ABI Research predicts that by 2021 the biometrics market will reach $30 billion and redirect its revenue focus away from the governmental sector to embrace opportunities in the consumer and banking sectors. As a result of this new shift in focus, consumer and banking segments will experience 19% and 12% growth rates, respectively.
The new research is part of ABI Research’s Biometric Technologies and Applications Service.
“After establishing a foundation in smartphones and user authentication, the biometrics market is branching out and entering the evolving IoT ecosystem,” says Dimitrios Pavlakis, Industry Analyst at ABI Research. “The revenue shift will happen as the market focuses on consumer devices and securing more investment from mobile and computing device OEMs, as well as large banks and credit card companies.”