|
|
 |
|
Viewing report
|
|
|
|
Biometrics Market - Surviving the Global Recession
Frost & Sullivan, March 2009
This issue based deliverable examines some of the opportunities for the world biometrics market. It highlights economic conditions and some of the key challenges the industry is anticipated to face in 2009. In addition to the current and future opportunities, the strategic recommendations provided by Frost & Sullivan will help participants in the biometrics market survive the economic downturn.
Market overview
Impact of the Current Economic Crisis
The collapse of the sub-prime mortgage sector in the United States led to the tightening of global credit markets. Since February 2008, the credit crisis led to a global financial calamity that caused the collapse or near-collapse of several leading financial institutions. The economic downturn had a significant impact on the financial landscape of the United States and worldwide. Large numbers of financial institutions failed, problems in the financial sector reduced credit availability to the real economy, and that, in turn, led to financial turbulence and economic uncertainty. Additionally, the last few profitable years encouraged business leaders to borrow money and invest heavily. However, the return on investment in 2008 was not as anticipated. This left the companies in severe financial danger. Many organizations were forced to layoff their employees and cancel key projects to control spending.
The turmoil in the financial markets led to malicious activities such as theft and vandalism prompting enterprises to increase security at their facilities. There are reported cases of former and existing employees stealing office equipment, intellectual property, accessing someone else's computer, and even selling off usernames and passwords to the highest bidder for accessing sensitive company information. The current financial crisis is driving demand for more integrated security solutions from vertical market sectors such as education, local government, and industrial facilities. With the U.S. economy sinking to new depths, it is also increasing the crime rate. This is a prime opportunity for biometric vendors to establish their credibility in the market place.
Biometrics Market Advancement Pre-Economic Crisis
For decades, fraudulent identities have critically hurt the financial industry, government agencies, and business establishments. Currently, techniques to create fraudulent identities have moved beyond the existing tools for prevention, resulting in even greater risks and losses. The underlying driver for the use of biometrics is the search for technologies that can prevent fraud. Biometrics is automated techniques designed to verify or identify people by their physical or behavioral characteristics. The most commonly used biometric technologies are fingerprint, face recognition, iris recognition, hand geometry, voice verification, and signature verification technologies. Biometric technologies have reached a point where commercial applicability is viable due to their becoming more reliable, affordable, and accurate. The biometrics industry has been hoping that its products become a critical tool for verification, authentication, and identification of people, and thereby assist in the prevention of fraud and terrorism.
Historically, biometrics has been used primarily by law enforcement agencies, where automated methods of fingerprint matching are increasingly common. Biometrics have also had limited acceptance in the access control field for several years, especially hand geometry and iris recognition, which are used for high-security applications. Increasingly, biometric technology is being used in diverse government and commercial applications. Departments of Motor Vehicles (DMVs) are using biometrics to avoid issuing duplicate licenses to unauthorized drivers. The U.S. Immigration and Naturalization Service (INS) are using it to verify the identity of people at international checkpoints. In the private sector, banks are exploring the use of biometrics for identification purposes at automated teller machines (ATMs) and for home banking. Credit card companies may adopt the technology for point of sale (POS) identification. Furthermore, computer systems integrators are implementing biometrics to control access to company computer networks, and healthcare organizations are using the technology for customer identification.
The seven major types of biometric technologies that have generated regular, ongoing revenues for last two to three years are, namely:
- Fingerprint recognition
- Face recognition
- Iris recognition
- Hand geometry
- Voice verification
- Signature verification
- Vein recognition
Product samples
A sample for this product is available. Please Login/Register to download this sample.
Customers who bought this item also bought
World Financial Biometrics Markets
Biometrics - Global Strategic Business Report
Biometrics - Trends & Opportunities Worldwide
Biometrics - Trends & Opportunities Worldwide
World Biometrics Market
US business spending on biometrics technology in dollars for 1999, with spending breakdown for hand geometry, finger scanning, signature verification, speech recognition and face recognition technologies
World Signature Verification Biometrics Markets
World Biometrics Markets
World Face Recognition Biometrics Markets
The Future of Voice Biometrics in the Enterprise Market (Strategic Focus)
The Business Case for Biometrics in Finance
Biometrics Markets in Asia Pacific
|
|
|
|
