Global Biometrics Technology Market to Reach $14.9B in Annual Revenue by 2024
August 27, 2015 | Business WireEstimated reading time: 1 minute
The market for biometrics technology is developing at a rapid pace, but according to a recent report from Tractica, it is in no way homogeneous. Instead, the biometrics market comprises at least 13 biometric modalities, 11 major industry sectors, and 142 individual use cases, not to mention more than 100 technology vendors and systems integrators.
The market intelligence firm anticipates that the worldwide biometrics technology market will grow from $2.0 billion in 2015 to $14.9 billion by 2024. During that period, Tractica forecasts that cumulative revenue will total $67.8 billion.
“Use cases define biometrics. Technology enables, but does not define this market,” says principal analyst Bob Lockhart. “Our research indicates little evidence of point solution selling or customers being seduced by cool technology. Even vendors with unique technology talk first about solving problems.”
Lockhart adds that, while all biometric modalities will experience growth during the coming decade, the largest revenue opportunities lie with fingerprint recognition, voice recognition, and iris recognition. Other notable modalities that will have a place in the market include facial recognition, vein recognition, facial thermography, electrocardiogram (ECG) recognition, retina recognition, and DNA recognition.
Tractica’s report, “Biometrics Market Forecasts”, is based on a comprehensive and detailed 10-year market forecast for biometrics hardware and software during the period from 2015 through 2024. The forecasts are based upon analysis of 142 distinct use cases, each of which is forecast by world region. Biometrics revenue and device shipment forecasts are further segmented by industry, modality, device type, and use case. An Executive Summary of the report is available for free download on the firm’s website.
About Tractica
Tractica is a market intelligence firm that focuses on human interaction with technology. Tractica’s global market research and consulting services combine qualitative and quantitative research methodologies to provide a comprehensive view of the emerging market opportunities surrounding User Interface Technologies, Biometrics, Digital Health, Wearable Devices, and Automation & Robotics.
Suggested Items
SMC Korea 2024 to Highlight Semiconductor Materials Trends and Innovations on Industry’s Path to $1 Trillion
04/24/2024 | SEMIWith Korea a major consumer of semiconductor materials and advanced materials a key driver of innovation on the industry’s path to $1 trillion, industry leaders and experts will gather at SMC (Strategic Materials Conference) Korea 2024 on May 29 at the Suwon Convention Center in Gyeonggi-do, South Korea to provide insights into the latest materials developments and trends. Registration is open.
Orbex Secures £16.7m Investment for Rocket ‘Ramp Up’ Period
04/24/2024 | OrbexThe UK spaceflight company Orbex has received £16.7m from six backers in an update to its Series C funding round.
Real Time with... IPC APEX EXPO 2024: Going Vertical: SCHMID's Advanced Solutions for Printed Circuit Boards
04/24/2024 | Real Time with...IPC APEX EXPOEditor Marcy LaRont chats with Bob Ferguson, the president of SCHMID, about advanced solutions for PCBs and the equipment they are highlighting at this year's show. He delves into vertical no-touch handling systems and the prospect of achieving sub-10-micron lines. Inspired by SCHMID's technology, Bob expresses excitement about where the industry is today.
Real Time with... IPC APEX EXPO 2024: Advancements in Laser Depaneling with LPKF
04/24/2024 | Real Time with...IPC APEX EXPOJake Benz, LPKF sales manager for North America, discusses the company's advancements in laser depaneling. LPKF has introduced a green wavelength laser for processing rigid FR-4 circuit boards, bringing significant gains in processing speeds to market. The company transitioned from IR CO2 to UV wavelength due to heat and burning issues.
Adura Solutions Exhibits at Del Mar 2024
04/24/2024 | Adura SolutionsSumit Tomar, CEO of Adura Solutions, has announced that his company will be exhibiting at this year’s Del Mar Electronics and Manufacturing Show to be held at the Del Mar Fairgrounds, San Diego, California, April 24-25.