Global biometric readers market set for growth: report
The international market for biometric readers is expected to grow at a CAGR of 17.1 percent between 2012-2016, according to a report published by TechNavio.
The report, Global Biometric Readers Market 2012-2016 covers the Americas, as well as the EMEA and APC regions. It notes that the market has seen an increase due to an increase in mergers and acquisitions as well as the growing need for high-level security in government departments.
“An increase in mergers and acquisitions is expected to continue in the coming years,” a TechNavio analyst said. “Both existing vendors and new entrants prefer the acquisitions route to either enter the market or broaden their portfolio of offerings. For instance, the French defense company Safran completed the acquisition of the biometric solution provider L-1 Identity Solutions in Q2 2011 for US$1 billion. The acquisition helped Safran become a leading player in the global biometric readers market. Similarly, 3M completed the acquisition of Cogent Inc. in December 2010 for US$943 million. Cogent is a maker of biometric recognition systems that allow governments and businesses to identify individuals by their fingers, palms, faces, and irises.”
The new report is available in the Research and Markets catalogue.
Across the board, biometric-focused markets are growing.
Reported previously, TechNavio has also recently published a report on the global AFIS market, which is expected to grow at a CAGR of 19.71 percent between 2012 and 2016.