Global spending on government biometrics to increase: report
According to a new report, global spending on government biometrics systems is set to grow substantially through to 2024.
The report, The Global Government Biometric Systems Market 2014-2024, now available through RnRMarketResearch.com, expects market growth at a CAGR of 6.88%, driven primarily by the central role being played by the requirement for verification of digital identity. This includes ePassports and national identity card programs.
According to the report, growth is also due to the increasing availability of suppliers that are capable of delivering low cost, effective biometric systems.
“The market for biometric systems is only now entering a phase of intense competition and innovation, which is expected to further encourage investment in this sector as suppliers vie for a share of the market from high spending countries,” RnRMarketResearch.com said in an announcement of the new report. “At the same time, a converse trens is seeing supplier seek to capture the budgets of governments less inclined to make significant investments in biometric technology through the development of devices in lower price brands.”
The global market is set to grow to US$56.1 billion over the next decade.
Across the board, analysts expect biometric markets and subsequent spending to increase in the coming years.
The Biometrics Research Group has projected that the U.S. market spending on biometric programs will cumulatively total US$3.5 billion over the 2007-2015 fiscal years.
Also, in 2012, Biometrics Research Group Inc. estimated that the U.S. Government spent at least US$450 million per annum on pure biometric research. With the advent of new technologies such as rapid DNA and greater investment in facial recognition technologies, along with investments in “Big Data” systems, Biometrics Research Group now estimates that U.S. Government spending is at least US$700 million per annum on basic biometric research, despite severe spending cuts caused by budget sequestration.
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This is a very exciting period for anyone working in the biometrics industry!