“Growth in the biometrics market is driven by use cases,” says principal analyst Keith Kirkpatrick. “While there has traditionally been a demarcation between consumer and enterprise use cases, this dynamic is starting to change, as seen in financial institutions’ use of biometrics to allow consumer and corporate users to authenticate to online banking systems with their voices or with their eyes, in place of keying a personal identification number, to name just one example.”
Kirkpatrick adds that the biometric modalities representing the largest revenue segments will be fingerprint recognition, voice recognition, iris recognition, and facial recognition. Meanwhile, the largest application markets for the technologies will be consumer, finance, healthcare, government, and enterprise.
An Executive Summary of the report is available for free download on Tractica’s website.
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