Government spurs biometrics market
The government sector is going to be the single largest vertical market for biometric technologies through 2007, when spending is expected to reach $1.2 billion, according to International Biometric Group LLC, a New York-based research and consulting firm. IBG estimated the government market for biometrics in 2002 would be $217 million.
The global market for biometrics will hit $4 billion by 2007, according to IBG's annual forecast released last month. The largest biometric market segment will continue to be fingerprint technologies, followed by facial recognition and iris scanning, said Mike Thieme, director of special projects for IBG.
IBG's forecast is based on vendor revenue, which it defined as sales of hardware and software that are related to the core biometric technology, with adjustments made based on a variety of economic and political factors, Thieme said.