Global Biometrics Market to Reach $10B by 2014, Says TechSci

Increasing terrorist attacks, plane hijackings and crime rates have underlined the need for security measures around the world. The limitations and inconvenience involved in using alternative identification methods, such as photographs, passwords and PINs, have driven the growth of biometric technologies in last few years. Some border control projects like e-passport, VIS and EURODAC, and some national identity schemes like Aadhar, are acting as a major driver for the biometrics industry. Biometrics has been adopted for logical access control applications as well, as more people and organizations depend on computers to store their important documents.

According to “Global Biometric Systems Market Forecast & Opportunities, 2017,” global biometrics market revenues are anticipated to reach US$10.02 billion by 2014. Increasing security requirements for public security, such as border control, national identity, Internet and network access, and financial transactions, are acting as growth drivers. The market has been led by fingerprint technology from the last few decades. However, vein recognition technology is gaining acceptance globally, which is expected to grow rapidly in the years to come. Regionally, North America and Europe together contributed to 62.46% of the total revenues in 2011. The global biometrics market has a huge potential due to increasing public acceptance.