July 26, 2012 -
A new market research is now available in the catalogue of Reportlinker.com. The recent report is titled “Global Biometrics Market Forecast and Opportunities, 2017”. It includes topics pertaining to the global market size, market share and its forecast, top seven biometric technologies, global market trends, top seven technologies with regards to regional applications and market size and lastly, competitive landscape and strategic recommendations.
The report mainly talks about the limitations and inconvenience in using alternative identification methods such as PIN codes, photographs and passwords. These inconveniences are what pushed the rapid growth of biometric technologies in the last decade. Increased crime rates and frequency of terrorist attacks have also prompted authorities to raise the standards of security systems immensely.
According to the report, the 2014 revenues from the biometrics market are expected to reach around $10 billion. This is because there is an increasing demand for state of the art security systems for public facilities and government agencies, the Internet and financial institutions. In the past, fingerprint technology was seen as the most secure form of biometrics security. However, new developments such as vein recognition and iris scan technology are slowly gaining ground and have become an acceptable form of biometrics security globally.
The different uses of biometrics technologies in border control, national identity such as the Aadhar in India and electronic passports have further pushed the biometrics technology market to diversify applications. Europe and North America are the biggest markets for these kinds of technology and they are responsible for as much as 62 percent of the total revenue collected in 2011. Increasing public acceptance what gives the biometrics market its huge growth potential.
Has the field of biometrics begun to realize its full market potential?