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Building the business case for biometrics

Categories Industry Insights

Biometrics Research Group, Inc., publisher of BiometricUpdate.com, is pleased to have been featured in a special report on biometrics that was published in The Times of London by Raconteur Media on April 30.

Rawlson King, contributing editor at BiometricUpdate.com, provided an article which observes that due to the security and financial benefits of biometrics, there is a strong case for all businesses to consider adopting such technologies. The article is entitled Building the Business Case for Biometrics.

He notes that the tangible benefits of the technology include: time, attendance and workforce management; and enhanced security for healthcare, banking, management and public safety or premise-access applications. Furthermore, he notes that biometric technology also speeds financial transactions through point-of-sale systems and third-party processors who leverage biometric-enabled smartphones.

King writes in the article that: “Growth in the sector can be attributed to increasing popular acceptance of the technology by business in efforts to lower costs, increase output and enhance security.”

Consequently, as the technology becomes more understood by businesses, Biometrics Research Group expects to see more deployments by businesses that wish to invest in a technology which enhances security, and increases corporate efficiency and productivity.

Biometrics Research Group, Inc. projects that the global biometrics marketplace will grow to US$15 billion by the end of this year from its 2012 estimated value of US$7 billion.

The research vendor also projects that the market for fingerprint biometric technologies will account for the greatest share of the global biometrics market and will continue to be the main source of overall market revenues from 2010 to 2015.

We projected the sector was valued at US$5 billion in 2012 and will reach nearly US$10 billion by the end of 2015.

Face, iris, vein and voice recognition together form the second largest segment. This sector was worth an estimated $2 billion in 2010 and is expected to reach $5 billion in 2015.

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