BiometriTech

×

SUBSCRIBE TO TMCnet
TMCnet - World's Largest Communications and Technology Community

CHANNEL BY TOPICS


QUICK LINKS




 
BiometriTech Banner

June 26, 2012

Market Research Predicts Biometric Technologies Market to Reach $14 Billion by 2017

By Jyothi Shanbhag, TMCnet Contributor


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.

Want to learn more about the latest in communications and technology? Then be sure to attend ITEXPO West 2012, taking place Oct. 2-5, in Austin, TX. ITEXPO (News - Alert) offers an educational program to help corporate decision makers select the right IP-based voice, video, fax and unified communications solutions to improve their operations. It's also where service providers learn how to profitably roll out the services their subscribers are clamoring for – and where resellers can learn about new growth opportunities. For more information on registering for ITEXPO click here.

Stay in touch with everything happening at ITEXPO. Follow us on Twitter.




Edited by Brooke Neuman

Biometritech
See All Feature Articles






Technology Marketing Corporation

2 Trap Falls Road Suite 106, Shelton, CT 06484 USA
Ph: +1-203-852-6800, 800-243-6002

General comments: [email protected].
Comments about this site: [email protected].

STAY CURRENT YOUR WAY

© 2024 Technology Marketing Corporation. All rights reserved | Privacy Policy

Biometritech