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Spending on Biometrics Climbing Rapidly

The International Biometrics Group predicts financial services firms will increase spending for biometric technologies from its current rate of about $48 million per year to about $406 million by the year 2008, according to figures in "Biometric Market and Industry Report 2004-2008."

The report also shows that fingerprinting is well and above the leading way Biometrics is now used with revenues for biometric companies in 2003 reaching $198 million for fingerprint verification and another $312 million spent by companies purchasing Automated Fingerprint Identification Systems. That compares to $50 million in 2003 for facial recognition, $35 million for iris recognition, $43 million for hand geometry and just $9 million on signature verification. By application, the top way biometrics is used is criminal identification. The two next most common uses are access control followed closely by civil identification. For information on the report, go to www.biometricgroup.com.

Copyright © 2004 Bankers' Hotline. Originally appeared in Bankers' Hotline, Vol. 14, No. 1, 3/05

First published on 03/05/2004

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