The global biometric market is estimated to have closed at nearly US$ 3 Billion in 2007, and is projected to grow at a CAGR of more than 20% by 2012, said “Global Biometric Forecast to 2012â€, a new research report by RNCOS.
Over the last few years, biometrics has transformed in past few years from a technology used in a narrow band of closed environment applications into useful, feasible and fit-for-purpose tool used in various industries and applications. Moreover, as the technology offers accurate, reliable and cost-effective ways to improve security surveillance, the adoption of biometrics in both private and public sectors globally has gone up significantly.
According to the RNCOS research, rising security concerns, such as individual identity theft, and corporate and national security, are the key factors boosting growth of the biometric market. Thus, an increasing number of countries are using biometrics to identify their citizens. Besides, new anti-terrorist legislation in the US forced the government to mandate the use of biometrics in visa and passport, resulting in drastic growth of the global biometric market. Realizing the sensitivity of the issue of national security, many other governments are also following the same.
With rising use of key biometric technologies like hand geometry, iris technology and finger recognition by the government, the global biometric market is expected to witness moderate growth in coming years, said the report.
“Global Biometric Forecast to 2012†provides comprehensive information on various biometric technologies as well as their rising applications in different areas. It also contextualizes the role of technology in improving the security of both private and public sectors. It highlights the countries paying a great deal of attention to the application of biometric technology across a wide range of industries.
In addition, the report thoroughly analyzes the global biometric market and discusses its current and future scenario on the basis of regions. It underlines the future potential areas and key issues critical for the development of the market. The report also gives forecast on biometric by technology, biometric by application and biometric by region.
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