(PRWEB) March 31, 2013
According to a new market research report “Next Generation Biometric Technologies Market – Global Forecast & Analysis (2012 – 2017)” published by MarketsandMarkets, the total biometric technologies market is expected to reach $13.89 billion by 2017, at a CAGR of 18.7%.
Early buyers will receive 10% customization on this report.
“Biometric” implies the identification or authentication of humans by their traits such as face, fingerprint, voice, iris, palm, DNA, and signature. Biometric authentication has become the most important part of security due to increase in unauthorized immigration, visa frauds, border intrusion, etc. It has increasingly getting deployed at all the security checkpoints of airports, stations, commercial complex, retail malls, etc. Biometric technology provides accurate authentication and negligible margin of duplicity or error.
The 2002 film Minority Report features extensive use of casual Iris/Retina scanning techniques for both personal Identification and Point Of Sale transaction purposes. The main character changes his official Identity by having his eyes transplanted, and later accesses a security system using one of the removed eyes.
The movie Gattaca portrays a society wherein there are two classes of people: those genetically engineered to be superior (termed "Valid") and the inferior natural humans ("Invalid"). People considered "Valid" have greater privileges, and access to areas restricted to such persons is controlled by automated biometric scanners similar in appearance to fingerprint scanners, but which prick the finger and sample DNA from the resulting blood droplet.
This report describes the various types of biometric technology such as face recognition, fingerprint recognition, iris recognition, voice recognition, signature recognition, vein recognition and DNA recognition that are being used for different applications. Out of all the above types, face recognition, fingerprint recognition and iris recognition are commonly used in most of the applications. Fingerprint recognition is the oldest type of biometric authentication and can be seen at banks, ATMs and various government offices.
The report also throws light on the various application areas of biometric technology such as government, banking and finance, travel and immigration, defense, consumer electronics, home security, commercial security, and healthcare. Biometric technology is slowly spreading across all the industries wherever security is of the prime concern. Biometric technology is largely deployed in the application areas like government, travel and immigration, banking and finance, and defense. Government applications cover voting, personal ID, license, building access, etc.; whereas travel and immigration use biometric authentication for border access control, immigration, detection of explosives at the airports, etc. Banking and finance sector use biometric authentication for account access, ATM security, etc.
Global biometric technology-type and applications market is expected to reach $13.89 billion by 2017, at an estimated CAGR of 18.7%. North America is the biometric technologies market; followed by Europe and Asia Pacific. In ROW, Middle East and Africa are the largest contributors.
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MarketsandMarkets is a global market research and consulting company based in the U.S. We publish strategically analyzed market research reports and serve as a business intelligence partner to Fortune 500 companies across the world.
MarketsandMarkets also provides multi-client reports, company profiles, databases, and custom research services. They cover thirteen industry verticals, including advanced materials, automotives and transportation, banking and financial services, biotechnology, chemicals, consumer goods, energy and power, food and beverages, industrial automation, medical devices, pharmaceuticals, semiconductor and electronics, and telecommunications and IT.
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