According to the Korea Information Security Industry Association, the domestic biometrics market is estimated to have reached 186.7 billion won in size in 2014 and to reach 414.7 billion won in 2018.
In the market, the iris recognition system segment is forecast to show an annual sales growth rate of 94.7% while the sales of fingerprint recognition systems, which constitute the largest portion of the total sales of the industry, are predicted to increase by 10.8% in an average year.
The global mobile biometrics market is expected to enjoy a rapid growth as well. Market research firm AMI recently announced that the global sales are forecast to amount to US$34.637 billion in 2020 by growing at an annual average of 66.6% between 2014 and 2020. It added that biometrics technology will be used in approximately 4.8 billion smart and mobile devices around the world by 2020 with the number of downloads of related applications reaching 5.4 billion or so.
The development of e-Government systems is likely to accelerate the growth of the industry, too. At the same time, the expansion of IoT services and the subsequent development of sensor technology are acting as positive factors as well along with the popularization of smart phones and wearable devices.
Furthermore, the number of human body parts that can be used for the purpose of biometric recognition is increasing. For example, the different shapes of ears allow biometrics-based personal identification and researchers around the world are focusing on brainwaves these days as another means for personal identification