We want to give you some ballpark numbers of the potential of this market. This isn’t certainly an exhaustive analysis of our own, just a bearing to have an understanding of the potential here.
Secure access is important everywhere. In today’s ever-connected computer systems and always-on identities, we strive to prove who we say we are and keep the bad guys out locked out. Security with biometrics is certainly a big business. How big? According to a report from BCC Research the market totaled $14.9 billion in 2015 and is expected to reach $41.5 billion by 2020.
The reason why the trend is positive is also given in the press release: “Biometrics markets are booming as more organizations have started to accept the technology. Every industry is contributing toward the extension of the biometrics security products market. Most advanced nations have already adopted the technology in various fields and many more countries are exhibiting interest in following this trend. Secure transaction capability will ultimately define the real opportunity for large-scale, widespread deployment of biometric technologies.”
What you may have already noticed in the above report: it talks about classical biometrics, there is no mention of the disrupting new biosignals approach we envision. There is a whole new potential market niche here and we plan to be among the first to break into it.
Last but not least, we are not alone in our mission to provide a system of unique but safe identification that is beyond government control or influence. Some very smart people have met these past few days under the auspices of Sir Richard Branson to discuss these matters and their potential solutions. We are looking closely ourselves to be on the forefront of any developments.
