Biometric market revenue to hit US$20bn
28 May 2013 09:21 GMT

Biometric market revenue to hit US$20bn

A rise in the number of government projects, increasing data security concerns and the need for advanced security devices will drive the market for biometric systems globally, according to a new report from TechSci Research.

The firm says: “Lack of data protection and old security practices such as photographs, passwords and PIN codes have driven the growth of biometric technologies in last few years. Security threats such as terrorist attacks, plane hijackings and higher crime rates have brought a huge need for ultimate security systems around the globe. Government projects, which include ePassports, driving licences, border management, and national ID, in major countries such as India, Mexico and Russia, are driving the extraordinary growth of biometric systems. Recently, China has also announced a biometric national ID programme which will commence in 2013. As more and more people and organisations depend on computers to store their important documents, there is an increasing need for security.”

According to ‘Global Biometric Systems Market Forecast & Opportunities, 2018’, global biometrics market revenues are anticipated to reach US$20bn by 2018. Increasing public security requirements, such as border control management, national identity, ePassports, internet and network access, and financial transactions are acting as growth drivers for the industry. Presently, fingerprint recognition technology dominates the market. However, vein recognition technology is gaining acceptance globally, and is expected to grow rapidly. Regionally, North America and Europe together contributed 61% of the total revenues of the global biometrics market in 2012. This market has a huge growth potential due to increasing public acceptance.

The report covers:

·        Global biometrics market size, share and forecast

·        Global biometrics market segmentation by technology

·        Global biometrics market segmentation by application

·        Global biometrics market segmentation by region

·        Market trends and developments

·        Competitive landscape & strategic recommendations.

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