Biometrics industry to reach $26.8B revenues in 2020: ABI Research
ABI Research has published new insights as part of its “Biometric Technologies and Applications Market Research”, in which it forecasts the global biometrics industry will reach US$26.8 billion in revenues by 2020.
This forecast proves that biometric security and surveillance has grown to surpass the “trend” threshold and is slowly moving into multiple verticals, one segment at a time.
In its research, ABI Research details how biometric technologies are being constantly developed, which continually strengthens their position in existing markets like law enforcement and government applications, as well as in emerging high-value segments of consumer and banking markets.
The research finds states that near-infrared iris recognition technology has established itself as a promising biometric method for both smartphone applications and enterprise access control, while ultrasound fingerprint and vein recognition companies are seeking to establish their dominance in banking and finance applications.
Meanwhile, certain technical issues associated with facial recognition, solid-state, and optical fingerprint technology are preventing these biometric modalities from delivering to their full potential.
On the other hand, different end-user markets have specific needs and limitations. As a result, they are unable to accommodate all biometric technologies, which can often lead to less than satisfactory deployments.
“We see companies not initially getting the expected ROI because of the combination of modality-application-vertical they chose to employ,” says Dimitrios Pavlakis, research analyst at ABI Research. “The overly advertised False Acceptance and False Rejection metrics are simply one part of a larger equation which includes: data quality, data storage, scalability, compatibility, application effectiveness, environmental fluctuations, and technical specifications among others.”
The research analyzes and compares the underlying biometric sensing technology and proposes both near and long term solutions to technical issues for each biometric method.
The research highlights several key biometric security vendors including Saffran Morpho, 3M-Cogent, NEC Corp., and Crossmatch Technologies while market innovators deploying their own novel solutions include Qualcomm, Fujitsu, MasterCard, VKansee, HRS, Booz Allen, EyeVerify, and Google.
ABI Research’s “Biometric Technologies and Applications” service is designed to provide accurate and detailed insights on the entire range of biometric applications, including the underlying technologies, hardware and software advances, company strategies, and end-user market applications.
Previously reported, ABI Research published a new report in which it forecasts that U.S. governmental biometric expenditures will reach US$8.6 billion by 2020.