Biometrics Market to Surpass $41 Billion by 2020
Jan. 14, 2016
The global market for biometric technologies, which figures to have significant impact on the way merchants and banks authenticate card-not-present customers, will rise more than 178 percent in the next five years, according to a report from BCC Research. The Wellesley, Mass.-based market research firm expects sales of biometric technologies that can identify individuals based on various physical characteristics to surge from just under $15 billion, where it sat in 2015, to $41.5 billion in 2020.
“In recent years, biometric authentication has been drawing widespread attention,” said BCC Research analyst Srinivasa Rajaram. “Due to improvements in dependability, accuracy, safety, and convenience, it is being adopted more readily by businesses and becoming part of our everyday lives. The increasing use for non-law enforcement purposes has recently provoked a shift of market attention to new business opportunities for identity management in government, civilian and commercial sectors.”