Newly established use cases and technology advances signal future growth for biometrics. With fingerprint, voice, eyes, or even an electrocardiogram, biometrics poses a far lower risk than passwords. The Tractica report, “Biometrics Market Forecasts”, has a 10-year market forecast for biometrics hardware and software during the period from 2015 through 2024.
The growth from $2.0 billion in 2015 to $14.9 billion by 2024, with a compound annual growth rate (CAGR) of 25.3% is based on consumer and enterprise applications. The consumer applications are typically high-volume at a low price, while enterprise applications (including government and defense) are typically much smaller volumes but employ more expensive devices.
Key industries in the biometrics market over the next decade are forecast in finance, consumer devices, healthcare, and government, as well as enterprise applications, defense, education, law enforcement, and non-government organizations.
For more information about the report, click here.