Open up an international newspaper, and it’s clear that the word “trust” is simply not as operative as it was fifty years ago. The onslaught of armed robberies, government scandals, and international attacks in the 21st century demands higher security measures, and this need has become the cornerstone of the Global Biometric Reader Market. TechNavio analysts predict that as governments struggle to defend against threats like government infiltration and terrorist attacks in defense, finance, military and intelligence departments, the market for Biometric Reader Market will grow significantly at a CAGR of 17.1 percent for 2012-2016.
Presently, the Americas account for the majority of the market with a lofty share of 42 percent as of 2012. This dominance is primarily due to the heavy adoption of handprint, voice, retina, and facial recognition technology in the US government. Market shares in the EMEA and APAC regions are also rapidly gaining speed however, as other countries work to improve their international security.
Despite the obvious utility of this technology however, it’s not without an Achilles heel. The high costs and long production processes associated with the biometric reader technology makes it an impractical solution for small and medium-enterprises. Consequently, alternative technologies and products such as swipe cards, tokens, two-factor authentication, and software authentication are becoming increasingly threatening competitors within the market.
That being said, although such substitutions may hinder some of the market’s growth, there is no real danger of Biometric reader solutions being overtaken in the areas where they currently dominate–namely: government, financial, aerospace, and medical sectors.
The fact is, we live in a world where trust and good faith are becoming obsolete, and taking shortcuts on security can have deadening consequences. As bleak of an indicator as this may be for the state of our world, it makes for an exceedingly optimistic forecast in The Global Biometric Reader Market.
For more information, view our 2012-2016 report on The Global Biometric Readers Market.
