The research firm MarketsandMarkets has released a new study of the biometrics marketplace that projects a heavy growth rate over the next four years. Advances in Biometric Technologies and Market Analysis breaks down the various modes of biometrics such as fingerprint, iris and facial and by regions such as North America, Asia and Europe.
Specifically, the report projects a compound annual growth rate of 21.6% between 2010 and 2015 which would result in a marketplace worth over $11 billion.
While the mode projected to have the largest share of the marketplace in 2015 is still fingerprint biometrics with a 19% growth rate, iris, vein and facial biometrics are expected to close their respective gaps with growth rates of 27.5%, 25.4% and 24.2%.
Majority of the reasoning the authors are using for the expected booms in the marketplace are due to growing concerns for national security and the need for ID programs to deal with such concerns.