Research and Markets: Biometrics Market in North America 2014-2018: Key Vendors are 3M Cogent, Cross Match Technologies, NEC Corp & Safran SA
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DUBLIN - August 26, 2014 (www.investorideas.com newswire) Research and Markets has announced the addition of the "Biometrics Market in North America 2014-2018" report to their offering.
The Biometrics Market in North America to grow at a CAGR of 16.98 percent over the period 2013-2018.
This report covers the present scenario and the growth prospects of the Biometrics Market in North America for the period 2013-2018. To calculate the market size, the report considers revenue generated from the sales of biometrics solutions in the US and Canada. It also presents the vendor landscape and a corresponding detailed analysis of the top four vendors in the market. In addition, the report discusses the major drivers that influence the growth of the Biometrics Market in North America. It also outlines the challenges faced by vendors and the market at large, as well as the key trends that are emerging in the market.
The integration of biometrics and smart cards for projects such as driving licenses and passports is one of the major trends witnessed in the market. In addition to these projects, biometrics is being used as a stand-alone authentication device for various purposes. Biometrics integrated with smart cards offers the advantage of offline authentication, which is beneficial for end-users in remote locations that do not have a proper communication infrastructure. In addition, smart cards have the added advantage of storing many applications for multiple purposes
According to the report the Biometrics market in North America is driven by several growth factors. The strong economy of the US is one of its major drivers. The US is the largest economy in the world and one of the major exporters of arms and ammunitions. Its financial strength and abundant revenue enable it to make significant investments in the Biometrics sector for security applications. The demand for a high level of security, which in turn leads to high adoption of biometrics in the Government, Healthcare, and Transport sectors, is another major driver in the market.
Further, the report states despite the above drivers, the growth of the Biometrics market in North America is curtailed by some challenges. Strong competition from inexpensive non-biometric technologies such as swipe cards, token-based two-factor authentication, and software authentication is one of the key challenges for the market.
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