Frost & Sullivan has released a report for the North American biometrics market under its Automatic Identification and Security Growth Partnership Services program. The report specifies that continued growth in the market is expected with forecasted revenues of more than $1.5 billion in 2016.
The writers of the report suspect growth can be attributed to a number of situations both within and outside of the biometrics industry. Among those are continued improvements in the technology offered included improvements in accuracy rates and performance levels as well as increased crime yielding an increase in demand and higher adoption rates for consumer-level offerings.
While the report forecasts growth in the market, it also details a number of things that are hindering additional growth. Among these obstacles are the economic slowdown, long sales cycles in government contracts and privacy constraints. Additionally, a lack of standardization and awareness has prevented new customers from emerging.