Overall market revenues for biometrics are forecast to hit US$26.8 billion in 2020, most of which is still stemming from government. “However, due to increased consumer acceptance of biometric modalities, consumer and enterprise segments are predicted to catch up with governmental spending in late 2017 and take the dominant portion of the market, hitting 29% CAGR for the period 2015 to 2020,” comments Dimitrios Pavlakis, Research Analyst at ABI Research.
“More companies are rising to the challenge expecting a bigger slice of the market, especially in the consumer and enterprise segments. However, since biometric technology is comprised of multi-layer applications spanning diverse ecosystems, there will ultimately be winners and losers,” adds Pavlakis. “This is because simply creating a matching biometric algorithm will get you nowhere. Developing a sustainable, scalable, and dependable biometric solution requires a plethora of factors that need to be addressed for both present and future markets. Players in this space will need to take into the account the ever-changing technology as well as consumers’ expectations.”
ABI Research’s new research service Biometric Technologies and Applicationsdelves into the biometrics industry and provides a complete overview of the underlying technology, end-user applications, market trends, and corporate strategy insights. Starting from the sensor and device hardware manufacturers, the software and algorithm design, all the way to the third party cloud-based services and analytics/processing solutions, ABI Research will provide market insights on the full application spectrum.
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.
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