Biometrics industry to generate $13-B revenues in 2015

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Biometric technologies are strengthening their position in both existing markets like law enforcement and government applications, and in emerging high-value segments like the consumer and banking markets, according to analyst firm ABI Research.

Photo credit: ITU.int
Photo credit: ITU.int

Near-infrared iris recognition technology is a promising up-and-comer for both smartphone applications and enterprise access control, while ultrasound fingerprint and vein recognition companies are looking to establish their dominance in banking and finance applications, it said.

Shortcomings on facial recognition, solid-state, and optical fingerprint technology are being revisited with companies unveiling new commercial deployments to secure their position in the market but some technical issues keep them from delivering to their full potential, ABI added.

Different end-user markets, however, have specific needs and restrictions and cannot accommodate all biometric technologies resulting in less than satisfactory deployments, it noted.

?We see companies not initially getting the expected ROI because of the combination of modality-application-vertical they chose to employ,? said Dimitrios Pavlakis, research analyst at ABI Research.

?The overly advertised False Acceptance and False Rejection metrics are simply one part of a larger equation which includes: data quality, data storage, scalability, compatibility, application effectiveness, environmental fluctuations, and technical specifications among others.?

With the overall industry forecasted to reach $26.8 billion in revenues by 2020, biometric security and surveillance is way past the ?trend? threshold and is steadily making its way into multiple verticals ? one segment at a time.

Key vendors for biometric security include Saffran Morpho, 3M-Cogent, NEC Corp., and Crossmatch Technologies while market innovators deploying their own novel solutions include Qualcomm, Fujitsu, MasterCard, VKansee, HRS, Booz Allen, EyeVerify, and Google.

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