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Biometric technology market to reach $13.89 billion by 2017
Companiesandmarkets.comJun 22, 2012 10:58 BST
The global biometric technology market is expected to reach $13.89 billion by 2017, at an estimated CAGR of 18.7%. North America is the biometric technology market leader; followed by Europe and APAC. In ROW, Middle East and Africa are the largest contributors.
Biometric technology is an advanced technique for the identification of humans, based on their characteristics or traits. These traits can be face, fingerprint, iris, voice, signature, palm, vein, and DNA.
The existing methods of human identification such as identification documents and PIN are not able to cope with the growing demand for stringent security, which gives a high growth opportunity for the use of biometric technology. This technology is very popular also because biometric characters like face, fingerprint, hand, etc. cannot be lost, stolen, or easily forged. As the level of security breaches and transaction fraud increases, the need for highly secure identification and personal verification technologies is becoming apparent.
The need for biometrics can be found in federal, state and local governments, in the military, and in commercial applications. Enterprise-wide network security infrastructures, government IDs, secure electronic banking, investing and other financial transactions, retail sales, law enforcement, and health and social services are already benefiting from these technologies.
Utilised alone or integrated with other technologies such as smart cards, encryption keys and digital signatures, biometrics are set to pervade nearly all aspects of the economy and our daily lives. Utilising biometrics for personal authentication is becoming convenient and considerably more accurate than current methods (such as the utilisation of passwords or PINs).
For more information on the biometric technology market, see the latest research: Biometric Technology Market Report
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