Technavio Research projects growth in retail and behavioral biometrics
Technavio Research has released a new market research which expects the global biometrics market for the retail sector to reach over US$2 billion by 2020. According to the report, this will represent a compound annual growth rate (CAGR) of 22 percent between the beginning of 2016 and the end of 2020.
Technavio analysts estimate that fingerprint ID technology for the retail sector will be the largest market segment during this forecast period. This segment currently dominates the global market for biometrics in the retail sector and is envisaged to account for more than 30 percent of total market share by 2020. Much of this segment’s growth can be attributed to the ability of fingerprint identification systems to aid in time and attendance monitoring, inventory management and access control.
The report identifies the leading vendors in the global biometrics market in retail sector, which include: Crossmatch Technologies, Honeywell Security, M2SYS Technology, NEC, Safran, and Suprema. The report notes that the market is highly fragmented due to the presence of numerous vendors.
A subsequent report from Technavio states that the market for global behavioral biometrics will more than double, to reach a value of US$2.69 billion by 2020, growing at a CAGR of 17.34 percent from 2015 to 2020.
Behavioral biometrics measures unique human traits like keystroke analysis, voice authentication, and signature verification. It has be described as the sister science to physical biometrics, which measures physical traits like fingerprints and iris patterns.
The research vendor believes that the behavioral biometrics sector will experience growth due to an exponential increase in security vulnerabilities, including transactional fraud, bank forgery, identity theft, and data theft in the banking, financial services and insurance (BFSI), government, education, and healthcare sectors.