New research has forecast the global commercial biometrics market will generate revenues of $6.15 billion in 2019, up from $1.48 billion in 2012.
The ‘Analysis of the Global Commercial Biometrics Market’ report from Frost & Sullivan predicts that the global commercial biometrics market will rocket due to an increasing awareness of biometrics and a growing demand for applications such as ATMs, retail point of sale, and finance.
It adds that, while fingerprint technologies remain the most popular biometric deployment, advancements in iris and face recognition algorithms are helping to drive the global commercial market forward.
Frost & Sullivan senior research analyst Ram Ravi said: “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.”
However, the report claims there are fears among customers which is inhibiting the adoption of biometrics, factors including a lack of knowledge, fear over loss of privacy and uncertainty over the reliability and security of stored data.
It states that solutions providers, system integrators and value-added resellers will have a say in the future uptake of biometrics, with the lack of awareness meaning they are the accepted channel for distribution.
Ravi added: “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.”
