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Market Size and Trends
TRENDS
• Biometrics technologies are becoming the foundation of an extensive array of highly secure identification and verification methods.
• As the level of security breaches and transaction fraud increases, the need for highly secure identification and personal verification technologies is becoming apparent.
• Enterprise-wide network security infrastructures, government IDs, secure electronic banking, investing and other financial transactions, retail sales, law enforcement, and health and social services are already beginning to benefit from these technologies.
MARKET FORECAST
• Industry revenues are expected to reach $4.0B by 2007, driven by large-scale public sector biometric deployments, the emergence of transactional revenue models, and the adoption of biometric infrastructures and data format standards.
• Fingerprint-based technologies accounted for $570M of 2004 industry revenues, by far the largest technology segment. This growth is attributable to the wide range of applications in which fingerprint-based solutions operate effectively, its years of development, its non-intrusive and easy to use approach and the strong companies involved in the technology’s manufacture and development. Non-AFIS fingerprint revenues are projected to grow from $198 million in 2003 to $1.493 billion in 2008. Fingerprint revenues are expected to comprise approximately 32% of the entire biometric market.
• Civil ID and PC / Network Access will be the leading biometric applications during the next five years, expected to account for nearly $2b in combined annual revenues in 2007. Physical Access / Time and Attendance will reach $245m in annual revenues by 2004, with Surveillance and Screening applications projected to reach $149m in the same year
• The government Sector will be the leading biometric vertical market through 2007 with $1.2b in annual revenues. The financial, and travel and transportation sectors will follow with $672m and $556m, respectively, in 2007. The various scenarios in which government agencies must identify and authenticate both citizens and employees, particularly subsequent to 9/11, is a critical growth factor |
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