Market research estimates biometric technologies market at $14 billion by 2017

UK biometric passport on pile of Euro currency

UK biometric passport (Photo credit: Christopher Elison)

Biometric technology is an advanced technique for the identification of humans, based on their characteristics or traits. These traits can be face, fingerprint, iris, voice, signature, palm, vein, and DNA. The existing methods of human identification such as identification documents and PIN are not able to cope up with the growing demand for stringent security, which gives a high growth opportunity for the use of biometric technology. This technology is very popular also because biometric characters like face, fingerprint, hand, etc. cannot be lost, stolen, or easily forged.

A new report covers various biometric authentications such as face recognition, fingerprint recognition, iris recognition, palm recognition, vein recognition, signature recognition, and DNA recognition. Out of all the biometric authentications, face recognition, finger recognition, and iris recognition are commonly used in most of the applications. Iris has a significant scope in near future due to its high accuracy rate and low false acceptance rate; which is between 0.0001% and 0.94%.

This report segregates the overall biometric technology market into various application areas such as government, defense, banking and finance, travel and immigration, healthcare, consumer electronics, commercial security, and home security. Increasing security threats, unauthorized infiltration across the borders, unauthorized immigration, illegal transaction at the ATMs, etc. give rise to biometric technology market. One of the major drivers for this market is government funding for biometric technology for deployment across the globe. Biometric technology is mostly used in applications like government, travel, immigration, banking and finance, and defense.

This report deals with all the driving factors, restraints, and opportunities for the biometric technology market, which are helpful in identifying trends and key success factors for the industry. The report also profiles companies active in the field of biometric technology. This report provides the competitive landscape of the players, which covers key growth strategies followed by all the major players. It also highlights the winning imperatives and burning issues pertaining to the biometric technology industry. The report formulates the entire value chain of the biometric technology market; right from manufacturer to customer. It also analyzes the biometric technology market with the help of Porter’s five-force model.
The global biometric technology, types, and applications market is expected to reach $13.89 billion by 2017 at an estimated CAGR of 18.7%. North America is a market leader in biometric technology market.
For more information, visit: http://www.marketresearch.com/MarketsandMarkets-v3719/GENERATION-BIOMETRIC-TECHNOLOGIES-GLOBAL-FORECAST-7032889/

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Categories: Identification, Industry News

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