Global Biometrics Market Revenues to Cross USD 10 Billion Mark by 2014

People around the globe are facing burden of remembering dozens of different passwords for different applications. Additionally, users are expected to change their passwords on regular intervals for better security. Passwords do not provide reliable security, as hackers can easily break it using free internet software’s. The biometric technology provides efficient way to get rid of such problems with more efficient security. Initially, due to higher cost biometrics were limited to government and large corporations, which is now affordable to small business and even individual consumers. Moreover, many individual and organizations depend upon computers to store their important document which has increased the need for security. As a result, usage of biometrics is expected to become prevalent for many applications.

According to recently published report, “Global biometrics Market Forecast & Opportunities, 2017”, the global biometrics market is anticipated to reach USD 10.02 Billion by 2014. The initiatives from government for different national identity, electronic passport projects are acting as a driver to the industry. The government organizations have been the leading contributor to the industry which is anticipated to continue leading the market. In addition to that, large corporates have adopted biometric for logical as well as access control applications to increase the trust among their customers and employees. Again, by using biometrics for physical access control, companies save time and money.

The lead of North American region in biometrics adoption is anticipated to continue at least for next five years. However, Asian countries are growing rapidly which is expected to generate more sales than Europe. The applications of biometrics have been the most in public security. Though, logical access control applications are also growing rapidly due to increasing use of computer networks and Internet. The fingerprint technology (AFIS &Non-AFIS) has contributed the most whereas vein recognition is growing rapidly. Recently, many big projects have used multimodal biometrics to enhance the security which is expected to outperform in the next five years.

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Global Biometrics Market Forecast and Opportunities, 2017

Moreover, social networking sites are anticipated to use biometrics for authentication. Additionally, increasing use of mobile/tablet based applications would encourage mobile industry leaders like Apple, Google to implement biometrics in mobile devices. Again, FBI is expected to use Mobile technology for identification to search the Repository for Individuals of Special Concern (RISC). Additionally, the UK police force is expected to use mobile based identity solutions. On the whole, the use of Mobile based biometrics is expected to outshine in next five years.

Global Biometrics Market Forecast & Opportunities, 2017’ has evaluated the future growth potential of biometrics market and provides statistics and information on market structure, trends and opportunities. The report includes segmental market projections and demand forecasting. The report is intended to provide cutting-edge market intelligence and help decision makers to take sound investment evaluation. Besides, the report also identifies and analyzes the emerging trends along with essential drivers, challenges and opportunities available in biometrics systems market worldwide.

Source: ASDReports - Market Research
Date: Apr 18, 2013