Next Generation Biometric Technologies Market reach to $13.89 Billion by 2017 at CAGR of 18.7%

The E&SC practice at MarketsandMarkets is pleased to announce its presentation on the Next Generation Biometric Technologies Market, Global Forecast Analysis (2012-2017).

Biometric authentication is referred to the authentication of humans by their physical characteristics such as face, fingerprint, iris, voice, signature, palm, vein, and DNA. Biometric technology improves the effectiveness of identification and authentication processes, refurbishes control access to physical and electronic resources, and advances the security of information systems. Biometric technology provides a high degree of security and convenience, which ensures confidentiality of personal information. This is superior to traditional passwords/PINs as these can be easily guessed, forgotten or copied; tokens can be stolen or misplaced. It also prevents theft, as information is stored in the form of a digital record in the database, which makes it highly impossible to reconstruct, decrypt, or manipulate information. Biometric technology increases accountability by eliminating terms such as buddy punching and provides a high degree of traceability to users’ access on computers or systems at any time.

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Currently, fingerprint recognition is the major biometric technology used, contributing approximately 65% of the total market for biometric technology; whereas iris recognition has more growth potential in the coming five years. Iris recognition technology is the most accurate technology available among all the biometric technologies, as the shape and size of iris remain constant throughout the life even in the case of surgery and transplantation.

There are three categories of privacy concerns:

  1. Unintended functional scope: The authentication goes further than authentication, such as finding a tumor.
  2. Unintended application scope: The authentication process correctly identifies the subject when the subject did not wish to be identified.
  3. Covert identification: The subject is identified without seeking identification or authentication, i.e. a subject’s face is identified in a crowd.

In the past few years, biometric technologies have made their way across the various applications such as travel, immigration and transportation, government, banking & finance, consumer electronics, healthcare, home security, commercial security, and other applications.

Global biometric technology market is expected to reach $13.89 billion by 2017, at an estimated CAGR of 18.7%, government, defense and travel and immigration will be the key application areas of biometric technology market.

The agenda for the briefing includes discussion on key high growth markets, thereby marking the growth trend in the global biometric technology market. Furthermore, a briefing will be conducted on the competitive scenario and geographic trends and opportunities in the macro- and micro-markets with respect to North America, Europe, Asia-Pacific, and ROW.

Mr. Rohan
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Suite 800, Dallas, TX 75252
Tel: +1-888-6006-441
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