With financial sector looking upon biometrics as a way to curb fraud, RNCOS predicts global biometrics market is set to witness a CAGR of around 18 percent through 2012.
Financial sector has been emerging as a potential adopter in the global biometric market. With the help of biometrics, this sector is aiming to offer customers an easy and more convenient authentication alternative to cards and PINs for transactions like ATM withdrawals. According to its report "Global Biometric Forecast to 2012," North America and Europe dominated the global biometric market in 2009. This region will account for combined share of 62 percent in coming years. By 2012, on the back of several initiatives and biometric programs, Asia Pacific and the Middle East and Africa will emerge as growing regions for the biometrics market.
The report provides in-depth information on various biometric technologies and their rising applications in different areas. Various technologies that are covered in the report include fingerprint, facial, iris, hand, voice and AFIS recognition. Application areas of biometrics vary from criminal identification to access control, all of which have been analyzed in the report. In order to provide better understanding of the global biometrics market, RNCOS have segmented the market into different regions like North America, Asia Pacific, Europe, the Middle East and Africa and South America.
Besides this, RNCOS have done extensive research and analysis to identify the key growth factors and the industry restraints. Working of biometric system has also been explained in the report to make clients familiar with the functional aspect of the system. Also, initiatives taken at country level to enhance security mechanism in retail, healthcare and transportation sectors have been detailed in the report.