Biometrics market to expand to $26.8 billion by 2020

ABI Research expects global biometric security to become a $26.8 billion market by 2020, but the company has noted that there remain significant challenges to growth. According to the analyst firm, previous promises of growth have been undermined by technological factors (reliability, for example) and by a poor combination of capabilities and vertical deployments.

As ABI Research analyst Dimitrios Pavlakis noted, “We see companies not initially getting the expected ROI because of the combination of modality-application-vertical they chose to employ. [Problems have included] data quality, data storage, scalability, compatibility, application effectiveness, environmental fluctuations, and technical specifications among others.”

This has been changing over the past few years, however, the company notes, overall growth has been progressing in multiple verticals as vendors and end-users better understand how to use the technology. ABI asserted that biometrics are past the initial stage of their development and are now slowly but steadily being deployed in more and more use cases. ABI’s projection is more bullish than most nonindustry analysts, largely due to their expectation that the industry is in a maturation stage.