The global biometric authentication and identification systems market is expected to grow at an estimated CAGR of 17% from 2015 to 2020 and generate over $25 billion by 2020. While the majority of the demand is sourced out of APAC and Middle East, countries such as the U.S. and the U.K. continue to be the leading revenue generating countries in the biometrics market.
2015: $12.1 billion
2016: $14.1 billion
2017: $16.3 billion
2018: $18.2 billion
2019: $21.5 billion
2020: $25.0 billion
Source: BIS Research
Since 2012, the biometric access control market is being largely driven by multifarious acquisitions and partnerships involving market giants and emerging (word seems better than smaller) players alike. With the penetration of information technology, ensuring security and restricting access has become a much more manageable task, and on the other hand, the threat of breaching such security measures has become rather frequent, thus leading to higher risks of violation of information.
A new report from BIS Research says the global biometric authentication and identification market has evolved though several stages of advancement, both in hardware and software. The massive proliferation of Smartphones and tablets has been largely responsible for ramping up the sales for the global market, growing popularity of Wearable technology, increasing adoption of E-Commerce services, provision of second/third level of security using Multimodal Biometric Authentication systems, increasing government support, increasing adoption of biometric authentication in E-Banking And mobile payments, & Healthcare sector and increased security & convenience for consumers.
For more information: http://www.researchandmarkets.com/research/9dmm6l/global_biometric
For data, background and forecasts on Biometrics: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
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