ABI Research is predicting a significant growth in the global biometrics market over the next five years. In a new report, the research firm noted that the global biometrics market will grow at a rate of 29 percent (CAGR) over the next five years, reaching a value of $ 28.6 billion dollars in 2020.
It is expected that public spending will remain the main driver of the biometrics market over the next two years, while the consumer and enterprise sectors will catch up towards the end of 2017, boosting the global market until 2020.
In a press release, research analyst Dimitrios Pavlakis said: “More companies are rising to the challenge expecting a bigger slice of the biometricsmarket, especially in the consumer and enterprise segments” but highlighted that a thorough business planning is needed to run a sustainable business.
The new report from ABI contrasts with the recent from Research and Markets. While both firms predict a strong global growth in the biometrics market, Research and Markets previously predicted a growth rate of just 14 percent for the same period and in a more recent report predicted a growth rate of 8.7 percent for the period between 2015 and 2025.