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Follow on Google News | Global Government Biometrics Market to Reach $6.9 Billion by 2024Reportstack's report from defense intelligence reports category predicts the biometrics market will grow by 6.88% over the next 10 years. in 2014 the market is expected to be worth US$3.6 billion.
By: Reportstack Government initiatives towards identity and border control, increasing concern over data security and growth in urban population leading towards increase the proportion of rebel groups and terrorists are expected to boost the demand for biometric identity and security systems over the coming years. As this sector gains prominence, it is expected that large competitors will try to generate competence by acquiring medium and small sized niche entities, with unique facilities that will fill the gaps in their portfolio of products, or services. In July 2012, Apple Inc acquired fingerprint sensor and recognition solution provider AuthenTec for US$356 million. Moving ahead the company has integrated the fingerprint recognition into its latest mobile devices iPhone 5S. In the same month, Cross Match Technologies, a provider of interoperable biometric identity management systems was acquired by Francisco Partners, a global private equity firm focused on investments in technology and technology-enabled services business. Later in the same year, search engine giant, Google acquired facial recognition technology company Viewdle. The increasing demand for innovative biometric applications is expected to result in a further increase in consolidation activity over the coming months. North America is expected to dominate the biometrics market, closely followed by Europe and Asia. Despite Europe’s continuing economic woes, the region’s share of the global market is predicted to increase over the projected period. In terms of technology, fingerprint identification is expected to account for 43% of the biometrics market. With a share of 26%, facial recognition comes second and Iris/Retinal identification is third with 13.2%. Some of the companies mentioned in this report are Precise Biometrics, Lumidigm Inc., 3M Cogent, Giesecke and Devrient (GandD), Gemalto, SecuGen Corporation, Fujitsu, RCG Holdings, Iris Guard, Computer Sciences Corporation, SUPREMA, Morpho, Cross Match Technologies, Inc., NEC Corporation, Smartmatic International Corporation, Hitachi, Ltd. Full report can be obtained by visiting http://www.reportstack.com/ Related Reports: The Global Military Ammunition Market 2013-2023 (http://www.reportstack.com/ The Global Military IT, Data and Computing Market 2014-2024 (http://www.reportstack.com/ The Global Military Simulation and Virtual Training Market 2014-2024 (http://www.reportstack.com/ End
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