According to new research from BCC Research the global biometric technologies market is expected to reach $8.7 billion in 2013 and will increase to nearly $11.2 billion next year. In addition, BCC projects the market to grow to nearly $27.5 billion by 2019 and to register a five-year CAGR of 19.8% from 2014 to 2019.

According to the report, Biometrics: Technologies and Global Markets technological advances, consumer and commercial acceptance as well as demand of the technology and cost reductions will drive the growth of the market for the foreseeable future. BCC says the new report gives an overview of global and regional markets for biometric technologies and dvices, as well as analyses of market trends from 2013 and estimates for 2014.

The report also studies the product life cycle and technology life cycle of various types of biometric devices and the methods employed by different manufacturers and users in maintaining ecological balance. Everyone is in agreement that the market is set for profound growth.

The Biometrics Research Group has projected that the global biometrics market will grow to $15 billion by 2015, from its 2012 estimated value of $7 billion.