Growth expected for biometrics market in financial sector

Analysts say that the market for biometric security measures at financial institutions will skyrocket globally over the next four years.

According to a research report issued by Frost & Sullivan, the market, which garnered $117.3 million in 2006, is estimated to reach $2.07 billion in 2013.

The report cites banks eagerness to offer their customers enhanced security and convenience as a big factor for the expected increase. It also states that biometrically enabled ATM’s have become popular in such areas as Japan, India, Latin America and the Middle East.