Report: Global biometrics market to top $21B by 2020

April 27, 2015
Healthcare industry expected to see the highest growth in demand for biometric solutions

According to a new report from TechSci Research, the global biometrics market is expected to register a compound annual growth rate (CAGR) of around 14 percent until 2020 at which time it is forecast to cross the $21 billion mark.

The study also found that markets in the Asia-Pacific region are expected to overtake North America as demand for biometric solutions is increasing at a much higher rate in countries like China, India, Japan and Indonesia compared to the U.S. and Canada due largely to an increasing focus on identity management and curbing security breaches.

In addition, TechSci Research said that demand for iris recognition systems is higher from developed countries, such as the U.S., Germany and Russia while developing countries still mainly rely on fingerprint technology. But that is also expected to change with the increased deployment of biometrics in critical applications in these regions.

Although the government market along with banking and financial institutions were the biggest revenue contributor to the sale of biometric devices globally in 2014, the healthcare sector is forecast to see the highest growth through 2020 due to its usage of a variety of biometric technologies to manage patient medical records among other things.

Government programs in multiple countries, such as e-passport, national identity card, youth ID cards and biometric driving license are also anticipated to attract large investments which would propel the demand for biometrics devices benefitting global players such as 3M Cogent, NEC, Morpho, Smartmatic, Suprema and others.  

Click here for more information about the “Global Biometrics market Forecast & Opportunities, 2020” report.