Technavio report finds North American biometrics market to exceed $8B by 2020
Technavio recently published a new research study titled ‘Biometrics Market in North America 2016-2020,’ which forecasts the biometrics market in North America to reach over $8 billion in revenue by 2020.
The comprehensive report provides an in-depth analysis of market growth in terms of revenue and emerging market trends.
The report states that the Increasing complexity of cyber-attacks and data pilferage, along with the growing awareness about security risks have driven end-users to adopt more secure, multimodal authentication solutions.
“A major share of the government biometric revenue comes from homeland security and law enforcement divisions as they deal with large volumes of public data,” said Amrita Choudhury, one of Technavio’s lead analysts for automatic identification systems research. “During the forecast period, iris recognition is predicted to find greater adoption for high-security applications such as border control and access control systems because of its stability and scalability.”
In terms of achieving the highest end-user adoption rate in the North American biometric market for 2015, fingerprint recognition led with 49.53%, followed by iris recognition with 13.75%, facial recognition with 11.69%, hand geometry with 10.02%, voice recognition with 6.75%, other technologies with 6.57%, and vein recognition with 1.71%.
Fingerprint recognition technology was widely adopted in various end-user segments for authentication purposes, including Webster Bank introducing authentication using Apple’s Touch ID technology, Zwipe offering fingerprint-based contactless payment via Zwipe Mastercard, and SmartMetric introducing a similar card that contains a fingerprint reader to activate the card.
The report asserts that iris recognition technology will continue to experience steady and healthy growth during the forecast period, driven by its contactless nature and high accuracy rate (a FAR of just one in 1.2 million).
Facial recognition technology also saw a high adoption rate as a result of being constantly updated and moving beyond traditional facial detection applications, the report said.
The technology is expected to see rapid adoption in the retail sector because of its ability to understand facial expressions of consumers while they shop.
In a recent guest post, Technavio lead analysts Amrita Choudhury and Deepthi Harimon interview Mark Clifton, president of SRI International’s products and solutions division and vice president of SRI International.
access control | biometrics | border control | facial recognition | fingerprint recognition | hand geometry | iris recognition | market research | security | TechNavio | vein recognition | voice recognition