Biometric Technology Market to Grow to $59.31 Billion by 2025
Due to the growing use of biometrics to counter security threats, the biometric technology market is expected to bloom over the next few years.
- By Sydny Shepard
- Apr 22, 2019
Th global biometrics technology market size is expected to reach $59.31 billion by 2025, according to a new study by Grand View Research, Inc. Surging demand for biometric technology across various applications is projected to favor the growth of the market over the next few years.
The logistics/transport segment of the biometrics market was leading the pack in 2017 but with new solutions integrating biometrics into countering security threats, the market is expected to grow in several verticals including public, private and commercial.
The non-AFIS (Automated Fingerprint Identification System) accounted for 38.1 percent of the overall market revenue in 2017, while AFIS applications are poised to register significant CAGR during the forecast period, owing to its use in fingerprint and palm identification for many civil applications.
Biometrics technology is being increasingly acknowledged for e-passport programs and to keep a check on illegal migrations. Government organizations and defense services are further expected to experience a sharp rise in the demand for the technology. In addition, it is used in banking and finance to increase efficiency and to prevent frauds. This will further lead to positive influent in the growth of the market.
Sydny Shepard is the Executive Editor of Campus Security & Life Safety.