Companiesandmarkets.com has released a new report detailing the status and expected future of biometric technology in North America. Specifically detailed in the report are market drivers and restraints, industry trends, competitive environment analysis and challenges facing those in the industry taking into consideration fingerprint, face recognition, iris recognition, hand geometry, voice verification, signature verification and other biometric modes.
Chief among the report’s findings is that the market is expected to grow steadily due to various national projects involving biometric technology such as national ID and e-passport programs as well as those more focused on homeland security. Additionally, improvements to the technology along with improved standards, hikes in financial crimes and lower costs for the technology have continued to drive the technology’s growth in the private sector.
Despite this, the report does indicate some possible hindrances to the market’s growth as well including the economic slowdown hurting adoption and development of the technology and privacy concerns over use of the technology also slowing adoption in many areas. Other areas specified include a lack of standardization in some areas, a lack of awareness preventing market penetration.