Biometrics market revenues to surpass $10 billion by 2014
21 February 2013 21:06 GMT

Public security, internet access and financial transactions drive biometrics

Global biometrics market revenues are anticipated to reach $10.02 billion by 2014, according to research by Research and Markets.

The company suggests that the limitations and inconvenience involved in using identification methods such as photographs, passwords and PIN codes have driven the growth of biometric technologies in the last few years. Meanwhile, increasing terrorist attacks, plane hijackings and crime rates have underlined the need for superior security measures around the world.

Elsewhere, projects including the international roll out of like e-passport, the European VIS and EURODAC schemes and some national identity schemes, such as Aadhar, are acting as a major driver for the biometrics industry.

The researchers said that increasing security requirements for public security (i.e. border control, national identity etc.), internet and network access, and financial transactions are acting as growth drivers for the industry.

In terms of biometric modalities, the report says that the market has been led by fingerprint technology over the last few decades. However, vein recognition technology is seen as gaining acceptance globally the report says.

Regionally, North America and Europe together contributed 62.46% of the total revenues of global biometrics market in 2011. Meanwhile, the global biometrics market has huge potential due to increasing public acceptance.