Frost & Sullivan 'Analysis of the Global Commercial Biometrics Market'

New analysis from Frost & Sullivan, Analysis of the Global Commercial Biometrics Market, finds that the market earned revenues of $1.48 billion in 2012 and 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 Senior Research Analyst Ram Ravi, comments: “Better end-user recognition of the unique capabilities of biometric technologies, including enhanced security as well as physical and logical access control in applications, has helped vendors win a number of projects and contracts. Focus on building robust, error-free and efficient solutions will create added revenue-generating opportunities for biometric vendors.”

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 customised ROI models and reduced opportunity costs are expected to help biometrics sustain momentum in emerging markets. Regulatory mandates and procedures in compliance with medical standards are necessary to favour biometrics market expansion,” concluded Ravi.