ABI Research is predicted major growth in the global biometrics market over the next five years. In a new report, the research firm predicts that the global market will grow at a rate of 29 percent CAGR over the next five years, hitting a value of $28.6 billion USD in 2020.
ABI’s researchers believe that while government spending will continue to be the main market driver for the next couple of years, consumer and enterprise sectors will catch up near the end of 2017 and proceed to drive the market for the rest of the forecast period. In a press release, research analyst Dimitrios Pavlakis stated, “More companies are rising to the challenge expecting a bigger slice of the market, especially in the consumer and enterprise segments,” but cautioned that it takes intense and comprehensive business planning to run a sustainable business in this market, asserting, “Players in this space will need to take into the account the ever-changing technology as well as consumers’ expectations.”
ABI’s new report contrasts with recent analyses from Research and Markets. While both research firms predict strong growth in the global biometrics market, Research and Markets previously predicted a growth rate of only 14 percent for the same period, and in a more recent report, predicted an overall growth rate of 8.7 percent for the period between now and 2025. Everybody expects growth, but the extent of it seems to be up for debate.
March 18, 2015 – by Alex Perala