More consumers are becoming aware of biometric technologies which is spurring adoption of the identification technologies and leading to other applications, according to a report from Frost & Sullivan. The consultancy predicts the biometric market earned revenues of $1.48 billion in 2012 and estimates this to reach $6.15 billion in 2019.
Historically the adoption of biometrics has been concentrated in the government sector, recent years have witnessed considerable demand for applications such as ATMs, retail points of sale and finance. Iris and face recognition algorithms have undergone advancements and are gaining prominence, while fingerprint technologies remain the most popular. In addition to fingerprint, facial and iris biometrics, the study covers hand geometry, voice, and signature technologies.
Although improvements in technology bode well for the market, any large-scale biometric project in enterprises takes some time 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 may restrict 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 dampens adoption of the technology.
Find the full report here.