Biometric security is rapidly gaining adoption among both private & public sectors worldwide as a precise, trustworthy and economic way to provide better and advanced security surveillance.

The continuously growing security concerns ranging from individual identity theft and corporate security to national security are driving the biometric market. According to a new research on the biometric sector, the global biometric market is anticipated to grow at a CAGR of around 18% during the 2010-2012. This report discusses about the current and future scenario of biometric market across various regions, underlining the future potential areas and key issues crucial for the market development.

Europe & North America dominated the global biometric market, accounting for a combined market share of 62% in 2009. It was narrowly followed by the Asia-Pacific region. The African & Middle East region is also expected to emerge as a growing market for biometrics by 2012 as the Gulf and South African regions are taking several initiatives and starting various biometric programs.

As per the report, the financial sector has been emerging as a potential adopter in global biometric market. In particular, banks are leading the charge in oder to cut down on increasing frauds. The most interesting thing is that a number of banks in developing countries (specifically Asian nations, including India, China, Malaysia, etc.) are looking upon biometrics as a way to curb fraud and offer customers an easy and more convenient authentication alternative to cards and PINs for transactions like ATM withdrawals.