Biometrics market expected to reach USD 24.59 bln by 2020

According to a study conducted by Grand View Research, increasing demand for biometrics technology across various applications is expected to favor market growth over the next six years. Biometrics technology is used by several verticals in the private, public and commercial sectors to overcome security threats, which is expected to fuel market demand over the forecast period.

Findings indicate that non-AFIS accounted for over 35% of the overall market. This technology is used in various enterprises to enable authorized access owing to its accuracy and efficiency. Also, transportation and logistics emerged as the dominant end-use segment in 2013, and accounted for over 25% of the biometrics technology market.

North America was estimated to be the largest regional market in 2013, and is also expected to grow at a considerable rate over the forecast period. Asia Pacific is also expected to contribute to market growth with increasing use of this technology in countries such as India, China and Indonesia.