The Global Biometric Readers market is to grow at a CAGR of 17.1 percent over the period 2012-2016. One of the key factors contributing to this market growth is the need for high-level security in government departments. The Global Biometric Readers market has also seen an increase in the number of mergers and acquisitions. However, strong competition from inexpensive non-biometric technologies could pose a challenge to the growth of this market.
An increase in mergers and acquisitions is expected to continue in the coming years. Both existing vendors and new entrants prefer the acquisitive route to either enter the market or broaden their portfolio of offerings. For instance, the French defense company Safran completed the acquisition of the biometric solution provider L-1 Identity Solutions in Q2 2011 for US$1 billion. The acquisition helped Safran become a leading player in the Global Biometric Readers market. Similarly, 3M completed the acquisition of Cogent Inc. in December 2010 for US$943 million. Cogent is a maker of biometric recognition systems that allow governments and businesses to identify individuals by their fingers, palms, faces, and irises.
The increased need for advanced security in the Financial sector is one of the major growth drivers in the Global Biometric Readers market. Critical government departments such as intelligence, defense, and finance hold important data, the theft of which could jeopardize national security. Biometric readers provide a higher level of security than any other authentication method. Hence, the governments of various countries are adopting biometric readers to secure their critical information.
The key vendors dominating this market space are Fujistsu Ltd., 3M Cogent Inc., NEC Corp., and Safran Group. The other vendors mentioned in the report are RCG Holdings, Panasonic, Biometric Security Ltd, Cross Match Technologies Inc., Suprema Inc. Fingerprint Cards AB, AuthenTec, and Siemens Biometrics.
For more information on the Global biometric readers market, please click here: Global biometric readers market
Companiesandmarkets.com issues news updates and report summaries covering all major industries and sectors. The service provides additional client monitoring and timely alerts to breaking industry and sector news leading the day's business headlines. News articles, written by our staff, contain additional analyst insight, providing value added insight for our readers. News updates and real-time alerts on newly-released market reports are also available from our Facebook page, Twitter feed @CandMResearch and RSS links. We also welcome inquiries from business journalists and the news media.