The industry's reliance on government agencies shielded revenue from recessionary declines
New York, NY (PRWEB) October 31, 2014
Stronger investment from private enterprises in sectors such as healthcare, construction, finance and consumer electronics will help fuel new growth in biometric applications. For this reason, industry research firm IBISWorld has added a report on the Biometrics Scan Software industry to its growing industry report collection.
The Biometrics Scan Software industry comprises companies that develop software for biometric technologies such as fingerprint, iris, retina and face recognition identification systems. The industry has recorded prolific expansion over the past five years, despite the US recession. Growth slowed in 2009 as corporate profit margins plummeted and private investment in computers and software fell; however, the industry's reliance on government agencies such as the Department for Homeland Security and other defense agencies shielded revenue. Nonetheless, industry revenue growth did slowed in 2011 and 2012, as federal funding for homeland security declined and private investment slowly picked up.
In 2013, industry operators benefited as federal funding for homeland security jumped, partially fuelled by the creation of the Office of Biometric Identity Management (OBIM), which replaced the US Visitor and Immigration Status Indicator Technology Program. According to IBISWorld Industry Analyst Jeremy Edwards, “The increased emphasis on biometric scanning for immigration purposes, coupled with stronger private investment from corporations, is expected to cause industry revenue to expand further in 2014.” Overall, industry revenue is projected to grow at an average annual rate over the five years to 2014.
Over the next five years, the Biometrics Scan Software industry is expected to experience accelerated demand, particularly at the beginning of the five-year period. Stronger investment from private enterprises in sectors such as healthcare, construction, finance and consumer electronics will help fuel new growth in biometric applications. “Furthermore, ongoing focus from the US government pertaining to immigration and border security will also create demand for software; this will include demand from OBIM as well as other international transit facilities such as ports, which will continue to use credentials based on biometrics,” says Edwards. Additionally, the FBI will continue to manage all fingerprint sets collected in the United States to aid law enforcement and prevent crime such as terrorist activity. As a result, industry revenue is projected to grow over the five years to 2014. Growth is also expected to continue on a global scale, with Central and South America and the Asia-Pacific region recording strong growth.
For more information, visit IBISWorld’s Biometrics Scan Software in the US industry report page.
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IBISWorld industry Report Key Topics
Companies in this industry develop software for biometric technologies specifically related to automated fingerprint identification systems (AFIS), non-AFIS finger scanners, hand geometry readers, iris and retinal scanners, and facial recognition systems.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
About IBISWorld Inc.
Recognized as the nation’s most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every US industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Los Angeles, IBISWorld serves a range of business, professional service and government organizations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com or call 1-800-330-3772.