The global market for biometrics is set for double-digit growth in the next five years, pushed by new discoveries in technology and a changing threat landscape, new analysis from Transparency Market Research revealed.
The market report predicts a $23 billion industry by 2019, with a 20.8 percent compound annual growth rate throughout the forecast period starting 2013, the market intelligence company said Wednesday.
The iris recognition subsector will lead the surge, edging out non-AFIS applications, which Transparency Market Research said held more than 40 percent of the market share in 2012.
According to the new research, reliability concerns over traditional and conventional security is opening demand for biometrics technologies, especially in banks and financial institutions.
Transparency Market Research indicated that North America will continue to dominate the industry during the forecast period.
It also tagged Asia Pacific as the fastest growing market by geographic region, with a 22 percent CAGR expected from 2013 to 2019.