January 19, 2006 There’s an excellent article been posted on findBIOMETRICS this week which will be useful to anyone interested in biometrics and its future. It’s an interview with Frost & Sullivan analyst Rob Allen about the research company’s latest report on the North American Biometric market and it yields a lot of very useful information. The major take-outs are that the U.S. Biometrics Market generated US$527 million in 2004 and is projected to generate US$1.4 billion in 2008 creating many entry and exit opportunities.
Allen is the lead research analyst for the Financial Services Group at Frost & Sullivan, covering Automated ID, Security and Biometrics. Mr. Allen’s group primarily serves the financial services clients, mainly the venture capital markets and the private equity companies.
The report was conducted between August 2005 and December 2005 and approximately 25 companies were involved.
Some of the key findings of the report were:
-Simultaneous multi-modal biometric verification significantly improves measure-of-performance statistics yet 95 percent of market participants offer only one biometric application.
-Over 140 identified market participants globally, 60 of which operate from North America, many more still in early start-up phase.
-Market participants feel that a large amount of consolidation is necessary within and across segments as particular applications and business models succeed.
When asked about the most significant event to impact the Biometric market in 2005 Mr. Allen stated that, “First, from my point of view, is the emergence of L-1 Partners. Robert LaPenta has branched off to start L-1 Investment Partners, coming forward with this “biometrics only” investment company. That is huge! It really signifies that biometrics is here and is here to stay so I am definitely glad to see that.”
To read the entire interview, visit www.findbiometrics.com