An Economic Rebound???
Well, as we approach the 2nd quarter of this year, all eyes are on the economy. True, we still hear about the wars in Iraq and Afghanistan, and now the recent bombings and airstrikes over Libya, but that is all faded away by news of our current economic situation. Granted, the former are very important issues, but when it comes down to things like our own job security and health insurance, all other global problems quickly fade away.
It all comes down to dollars and cents. Probably the biggest economic reports we pay attention to are the job numbers, such as the so called ADP reports and the government reports which come out each month. But, we are often dismayed by these reports, because as often as they paint a rosy picture, a couple of months later, when the “real” numbers come out, the reports are often a much gloomier forecast (a primary reason for this is that the employment and job growth numbers are lagging indicators of our economy, and while there will be some variance in later revisions, the Federal Government can never seem to get it right-there are huge variances, and really, there is no statistical excuse for it).
But, while these numbers are important to look at, it is also equally important, if not more, to look at how the various industries are doing in our aggregate economy. And of course, even in this regard, the Biometrics Industry plays a critical role. After all, Security is a very important growth of our economic growth, right??? Well, today, I came across two news articles which paints a pretty decent picture for Biometrics.
Both of these predictions are actual market research reports, and here are the details of the first one: “Frost & Sullivan estimates TheWorld Biometrics Market to reach $5.3 billion by 2016; a huge increase over the market earned revenues of $1.2 billion in 2009 . . . Price decline and integrated multiple biometric technologies that offer a layered approach to complex security, immigration and privacy concerns poise the industry for rewarding global market opportunities . . . Successful large-scale government acceptance of biometrics and has helped the technology become recognized as one of the most feasible methods to answer identification requirements.” (SOURCE: http://www.findbiometrics.com/industry-news/i/8738/).
The second market research report deals with the e-Passport, and here are the details of this as well: “Asia Pacific ePassport production will more than triple from 2009 to 2014 growing from 16.6 million to 55 million biometrically enabled ePassports issued annually. New forecasts from Acuity Market Intelligence project that the Asia Pacific ePassport market will represent an increasing percent of the global market for ePassports as unit market share grows from 27% in 2009 to 42% by 2014. Growth in regional unit issuance outpaces growth in global unit issuance by a factor of 3 to 2. Altogether, there will be twenty-six Asia Pacific nations producing ePassports by 2014 accounting for 84% of the region's total passport issuance.” (SOURCE: http://www.findbiometrics.com/articles/i/8735/).
Final Thoughts On Today’s Posting
There is no need to go over the specific statistics in the above quotes, as they are very well self explanatory. But whatever it is, it is good news. Keep in mind that these are not Federal Government reports of any kind, these market research reports and projections were formulated by high caliber organizations in the private sector (who knows, maybe the Feds should just outsource their monthly numbers here as well???).
So, I do have very strong faith in these numbers which have been quoted. Also, it is important to note that these statistics are for the global market in Biometrics in general, not just specifically for the United States. But whatever it is, the United States is still probably the biggest contributor to the Biometrics Industry in terms of technology as well as research and development. So, in the end, demand is still demand, and that means a greater need for Security products and services, which will translate into further revenue, thus providing some ammunition for future economic growth (here, it is where the GDP numbers become important).
Whether it is just demand for a certain, absolute Biometrics product or service, or as a subset of it (such as the e-Passport, where Smart Card Technology also plays an equal role), it is money in the hands of the American economy. And here is what I find most ironic: It is not the policies of the United States Federal Government which will be saving grace for the American economy, it will be the rest of the world.
And here is a double irony: In a land where Biometrics is considered a threat to society, this is the one area which still outshines the rest of the economy. Hmm, something to think about.