Biometrics Market to Hit US$13.8 Billion in Revenues in 2015 with Enterprise Catching up on Government Spending
London, United Kingdom - 09 Feb 2015
Overall revenues for the biometrics market are forecasted to hit US$13.8 billion in 2015. The majority of revenues in most biometric recognition technologies are still stemming from governmental entities. However, due to increased consumer acceptance of biometric modalities, consumer and enterprise segments are predicted to catch up with governmental spending in late 2017, thus becoming the dominant portion of the market. Recent events will no doubt increase governmental spending in 2015 as security measures are intensified in Europe and the United States.
Government spending on biometrics is increasing worldwide and will continue to do so up until late 2016-early 2017 with growing terrorist threats in European Union (E.U.) and United States intensifying this effect. Fingerprint recognition is the most commonly used—albeit not the most accurate—biometric recognition technology used for the following reasons: a) there is an existing infrastructure that can support AFIS and non AFIS technology; b) citizens are gradually gaining acceptance in terms of utilizing their fingerprint data to identify themselves; c) the accuracy-cost-acceptance-intrusive ratio of fingerprint technology makes it ideal at this point-in-time in a larger scale than other biometrics.
Enterprise demand is cooking up a plethora of wearables and smartphone technologies to implement biometrics into their products and services. Consumer and company spending on biometrics are expected to surpass governmental spending in 2018 exceeding US$8 billion in total revenues. Companies like Apple and Samsung are leading the field in mobile integration of biometric modalities while 3M Cogent, MorphoTrak, and NEC Corporation are leading the biometrics field altogether. North America and Asia-Pacific will drive the field in sales in the following years while countries in the Middle East are expected to have mandatory biometric registration in the coming years.
These findings are part of ABI Research’s Digital Authentication and Embedded Security Market Research.
ABI Research provides in-depth analysis and quantitative forecasting of trends in global connectivity and other emerging technologies. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 70+ research and advisory services. Est. 1990. For more information visit www.abiresearch.com, or call +1.516.624.2500.
Contact ABI Research
- Americas +1.516.624.2542
- Europe +44.(0).203.326.0142
- Asia +65.6592.0290
Other Recent News
- 13 Nov 2018
- IoT Partner Programs Choosing Depth Over Breadth as Maturity Increases and Average Enrollment Decreases
- 08 Nov 2018
- ABI Research’s November 13th Webinar Explores How Automotive Vendors Can Adapt to Smart Manufacturing
- 08 Nov 2018
- Closing the IT and OT Security Gap Will Drive US$125 Billion Critical Infrastructure Security Spending by 2023
- 07 Nov 2018
- The Industrial Exoskeleton: On the Verge of Reality Thanks to Sarcos, German Bionic, And Others