Global biometric market likely to grow at a CAGR 23 percent in 2011-13
Biometrics has been one of the fastest emerging markets for the past few years due to rising need for personal security concerns, and the advent of new technologies
With governments and corporates across the world adopting biometric technologies, the global biometric market is on a new growth trajectory. According to a new research report by RCNOS titled “Global Biometric Forecast to 2012”, the global biometric market is anticipated to grow at a CAGR of around 23 percent during 2011-13. The report explains prevalent market trends and future scenario of the biometric market in different verticals, technologies, and regions, underlining the future potential areas and key issues crucial for the market development.
The report has also found that technologies, such as facial recognition, fingerprint, AFIS, and Iris are anticipated to account for around 84 percent of the global biometric market by 2013 end. This is possible due to the growing acceptance of these technologies in various civil and commercial applications including financial sector, security, POS (Point of Sale), ATMs, border security (passports and customer ID), etc.
Furthermore, financial services sector is set to emerge as one of the most exciting markets for biometrics vendors. Vendors need to adopt right pricing strategy and communicate the return on investments effectively to take advantage of the burgeoning opportunities for biometrics in the financial sector.