October 17, 2013 -
New analysis from Frost & Sullivan estimates that the global biometrics market will reach $6.15 billion in 2019, thanks in part to increasing awareness across industries.
The research, Analysis of the Global Commercial Biometrics Market, is now available from Frost & Sullivan, as a part of its Automatic Identification Growth Partnership Service program.
“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,” Frost & Sullivan senior research analyst, Ram Ravi said. “Focus on building robust, error-free and efficient solutions will create added revenue-generating opportunities for biometric vendors.”
The new research has also found that iris and face recognition algorithms have undergone substantial advancements and are gaining prominence, though fingerprint remains the most popular modality. The report also notes that a lack of knowledge, fear over the loss of privacy as well as uncertainty over reliability and security of stored data has affected adoption.
“Business strategies with customised ROI models and reduced opportunity costs are expected to help biometrics sustain momentum in emerging markets,” Ravi SAID. “Regulatory mandates and procedures in compliance with medical standards are necessary to favor biometrics market expansion.”
Frost & Sullivan also recently published a statement in favor of mobile biometric payment systems, arguing the industry must focus on payment security and that biometrics represents the best solution.