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Biometrics revenue to reach $10 billion by 2020: Report
March 28, 2007
Louisville, Colo. — Acuity Market Intelligence of Louisville, Colo. released results from its market research report "The Future of Biometrics." This report indicates the biometrics market is poised for sustained growth through 2020 approaching revenues of $10 billion annually.
Acuity reported a confluence of factors will lead to this growth, including the central role digital identity in IT systems, population mobility and workforce decentralization, demand for eGovernment services. Ubiquitous reliance on digital transactions and the inevitability of broadband access virtually everywhere will require a level of authentication available only through the use of biometrics.
"The entry of sophisticated, well-funded market players with technology expertise in high resolution image capture, large-scale data management and high-speed processing and pattern recognition and matching algorithms will enable the biometrics industry to meet this challenge," said Acuity principal C. Maxine Most. "Market entrants from fields such as robotics and astronomy will elevate technological capability and provide the requisite knowledge for the industry to leverage the opportunity and experience sustained global growth."
The report assesses the impact of these trends and market entrants while addressing questions about how the biometrics marketplace will evolve through 2020. The report is intended to provide a basis for short- and long-term strategic planning for technology and solution development by vendors, integrators, investors, consultants, distributors, solution providers and end-users.
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