Research: Biometrics Market Expected To More Than Double In Five Years
The 'Advances in Biometric Technologies and Market Analysis (2010-2015)' from MarketsandMarkets analyzes the biometrics market by different biometrics technologies and applications and studies the major market drivers, restraints, and opportunities in regions such as North America, Asia, Europe and the rest of the world
The biometrics market is estimated to grow from $4.2 billion in 2010 to $11.2 billion in 2015, at a CAGR of around 21.6 percent from 2010 to 2015. The growth of the biometrics market is mainly due to increasing concerns of the countries in terms of strengthening national security.
Amongst all the biometrics modalities, Automated fingerprint Identification System (AFIS) market is estimated to generate the highest revenue of $1,372.4 million in 2010 and is expected to reach $3.2 nillion in 2015, with a CAGR of 19 percent from 2010 to 2015. Adoption of AFIS in national ids and civil identification is the prime reason behind the growth of AFIS market. However, the iris vein and face market is expected to grow with at a CAGR of 27.5 percent, 25.4 and 24.2 respectively from 2010 to 2015.