It is becoming increasingly apparent that biometrics, with its versatile range in application (especially now that fingerprint sensors are protecting new smartphones), is a rapidly growing market. Every day a new deployment or product launch is announced with biometrics playing a key role in innovation, and organizations are rushing to push for universal open standards while the industry is still relatively young.
      Bu how big are we talking about when we say that biometrics is on the verge of a boom? According to a new report from Wintergreen Research the global biometrics industry was totalled at $5.2 billion in 2012, but by 2019 it can be expected to reach $16.7 billion, more than tripling in size over the next six years.
      This considerable growth, according to the report, can be pinned on two major factors: the rising demand for increased personal security and the need for organizations to secure sensitive information across multiple platforms (virtual access control). Other factors include what the report deems “extraordinary growth” in new biometric markets such as India, China and Russia, which falls in line with other reports on the global industries.
      Frost & Sullivan senior analyst Ram Ravi said, in an interview with findBIOMETRICS, that these specific emerging economies are going to be seeing exceptional growth over the next few years.
      “…in general I would lean more toward the emerging economies—particularly in Russia, India and China,” said Ravi when asked if he had any advice for biometrics vendors. “These are the countries that are going to be the hub of biometric development in the near future. So there will be a lot of traction when we talk about government applications, specifically in these emerging economies.”
      Of course it isn’t just access control that will be driving the market. Healthcare, wearable technology and national ID projects all will be contributing to this significant increase in value as well.