Biometrics is witnessing rapid adoption among both public and private sectors worldwide as an accurate, reliable and cost-saving way to offer better and advanced security surveillance. Over the years, the biometric technology has developed from a new technology used in a narrow band of closed environment applications to a useful, practical, fit-for-purpose tool used across a wide range of industries and in a variety of applications.
Increasing security concerns — ranging from individual identity theft and corporate security to national security — are driving the biometric market. According to RNCOS research, “Global Biometric Forecast to 2012,” the global biometric market is anticipated to grow at a CAGR of around 18 percent during the forecasted period (2010-2012). Besides this, RNCOS research discusses current and future scenarios of biometric market across various regions, underlining the future potential areas and key issues crucial for the market development.
On the regional front, North America and Europe dominated the global biometric market, accounting for a combined market share of 62 percent in 2009, closely followed by the Asia-Pacific region. The Middle East and Africa region is also expected to emerge as a growing market for biometrics by 2012 as the Gulf and South African regions are taking several initiatives and starting various biometric programs.
According to the research report, the financial sector has been emerging as a potential adopter in global biometric market. Banks are leading the charge so as to cut down on increasing frauds. Many banks in developing countries (specifically Asian nations, including India, China and Malaysia) are looking upon biometrics as a way to curb fraud and offer customers an easy and more convenient authentication alternative to cards and PINs for transactions like ATM withdrawals.
“Global Biometric Forecast to 2012” offers extensive research on various biometric technologies, acknowledging some of their widely used applications and contextualizing the role of biometrics as an important part of security suite available to government as well as private sectors. It also discusses some of the countries undertaking major biometric initiatives across the world.