Biometrics Market to Reach $67 Billion Worldwide
Wednesday, May 06, 2015 | Comments

The biometrics market could generate at total of US$67 billion in revenues worldwide during the next ten years, according to a forecast by Tractica.

The biometrics market has become established in the past couple of years as advances in technology and improved mobile devices enable use cases that were previously thought impossible, said Tractica. The firm splits biometrics use cases into consumer-facing use cases that are typically high-volume at a low price and enterprise-facing use cases, including government and defense, which typically have much smaller volumes but use more expensive devices.

The global biometrics market currently generates US$2 billion in revenues and could grow to US$14.9 billion by 2024, a compound annual growth rate (CAGR) of 25.3 percent and cumulative revenue for the 10-year period totaling US$67.8 billion, said the firm.

“The biometrics market is finally here to stay,” said Bob Lockhart, principal analyst. “After a long wait, use cases that were once a gleam in the eye are reality.”

The market intelligence firm anticipates that key industries in the biometrics market over the next decade are likely to be finance, consumer devices, healthcare, and government, followed by enterprise applications, defense, education, law enforcement and nongovernment organizations. Key use cases that are likely to drive biometrics revenue over the next decade include consumer device authentication, mobile banking, automated teller machines, government IT systems, point-of-sale transactions, pharmacy dispensing and wearable device authentication. Biometric modalities that are likely to generate the most revenue include fingerprint, iris image and voice recognition, said the firm.

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