Both biometric technology and radio frequency identification (RFID)-based applications are experiencing tremendous growth potential, research firm Frost and Sullivan reports.
Biometrics technologies are likely to be the vital component in tomorrow's security systems, as governments and private enterprises worldwide emphasize establishing the positive identity of people in high-security areas to prevent unauthorized access. Such measures are likely to accelerate the global adoption of various biometric technologies.
The biometrics market generated revenues worth $303.3 million in 2003 and is projected to reach $3,548.2 million by 2009.
The global RFID market is being restrained by lack of established industry standards; however, the market generated revenue totaling $1.7 billion in 2003, with projected revenues of $11.7 billion by 2010.
"A more structured standards framework is necessary to enable better innovations in technology and product development," says Frost & Sullivan Research Analyst Karthik Nagarajan.
"With the exception of electronic product codes (EPC), the industry is still fragmented in its choice of standards for emerging applications."
However, demand continues to be strong in established applications such as toll collection, security and access control, and automobile immobilization. Numerous pilot projects have been attempted in the last two years to stimulate RFID deployment on a wider scale.
RFID-based solutions are also being promoted by the initiative shown by the Department of Defense, Wal-Mart Stores, and others in adopting the technology and making tagging mandatory for their numerous suppliers.
For more information, visit www.frost.com
Biometrics technologies are likely to be the vital component in tomorrow's security systems, as governments and private enterprises worldwide emphasize establishing the positive identity of people in high-security areas to prevent unauthorized access. Such measures are likely to accelerate the global adoption of various biometric technologies.
The biometrics market generated revenues worth $303.3 million in 2003 and is projected to reach $3,548.2 million by 2009.
The global RFID market is being restrained by lack of established industry standards; however, the market generated revenue totaling $1.7 billion in 2003, with projected revenues of $11.7 billion by 2010.
"A more structured standards framework is necessary to enable better innovations in technology and product development," says Frost & Sullivan Research Analyst Karthik Nagarajan.
"With the exception of electronic product codes (EPC), the industry is still fragmented in its choice of standards for emerging applications."
However, demand continues to be strong in established applications such as toll collection, security and access control, and automobile immobilization. Numerous pilot projects have been attempted in the last two years to stimulate RFID deployment on a wider scale.
RFID-based solutions are also being promoted by the initiative shown by the Department of Defense, Wal-Mart Stores, and others in adopting the technology and making tagging mandatory for their numerous suppliers.
For more information, visit www.frost.com
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