Biometric Tech Market to Reach $34.5 Billion by 2022
A new report by market research firm Credence Research has forecasted that the biometrics technology market will reach US$ 34.5 Billion by 2022, with the growth fuelled by increasing adoption in public and private sectors.
The report, ‘Biometrics Technology Market - Growth, Share, Opportunities, Competitive Analysis, and Forecast 2015 – 2022’, the primary factor influencing the growth will come from governments adopting biometrics technologies for access authorization, identification and verification, e-passport management and national border control projects.
Another factor pushing the sector forward is its use in attendance management for businesses, residential and commercial security applications and for online banking transactions.
The technology is also gathering pace through its use in electronic devices and motor vehicle for access management.
Credence Research also found that demand for such systems over the period would primarily come from increasing security concerns.
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Classes of biometrics technologies include face recognition, hand geometry recognition, voice recognition, signature recognition, iris recognition, and automated fingerprints identification systems (AFIS).
Credence Research has forecasted that iris recognition systems will be the fastest growing due to its high level of security and stability.
Another finding is that hand geometry systems will see significant growth through the forecast period with increasing adoption in businesses for attendance management application.