Frost & Sullivan: Global Commercial Biometrics Market to Grow Considerably as Awareness Increases Fingerprint technology continues to be the most used, even as face and iris recognition gain prominence
LONDON, Oct. 23, 2013 /PRNewswire/ -- Increasing awareness of biometrics across industries will spur the global commercial biometrics market. While historically the adoption of biometrics has been concentrated in the government sector, recent years have witnessed considerable demand for applications such as ATMs, retail points of sale, and finance. Iris and face recognition algorithms have undergone substantial advancements and are gaining prominence, while fingerprint technologies remain the most popular.
New analysis from Frost & Sullivan (http://www.autoid.frost.com), Analysis of the Global Commercial Biometrics Market, finds that the market earned revenues of $1.48 billion in 2012 and estimates this to reach $6.15 billion in 2019. In addition to fingerprint, facial and iris biometrics, the study covers hand geometry, voice, and signature technologies.
"Better end-user recognition of the unique capabilities of biometric technologies, including enhanced security as well as physical and logical access control in applications, has helped vendors win a number of projects and contracts," said Frost & Sullivan Senior Research Analyst Ram Ravi. "Focus on building robust, error-free and efficient solutions will create added revenue-generating opportunities for biometric vendors."
Although improvements in technology augur well for the market, any large-scale biometric project in enterprises takes long to implement and cover every employee. Since many businesses work within a restricted budget for a limited time span, the high cost and extended duration of deploying biometrics restricts installation rates.
Moreover, the lack of knowledge among customers, fear over loss of privacy, and uncertainty over the reliability and security of stored data also dampen adoption of biometrics. With awareness at an early stage, solution providers, system integrators, and value-added resellers are the accepted channel for distribution and therefore, their decisions will decide future uptake levels.
"Business strategies with customised ROI models and reduced opportunity costs are expected to help biometrics sustain momentum in emerging markets," revealed Ravi. "Regulatory mandates and procedures in compliance with medical standards are necessary to favour biometrics market expansion."
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Analysis of the Global Commercial Biometrics Market is part of the Automatic Identification Growth Partnership Service program. Frost & Sullivan's related research services include: Global Commercial Biometrics Market, Global Barcode Printer Market, Global Radio-frequency Identification in Aerospace and Defence Market, and Southeast Asia and Australia-New Zealand Real-time Location Systems Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
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Analysis of the Global Commercial Biometrics Market
SOURCE Frost & Sullivan