According to a study conducted by BCC Research, that will see the market grow from an estimated USD 14.9 billion last year to a whopping USD 41.5 billion by 2020. While the starting point is close to that of a recent report from Statistics MRC, which pegged the market at USD 13.33 in 2014, its 2020 projection is much higher than Stratistics’ estimate of USD 29.37 in 2022.
BCC Research believes that the fingerprint modality will be the major driver of the overall market, accounting for USD 8.8 billion IN 2015 and a predicted USD 24.4 billion by 2020; voice, vein, iris, and face modalities, meanwhile, together were valued at USD 4.2 billion and are expected to reach USD 11.9 billion by the end of the forecast period.
The report highlights facial recognition as a particularly important modality in this secondary grouping, with signature recognition and hand geometry trailing the pack. As for what’s driving the growth overall, the research points to government-mandated use of biometrics in the public sector, and growing enthusiasm overall in the private market.
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