Report: Global biometrics market revenue to reach $15.1B by 2025

Feb. 6, 2017
Fingerprint, voice, iris and facial recognition expected to be the leading modalities

According to a new report from Tractica, the biometrics market has reached a tipping point as the desires of organizations across the spectrum to better authenticate or identify users now matches users’ distaste for knowledge-based systems (i.e. password and challenge questions). As a result, biometric solutions are working their way into consumer, industrial and government systems at an increasing rate.

In fact, Tractica projects that 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 percent. Additionally, during that 10-year period, the market intelligence firm expects that cumulative biometrics revenue will total $69.8 billion.

“Growth in the biometrics market is driven by use cases,” Keith Kirkpatrick, principal analyst, Tractica, said in a statement. “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 added 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.

For more information about Tractica’s report, “Biometrics Market Forecasts,” click here.