by Shane Henson — October 23, 2013—According to new research from Frost & Sullivan, the increasing awareness of biometrics across industries will spur the global commercial biometrics market. While historically the adoption of biometrics has been concentrated in the government sector, recent years have witnessed considerable demand for applications such as ATMs (automated teller machines), retail points of sale, and finance. Iris and face recognition algorithms have undergone substantial advancements and are gaining prominence, while fingerprint technologies remain the most popular.
Per the company’s report, Analysis of the Global Commercial Biometrics Market, the market earned revenues of $1.48 billion in 2012, and Frost & Sullivan estimates this to reach $6.15 billion in 2019. In addition to fingerprint, facial and iris biometrics, the study covers hand geometry, voice and signature technologies.
Frost & Sullivan notes that although improvements in technology augur well for the market, any large-scale biometric project in enterprises takes long to implement and cover every employee. Since many businesses work within a restricted budget for a limited time span, the high cost and extended duration of deploying biometrics restricts installation rates.
Moreover, the lack of knowledge among customers, fear over loss of privacy, and uncertainty over the reliability and security of stored data also dampen adoption of biometrics. With awareness at an early stage, solution providers, system integrators, and value-added resellers are the accepted channel for distribution and therefore, their decisions will decide future uptake levels.
“Business strategies with customized ROI models and reduced opportunity costs are expected to help biometrics sustain momentum in emerging markets,” says Frost & Sullivan senior research analyst Ram Ravi. “Regulatory mandates and procedures in compliance with medical standards are necessary to favor biometrics market expansion.”
