BiometricsBiometrics market set to grow by 21 percent CAGR from 2012 to 2014

Published 16 May 2012

The biometric security market set to grow at a CAGR of around 21 percent during 2012-2014; governments’ growing reliance on biometrics for national security, and efforts by corporations to thwart identity theft, are main growth drivers

One of the world’s fastest growing technologies, biometric has revolutionized the business security landscape. Government organizations as well as financial and educational institutions around the world are also availing themselves of the technology. Governments are adopting the technology to strengthen their national security and authenticate individual identity. Corporate security and identity theft are also fueling growth in the global biometric market, which is expected to expand at a CAGR of around 21 percent during 2012-2014, a new report finds.

ReportLinker reports that according to “Biometric Market Forecast to 2014”, the biometric technologies are being widely accepted and adopted in various civil and commercial applications, including point of sale, ATMs, and border security (passports and customer ID). Companies are coming up with automated biometric software or systems which help reduce costs and offer enhanced intelligence with automated features. The new report covers market trends and presents the future scenario of the biometric market in different verticals, applications, and regions. E-commerce, financial services, and retail are set to emerge as the significant segments for biometrics vendors.

The report analyzes various biometric technologies. It identified that fingerprint recognition dominates the global biometric technology market, and other tools are also gaining ground. Emerging technologies like gait recognition, ear shape recognition, and keystroke dynamics, among others, are also discussed along with their advantages. The report also elaborates on the industry trends and drivers which influence market growth. It was observed that companies are looking for software products which reduce time spent on integration. In addition, the report notes that biometric authentication in multi-layer security architecture would be the future of network security.

The study includes the major biometrics initiatives being undertaken by various countries. Analysis and statistics regarding market size, growth, share, segmentation, and geographic distribute are included.