Biometric market to double in next five years
12 January 2011 21:28 GMT

Biometric boom expected in next five years

New market statistics claim that the global biometrics market will more than double from US$4,217.2 million in 2010 to US$11,229.3 million in 2015, at an estimated compound annual growth rate (CAGR) of 21.6% to 2015. According to MarketsandMarkets, this growth will mainly arise as countries continue to strengthen national security.

Amongst all the biometrics modalities, the Automated Fingerprint Identification System (AFIS) market was estimated to generate the highest revenue of $1.37 billion in 2010 and is expected to reach $3.28 billion in 2015, with a CAGR of 19% from 2010 to 2015. Adoption of AFIS in national IDs and civil identification is the prime reason behind the growth of AFIS market, the company’s researchers said.

Not to be outdone, however, the iris, vein and face market is expected to grow with a CAGR of 27.5%, 25.4% and 24.2% respectively from 2010 to 2015.

At present, the report says the North American region dominates the global biometrics market; followed by Europe - the second largest market for biometrics. These two, together, account for 57.7% of total global biometrics revenues. Meanwhile, ROW and Asia Pacific are the fastest growing regions and this trend is expected to continue in the forecasted period.

In terms of revenues, Asia Pacific is expected to overtake North America by 2015.