The growth and the Future of Biometrics Market

 

Biometric technology is on the rise as the recent statistics show. In fact, the different types of biometric technology along with the applications of this technology are reported to have a growth of $13.89 billion within five years. Furthermore, it will have an estimated CAGR of 18.7%, as the recent statistics prove.

Keeping this perspective in mind, NedoGroup has made sure that the biometric technology available for companies and businesses all around Pakistan is always up to date. According to the report titled “Next Generation Biometric Technologies Market-Global Forecast and Analysis), the different kinds of biometric technology including fingerprint recognition, along with face and iris recognition are the most commonly used. In fact, North America has a global dominance in the use of these technologies.

Iris biometrics, available in the catalogue of Research and Markets has a huge scope in the future, and this is because of the numerous advantages that it entails which includes low rates of false acceptance as well as high rate of accuracy.

Due to the numerous acquisitions and mergers that have occurred in the market, the growth of biometric readers is estimated to grow at a CAGR of 17.1% between the years 2012 and 2016, as the report by TechNavio illustrates.

The estimated value of the biometrics market globally was $7 billion, which will more than double by the year 2015. The Biometrics Research Group also validates that the fingerprint biometric technologies have the biggest share in the market for this technology globally. In fact, it produces the highest amount of revenue. This particular sector had a value of $5 billion in 2012, and will double by 2015 reaching $10 billion.

Combined together, the vein, voice, iris and face recognition rank on the second in the global biometric market, having a value of $2 billion in 2010, which will reach to around $5 billion in 2015.

Keeping these market trends in mind, it is suffice to say that the market will continue to grow owing to the great demand of different users all around the world. In Pakistan specifically, NedoGroup is able to accommodate these needs for you, and bring greater advantage to your businesses.

 

VIRDI USB Fingerprint Reader FOH02
 
VIRDI USB Fingerprint Reader FOH02
 
 
 
 
 
VIRDI AC-2100 (Made in Korea)
 
VIRDI AC-2100 (Made in Korea)
 
 

 

 

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