Research and Markets has released the “Global Biometric Systems Market Forecast & Opportunities 2018” which predicts that global biometric revenues will reach as much as $20 billion by 2018.
According to the report, lack of data protection and outdated security practices like passwords and PIN codes have been a driving force behind the growth of biometric technologies. Moreover, ever-present security threats like terrorist attacks and plane hijackings along with an increasing global crime rate have inspired a call for a more robust worldwide security solution.
A global trend has already formed with Government projects in the implementation of e-Passports, driver licenses, border management and national ID initiatives across many of the world’s largest countries including India, Mexico and Russia. These international initiatives have been a major component in the growth of biometric systems, and with China announcing its own biometric National ID program set to being this year, biometric technology is sure to see a major resurgence.
According to the Global Biometric Systems Market Forecast & Opportunities 2018 report, global biometrics market revenues are expected to touch $20 billion by 2018. At present, fingerprint recognition technology is the dominant modality in the market, but as vein recognition technology continues to gain acceptance globally the hierarchy of modalities is likely to shift.
On a regional level, the report reveals that North America and Europe combined to account for 61% of the total revenues of global biometrics market in 2012 – a figure that is only expected to grow alongside increasing public acceptance.
As contemporary society and its organizations further depend on computers to safeguard important documents and personal data, the need for stronger security only grows. Should biometric technology live up to its billing as a viable, robust security solution, there could be no limit the technology’s market value, the report states.