Biometrics Market Resilient Compared to Other Industries

Biometrics: A Global Strategic Business Report (Companies & Markets)

However, given the length, breath and duration of the 2007-2009 recession, the cumulative 12.1% decline in growth during the period, in fact highlights the relative resilience of the biometrics market in comparison with other industries, which witnessed acute and prolonged erosion in growth. In other words, despite the aforementioned deceleration in growth momentum, average annual growth when viewed in isolation, was still a healthy, indicating that the slowdown actually doled out its fair share of opportunities in this space in the form of increased crime rates and thereby increased incentive for investments in these technologies. For instance, recession induced consumer loss of confidence in financial institutions, surging crime rates in most urban and private residential areas, shattered confidence in public safety agencies and law enforcement departments, have all necessitated high-level security arrangements.

And (Press Release)

The United States is the largest biometrics market in the world, and the Asia Pacific region is one of the most rapidly growing markets. The Asia Pacific biometrics market is set to grow at a compound annual growth rate of 23.8% to 2017. In terms of individual subsectors of the biometrics market, the iris / retinal scan segment is the fastest growing, set to grow at a CAGR or 26% to 2017.