For some years now, Biometric technology has caught the attention of the general public with its unique offerings of advanced techniques for the identification of humans, based on their characteristics or traits. These traits can be face, fingerprint, iris, voice, signature, palm, vein, and DNA.
The current human identification indicators, such as identification documents and PIN, are not able to cope up with the growing demand for stringent security, which provides a high growth opportunity for the use of biometric technology. Reasons why this technology is very popular is because biometric characters like face, fingerprint, hand, etc. cannot be lost, stolen, or easily forged.
According to the recently released report "NEXT GENERATION BIOMETRIC TECHNOLOGIES MARKET GLOBAL FORECAST & ANALYSIS (2012 - 2017)" from MarketResearch.com, predicts that global biometric technology, types, and applications market will shoot up to $13.89 billion by 2017 at an estimated CAGR of 18.7 percent.
This reports talks about various biometric authentications such as face recognition, fingerprint recognition, iris recognition, palm recognition, vein recognition, signature recognition, and DNA recognition. In the current market scenario, face recognition, finger recognition, and iris recognition are commonly used in most of the applications. Iris has a significant scope in near future due to its high accuracy rate and low false acceptance rate; which is between 0.0001 percent and 0.94 percent.
Market Research firm also predicts that this latest technology of biometric will be a great use for government, defense, banking and finance, travel and immigration, healthcare, consumer electronics, commercial security and home security areas. One of the main reasons for the boom for this market is government funding for biometric technology for deployment across the globe. Biometric technology is mostly used in applications like government, travel, immigration, banking and finance, and defense.
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Edited by Brooke Neuman