◾ Current and Future Trends in Biometrics
SINJINI MITRA, BO WEN · 2016
Another report by Future Market Insights [2] predicts that the market will undergo a double-digit growth rate by 2019 from its previous global market value of $6357.7 million in 2012. e report states that the global biometrics market is driven by a handful of factors, including security concerns due to increasing crimes and terror attacks, and the unique and simple features of biometric systems. But conversely, the unreliability and high cost involved in the implementation of biometrics technologies will decelerate the growth of the global biometrics system market in the near future, the report said. However, it is still believed that the biometrics system market will be greatly improved in the future. Tractica, a company that focuses on biometrics market research, projects that the global biometrics market will increase from $2.0 billion in 2015 to $14.9 billion by 2024, with a compound annual growth rate (CAGR) of 25.3% and cumulative revenue for the 10-year period totaling $67.8 billion [3]. Figure 17.1 shows the trend of annual biometrics revenue by region in the world market, from 2015 to 2024.