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Biometric systems market to hit a value of $20 billion by 2018

The global biometric systems market has been forecast to grow to a value of approximately $20 billion by the end of 2018, driven by a lack of data protection and old security practises such as photographs, passwords and PIN codes.

Biometrics refers to the identification of humans by their characteristics or traits. Biometrics is used in computer science as a form of identification and access control. It is also used to identify individuals in groups that are under surveillance.

People around the globe are facing the burden of remembering dozens of different passwords for different applications. Additionally, users are expected to change their passwords on regular intervals for better security. Passwords do not provide reliable security, as hackers can easily break it using free internet software.

Biometric technology provides an efficient way to get rid of such problems, with more reliable security. Initially, due to higher costs, biometrics were limited to government and large corporations, however, they are now more affordable to small business and even individual consumers.

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.

Countries such as Singapore, Taiwan, and Japan are already leading the way in terms of mass surveillance and access control management through biometrics and video surveillance.

Social networking sites are anticipated to begin using biometrics for authentication. The increasing use of mobile/tablet based applications will encourage mobile industry leaders like Apple and Google to implement biometrics in to mobile devices.

The market for fingerprint biometric technologies is expected to see the largest increase with an annual growth rate of 19.6 percent. It is currently the main source of revenues in the biometrics market totalling $2.7 billion and by 2015 it will grow to reach more than $6 billion.

The second largest segment in biometrics, the market for face, iris, vein, and voice recognition technologies, will expand to $3.5 billion, from its current size of roughly $1.4 billion.

For more information on the biometric systems market, see the latest research: Biometric Systems Market

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