Analyst: Biometric Market Recession-Proof Area Of Growth
In 2008 biometric vendors witnessed massive growth. However the same downturn that affected banking, construction industry and retail stores since the end of 2008 also affected some biometric vendors. This said, with the ongoing demand for more integrated security solutions from vertical sectors such as education, law enforcement, government, healthcare and manufacturing facilities, 2009 is anticipated to be a steady uphill year for the market.
"Since the rebound of the global economy in 2004 from the severe economic crisis of 2000, biometrics market has gained steady momentum in Europe with 30.5 percent growth rate overall,” said Suja Chellathurai, Frost & Sullivan analyst. “Although, the deployment of biometrics technology in the corporate and banking sector is expected to decline this year, the impact of the economic crisis is expected to be minimal in those sectors which have access to public funding.
"The European biometrics market is expected to grow steadily in 2009 as security concerns and government projects such as national IDs, e-Passport projects, ports, airports, and other critical infrastructure security will continue to drive revenues for vendors.”