Lack of data protection and old security practises such as photographs, passwords and PIN codes have driven the growth of biometric technologies in last few years. Security threats such as terrorist attacks, plane hijackings and increment in crime rates has brought a huge need for ultimate security system throughout the globe. Government projects which include e-Passports, Driving Licenses, Border Management, and National ID in many major countries like India, Mexico, and Russia etc. are driving the growth for biometric systems extraordinarily. Recently, China has also announced biometric National ID program which will start to commence in 2013. As more and more people and organizations depend on computers to store their important documents, there is an increasing need for security.
According to “Global Biometric Systems Market Forecast & Opportunities, 2018”, global biometrics market revenues are anticipated to reach USD 20 Billion by 2018. Increasing security requirements for public security i.e. border control management, national identity, e-passports, internet & network access and financial transactions are acting as growth driver for the industry. Presently, fingerprint recognition technology dominates the market. However, the vein recognition technology is gaining acceptance globally which is expected to grow rapidly in years to come. Regionally, North America & Europe together contributed 61% of the total revenues of global biometrics market in 2012. The global biometrics market has a huge growth potential due to increasing public acceptance.
Everything I say is in my opinion, do your own DD and make your decision wisely! Don't spend more then you can afford to lose!
