Report: Financial, Healthcare Sectors Will Help Drive Use Of Biometrics

  • Sep 03, 2008
Biometrics is seeing rapid adoption in public and private sectors worldwide as an accurate, reliable and cost-saving way to offer better and advanced security surveillance.

In the past few years, the biometrics  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 range of industries and in a wide variety of applications.

Along with the governments across the world, a growing number of financial services firms are also considering the use of biometric technology strongly as a more efficient and secure method of identifying its potential customers, according to “Global Biometric Forecast to 2012,” a recently released report from Research and Markets.

Key Research Highlights:

  • Propelled by several regulatory compliances and mandates, the global biometric market is expected to grow at a CAGR of more than 20 percent through 2012.
  • Biometric technologies like facial recognition, fingerprint, AFIS and iris are anticipated to account for more than 80 percent of the global biometric market by 2012.
  • Iris recognition technology is projected to grow at a CAGR of nearly 36 percent from 2008 to 2012 followed by hand geometry, voice recognition and face recognition.
  • Financial and healthcare sectors are likely to emerge as the major technology consumers over the forecast period with future CAGR pegged at around 45 percent and over 31 percent respectively.
  • North America and Asia-Pacific together are expected to account for nearly 55 percent of the global biometric market by 2012.
  • The global biometric market offers huge scope for devices/peripheral manufacturers and software developers to offer better quality services at affordable price in order to serve mass market.

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