updated: Oct 1, 2019 04:00 EDT
October 1, 2019 (Newswire.com) –
Technological advancements and a growing public interest in genealogy are two factors which are driving the growth of the global human identification market, according to a report by BCC Research, “Human Identification: Forensics, Genealogy and Security Applications.”
The market expects to see a compound annual growth rate (CAGR) of 14.3% through 2024, when it could be worth $83.9 billion.
Major players in the market include: 23andME, Ancestry.com, Idemia and Verogen.
- Human identification in security applications reached $24 billion in 2019 and should reach $50 billion by 2024 at a CAGR of 15.8%.
- Human identification in genealogy reached $2.6 billion in 2019 and should reach $10 billion by 2024 at a CAGR of 18.9%.
- The forensic products and services market had an estimated worth of $12.7 billion in 2016. This market is expected to grow to $19.2 billion by 2022, growing at a CAGR of 7.7% for the period 2017 to 2022.
“In general, biometrics is defined as a technology for body measurements and calculations, writes analyst Marianna Tcherpakov. “It refers to metrics related to human characteristics such as fingerprints, palm veins, face recognition, DNA, palm prints, hand geometry, iris recognition, retina and odor. Behavioral characteristics are related to the pattern of behavior of a person, including typing rhythm, gait, and voice. The biometrics market in general is a billion-dollar industry, in which the security sector is expected to reach the $50.0 billion mark by 2024.”
Highest Growth in the Genealogy Segment
In 2007 genetic genealogy testing was featured on the U.S. TV program “60 Minutes,” the report adds. Genealogy kits have become a popular gift for Christmas and other holidays.
Moreover, genealogy services are gaining more and more popularity worldwide. Some customers are spending almost $20,000 per year to understand their family history. Market analysis shows that on average at least 95,000 genealogy tests are performed globally.
Editors/reporters requesting analyst interviews should contact Sarah Greenberg at [email protected].
Source: BCC Research