Biometric Alert: Frost & Sullivan: Global Commercial Biometrics Market to Grow Considerably as Awareness Increases
Fingerprint technology continues to be the most used, even as face and iris recognition gain prominence
LONDON - October 18, 2013 (Investorideas.com Newswire) Increasing awareness of biometrics across industries will spur the global commercial biometrics market. While 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 substantial advancements and are gaining prominence, while fingerprint technologies remain the most popular.
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.
"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," said Frost & Sullivan Senior Research Analyst Ram Ravi. "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," revealed Ravi . "Regulatory mandates and procedures in compliance with medical standards are necessary to favour biometrics market expansion."
If you are interested in more information on this research, please send an e-mail to Julia Nikishkina, Corporate Communications, at email@example.com, with your full name, company name, job title, telephone number, company e-mail address, company website, city, state and country.
Analysis of the Global Commercial Biometrics Market is part of the Automatic Identification Growth Partnership Service program. Frost & Sullivan's related research services include: Global Commercial Biometrics Market, Global Barcode Printer Market, Global Radio-frequency Identification in Aerospace and Defence Market, and Southeast Asia and Australia-New Zealand Real-time Location Systems Market. All research services included in subscriptions provide detailed market opportunities and industry trends evaluated following extensive interviews with market participants.
About Frost & Sullivan
Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants.
Our "Growth Partnership" supports clients by addressing these opportunities and incorporating two key elements driving visionary innovation: The Integrated Value Proposition and The Partnership Infrastructure.
The Integrated Value Proposition provides support to our clients throughout all phases of their journey to visionary innovation including: research, analysis, strategy, vision, innovation and implementation.
The Partnership Infrastructure is entirely unique as it constructs the foundation upon which visionary innovation becomes possible. This includes our 360 degree research, comprehensive industry coverage, career best practices as well as our global footprint of more than 40 offices.
For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Is your organisation prepared for the next profound wave of industry convergence, disruptive technologies, increasing competitive intensity, Mega Trends, breakthrough best practices, changing customer dynamics and emerging economies?
Contact Us: Start the discussion
Join Us: Join our community
Subscribe: Newsletter on "the next big thing"
Register: Gain access to visionary innovation
Analysis of the Global Commercial Biometrics Market
Corporate Communications â€“ Europe
P: +7 (499) 213 0156
LinkedIn: Future of Measurement and Instrumentation
Research Biometric stocks at Investorideas.com stock directory
This news is published on the Investorideas.com Newswire and its syndicated partner network
Get Free investor news and stock alerts: Sign up here
Published at the Investorideas.com Newswire - Big ideas for Global Investors
Disclaimer/ Disclosure:The Investorideas.com newswire is a third party publisher of news and research as well as creates original content as a news source. Original content created by investorideas is protected by copyright laws other than syndication rights. Investorideas is a news source on Google news and Linkedintoday plus hundreds of syndication partners. Our site does not make recommendations for purchases or sale of stocks or products. Nothing on our sites should be construed as an offer or solicitation to buy or sell products or securities. All investment involves risk and possible loss of investment. This site is currently compensated by featured companies, news submissions, content marketing and online advertising. Contact each company directly for press release questions. Disclosure is posted on each release if required but otherwise the news was not compensated for and is published for the sole interest of our readers. More disclaimer info: http://www.investorideas.com/About/Disclaimer.asp
BC Residents and Investor Disclaimer : Effective September 15 2008 - all BC investors should review all OTC and Pink sheet listed companies for adherence in new disclosure filings and filing appropriate documents with Sedar. Read for more info: http://www.bcsc.bc.ca/release.aspx?id=6894. Global investors must adhere to regulations of each country.