Global biometric industry to witness robust growth
Global biometric industry to grow at a CAGR of over 24 percent between 2007 and 2010
Rising concern for personal and global security will drive the biometric industry to a new height, which provides feasible security and privacy solutions, says RNCOS report. RNCOS, a Delhi, India-based market research company, has just published a report titled “Global Biometric Market — New Opportunities (2007-2010),” on the global biometric industry. It anticipates that the global biometric industry would grow at a CAGR of over 24 percent between 2007 and 2010. The report says that the biometric industry is driven by the increasing threat to the global security, desire for personal security, and the arrival of new technologies that offered numerous opportunities for the future. The biometric industry is further driven by the factors such as low ownership costs, simplicity in usage, easy compatibility with the network system or infrastructure, easy integration with the updated IT security solutions, and increasing involvement of established corporations. Growing business enterprises form the primary market for the biometrics industry. As the corporate world is also under constant threat of intrusion into its Web systems, companies, both large and small, are looking towards biometrics to ensure cent percent safety of their database.
The RNCOS research also marks the opportunities and the areas that will show substantive growth. The report states that numerous areas are already gaining from these technologies, like the enterprise-wide network security infrastructures, protected electronic banking, and law enforcement regarding security and privacy solutions. The biometric industry also offers a wide range of applications in organizations such as banks, the health care industry, amusement parks, enterprise and government networks, passport programs, driver licenses, aviation industry, credit monitoring organizations, The report says. The study notes the challenging areas of the biometric industry. The main obstacles for the industry include lower IT budget, lesser acceptance and implementation of biometric technology, higher IT infrastructure investments earlier, along with problems regarding compatibility with the existing structural design.
The report offer includes discussions of the state of biometircs in countries such as Russia, South Korea, India, Singapore, and Japan.
