Biometrics market to reach $7.1 billion by 2012

Report Buyer has issued a new report which finds that the global market for biometrics is expected to rise to $7.1 billion by 2012, showing a compound annual growth rate (CAGR) of 21.3 percent. “The Global Biometrics Market,” explains that the market is broken down into applications of fingerprint, face recognition, hand geometry, and other technology. It forecasts that fingerprint biometrics, the oldest form of biometrics in use today, will continue to be the main revenue contributor from 2007 to 2012. Authors of the report say that this segment was worth $1.3 billion in 2007, and is forecast to grow to $2.7 billion by 2012, a CAGR of 16.3 percent over the next five years. They say that the main reason for this growth is the decrease in the price of fingerprint sensors, making them more affordable, and government initiatives that rely heavily on fingerprint biometrics.

The study finds that the second largest segment is face recognition. Analysts predict that this market segment will grow from $459 million in 2007 to $1.3 billion by 2012, a CAGR of 23.8 percent. The segment that follows this is hand biometry, predicted to be the next largest segment in 2007 with market revenue of $243 million. By 2012 the market value for this segment will be $752.6 million, says the report. “The Global Biometrics Market” notes that remaining biometric segments of iris scan, middleware, multimodality, voice recognition, signature verification, and other emerging segments will together constitute $729 million in 2007. These segments together are estimated to grow at a CAGR of 26 percent to $2.3 billion by 2012. The report says in terms of region, Europe currently leads the biometrics market due to higher user acceptance and the introduction of biometric passports in the majority of European countries. The highest potential lies in the Asian region, however, where technologically developed countries such as South Korea and Japan and growing countries such as China and India will drive growth.

“The Global Biometrics Market” is available from Report Buyer.