By Andy Choi
Research and Markets has expanded its offering with a new report by RNCOS titled "Biometric Market Forecast to 2014."
Biometric technology, touted to be the fastest growing technology in the world, has several applications across educational and financial institutes, government organizations and security companies. Biometric technology can be used to identify the behavioral and physical characteristics of a person and is being rapidly adopted by governments worldwide to enhance national security.
The report by RNCOS indicates that from 2012 to 2014, the biometric market globally will witness a growth at a CAGR of 21%, fuelled by the demand from security companies to curb identity theft and enhance corporate security.
Biometric technologies are being rapidly adopted for several commercial and civil applications that include border security, ATMs and point of sale. Automated biometric software systems are being developed with automated features and reduced costs. The Biometric Market Forecast to 2014 report also predicts scenarios of the biometric market across regions, applications and verticals and also details the market trends. The report identifies the Asia-Pacific region as the emerging dominant player of the biometric technology market by 2014. The report indicates that biometrics vendors in retail, financial services and e-commerce segments are likely to benefit as these biometric segments will hold a significant portion of the market segment. The major share of the biometric technology market worldwide is held by fingerprint recognition biometrics. Ear shape recognition, facial thermograph recognition, keystroke dynamics, heart pattern recognition and gait recognition are some of the emerging technologies, which have been detailed in the report with their benefits.
The significant biometric companies featured in the report are Authen Tec, RCG Holdings, Safran Morpho, Bio-Key International, Cross Match Technologies, Fingerprint Cards, 3M Cogent, Precise Biometrics, Suprema, SafeTIC and NEC.