The global biometric market value is anticipated to grow from US$10.1 billion in 2014 to $25.3 billion in 2020 at an estimated CAGR of 16.6% from 2015 to 2020, according to a new report by Research and Markets.
According to the report, in the last few years, the world has witnessed a series of technological innovations that make biometrics both technically and commercially feasible. Associated advantages such as data redundancy, multi-level security, convenience, and advanced quality were cited as some of the growth drivers.
At the same time, growth will also result from the fact that the global population is becoming more concerned for security and safety and that biometrics have been increasingly adopted by almost all applications such as government, healthcare, enterprises, banking and financial institutions, consumer electronics, retail, and commercial verticals, the report said.
Among the key questions answered in the report are: who are the key market players and key component providers, what are the different modalities under biometrics, and how will the market for individual modality grow through the forecast period.