Both public and private sectors worldwide are witnessing rapid adoption of biometrics as an accurate, reliable and cost-saving way for better and advanced security surveillance. Over the years, the biometric technology has developed from a new technology used in a narrow band of closed environment applications to a useful, practical, fit-for-purpose tool used across a wide range of industries and in a variety of applications.
Increasing security concerns – ranging from individual identity theft and corporate security to national security – are driving the biometric market. According to “Global Biometric Forecast to 2012″, the global biometric market is anticipated to grow at a CAGR of around 22% between 2011 and 2013. The report discusses the current and future scenario of the biometric market in various regions, underlining the future potential areas and key issues crucial for the market development.
At the regional level, North America dominates the global biometric market and is expected to account for a market share of over 30% in 2010. The Asian, Middle East, and Africa region are also expected to emerge as growing markets for biometrics by 2013. In fact, the Gulf and African countries have already taken several initiatives and started various biometric programs.
The report has also found that the government sector accounts for the major share of the biometrics market whereas the healthcare and financial sectors emerging as the potential adopters of biometrics systems. Many banks in developing countries (specifically Asian nations, including India, China, Malaysia, etc.) are adopting biometrics to curb fraud and offer customers an easy and more convenient authentication alternative to cards and PINs for transactions like ATM withdrawals.
Furthermore, healthcare agencies in various countries are deploying biometrics to identify or verify the identity of individuals. Hospitals are also installing biometric systems in order to tackle security issues associated with patients. Clinical trial companies are using biometrics to identify individuals recruited for clinical trials.