Global Industry Analysts has announced the release of a new market research study on the global biometric industry’s marketplace projecting the market to reach $16.47 billion in worth by 2017.
Among the reasoning behind the projected growth are government-backed pushes for the technology due to the increasing threat of terrorist attacks, the rising need for more accurate and efficient identification technologies as well as government laws mandating the use of biometric solutions for security control measures in both civil and criminal issues.
Additionally, the report specifies that commercial and niche market applications hold promise to drive the market in the future. Driving this are the lack of confidence in security with PIN and password-based security and lower prices bringing cost-savings attributed to implementation of biometric solutions.
Other areas the report’s authors expect to see growth in the biometric marketplace are niche segments such as consumer-level mobile device applications.