The market for biometrics technology is developing at a rapid pace, but according to a recent report from Tractica, it is in no way homogeneous. Instead, the biometrics market comprises at least 13 biometric modalities, 11 major industry sectors, and 142 individual use cases, not to mention more than 100 technology vendors and systems integrators.
The market intelligence firm anticipates that the worldwide biometrics technology market will grow from $2.0 billion in 2015 to $14.9 billion by 2024. During that period, Tractica forecasts that cumulative revenue will total $67.8 billion.
“Use cases define biometrics. Technology enables, but does not define this market,” says principal analyst Bob Lockhart. “Our research indicates little evidence of point solution selling or customers being seduced by cool technology. Even vendors with unique technology talk first about solving problems.”
Lockhart adds that, while all biometric modalities will experience growth during the coming decade, the largest revenue opportunities lie with fingerprint recognition, voice recognition, and iris recognition. Other notable modalities that will have a place in the market include facial recognition, vein recognition, facial thermography, electrocardiogram (ECG) recognition, retina recognition, and DNA recognition.
Tractica’s report, “Biometrics Market Forecasts”, is based on a comprehensive and detailed 10-year market forecast for biometrics hardware and software during the period from 2015 through 2024. The forecasts are based upon analysis of 142 distinct use cases, each of which is forecast by world region. Biometrics revenue and device shipment forecasts are further segmented by industry, modality, device type, and use case. An Executive Summary of the report is available for free download on the firm’s website.