According to new forecasts from Acuity Market Intelligence, surveillance posts the strongest market share gain of all biometric applications from 2009 to 2017 growing from less than 1 percent to nearly 8 percent of total market revenue and representing a CAGR over the forecast period of 60.99 percent.
Acuity Market Intelligence of Louisville, Colorado, an emerging technology strategy and research consultancy with a proven record of accurately anticipating biometrics market trends, today announced that Acuity's new research report "The Future of Biometrics" reveals that the market for Biometric Surveillance is expected to grow at an astounding compound annual growth rate (CAGR) of 60.99 percent from 2009 through 2017. Surveillance is projected to post the strongest market share gain of all biometric applications from less than 1 percent to nearly 8 percent of total market value representing growth from US$19 million to $872 million in annual revenue.
"Biometric Surveillance is the ultimate dream application of intelligence and defense communities and the waking nightmare of privacy and civil liberty advocates", says Acuity Principal C. Maxine Most. "Until now the conflict and debate have been largely academic. However, today, there are biometric technologies providing distance-based, real-time, non-cooperative image capture i.e. surveillance. Both Face and Iris recognition are commercially available in the two-meter range and are on the verge of operating in the ten-meter range. Another emerging biometric of interest in the surveillance arena is gait recognition. This is particularly useful when trying to identify an individual whose face and/or iris are not visible".
These finding are part of the wealth of industry insight available in the "The Future of Biometrics" market research report published in August 2009. This report offers Acuity's trademark brand of hype-free analysis into the trends, drivers, and opportunities that will shape the biometrics industry and presents detailed market forecasts for 2009 through 2017.
- Commercial deployment revenues match Public Sector revenues by 2014 and then surpass Public Sector revenues by 2017 representing growth form nearly 41 percent to just over 55 percent of the total global market for biometrics core technology.
- Revenue growth rates vary significantly across regions. The Central and South American region will experience the highest CAGR over the forecast period of 39.46 percent while growing from nearly 4 percent to nearly 13 percent of total global revenues. Overall market dominance will shift from Europe and the US to Asia. North America and EMEA's percentages of total global revenues will decrease over the forecast period form 37 percent to 26 percent and 38 percent to 29 percent respectively. By 2017, the Asia Pacific Region will generate the greatest percent of revenues for the biometrics industry with more than 32 percent of global revenues.
- The dominance of AFIS/Livescan and Fingerprint continues thorough the forecast period. However, by 2017 Iris and Face recognition begin to rival their dominance together accounting for more than 33 percent of global revenues. Vein, Voice, and Signature will experience modest growth from 3 percent to 6 percent, 2 percent to 5 percent, and 0.7 percent to 1.6 percent respectively over the forecast period.
- Transactions will ultimately provide the majority of industry revenue. Information and Financial Transactions for the Commercial sector by 2012 and eGoverment for the Public Sector by 2017. By 2017, Information Transactions will represent 12.21 percent of the global market, Financial Services 18.22 percent of the global market, and eGovernment will represent 14.23 percent of the global market.
- The percent of revenue from Identification Services declines over the forecast period but only from 65 percent to 47 percent. Surveillance and Monitoring posts the strongest percentage gain growing from less than 1 percent to nearly 8 percent of total market revenue representing a CAGR over the forecast period of a startling 60.99 percent.