Global Biometric Market All Set to Expand During 2011-2014
With rapid adoption of biometric technology in government organizations and financial institutions, the sector is set to witness a CAGR of around 23% during 2011-2014; says RNCOS.
Noida, UP — (SBWIRE) — 04/03/2011 — Demand for biometric systems is growing at a fast pace as many government organizations and financial institutions are adopting this technology across the globe. It is rapidly being used in areas, such as defense, aviation, and criminal and civil identification. A rise in identity thefts and terrorist attacks are the key reasons for the growth in this market. Besides, the systematic replacement of existing passports and adoption and the issue of new e-passports represent an important market for contactless technology.
According to our research report “Global Biometric Forecast to 2012”, global biometric market will grow at CAGR of around 23% during 2011-2014. As the technology continues to improve, the prices continue to decrease and consumers are becoming more accustomed to use it as an efficient way to prove their identity and make secure transactions. Besides, increasing adoption of biometric system across government organizations and financial institutions is fueling the growth in the industry for the past few years.
According to our research, the Automated Fingerprint Identification System (AFIS)/live scan market was estimated to account for the largest chunk of the global biometrics market at the end of 2010 followed by fingerprint and face recognition. Talking about the applications of biometrics, civil ID and criminal ID were estimated to be the top two major applications in 2010 and the same trend is expected to continue in near future as well. This is possibly due to the increasing usage of biometrics in ID cards, passports, PAN cards, etc.