Innovative Apps Driving Global Biometric Market

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Globally as well as in India, the biometric market is considered to be one of the fastest growing segment.

 This growth stems from the fact that most of the governments are seriously deploying and looking at biometrics solutions when it comes to security at various levels. According to a latest research report “Global Biometric Forecast to 2012” by RNCOS, usage of biometric technology for security applications has significantly grown during the past few years.

Amongst many technologies, usage of biometric systems has increased tremendously worldwide. These systems, apart from monitoring, provide secure authentication facilities through various means, such as fingerprint recognition, facial recognition, iris recognition, etc. Phasing out of older technologies and reducing costs coupled with innovative applications will drive the global biometric market to grow at a CAGR of around 23% during 2011-2013.
 
In addition to that, market for Automated Fingerprint Identification System is estimated to have the largest share of the biometric market globally for year 2010. It was followed by fingerprint and face recognition. Civil identification and criminal identification were expected to be the two major applications in 2010 and the trend will continue in future as well. Primary reason behind this is increasing usage of biometrics in various kinds of authentication and security focused devices, globally.
 
According to this research, with continuous improvements in the technology, and increase in production capacities, prices will continue to decrease and consumers will become familiar with the technology as an improved way to prove their identity while making secure transactions. Also, increasing adoption of biometric system in government and financial enterprises is fueling growth in the industry for the past few years.
 
“Global Biometric Forecast to 2012”, studies the overall biometric market in terms of region, technology, and applications. The report also examines emerging technologies and biometric verticals in terms of country level initiatives. Besides, we have provided relevant forecasts, wherever required in the report. Our report analyzes the competitive landscape and provides latest development by companies along with their business overview. Our research aims to present clarity to investors and vendors by thoroughly analyzing the industry.