Biometrics Industry to Generate $13B Revenues in 2015
July 23, 2015 | Business WireEstimated reading time: 1 minute
Biometric technologies are developed constantly, strengthening their position in both existing markets like law enforcement and government applications, but also in emerging high-value segments like the consumer and banking markets. 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. 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.
Different end-user markets, however, have specific needs and restrictions and cannot accommodate all biometric technologies resulting in less than satisfactory deployments. “We see companies not initially getting the expected ROI because of the combination of modality-application-vertical they chose to employ,” says 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.” This research deconstructs, analyzes, and compares the underlying biometric sensing technology and proposes both near and long term solutions to technical issues for each modality.
With the overall industry forecasted to reach US$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.
About ABI Research
ABI Research provides technology market research and technology intelligence for industry innovators. From offices in North America, Europe and Asia, ABI Research’s worldwide team of experts advises thousands of decision makers through 70+ research and advisory services. Est. 1990. For more information visit www.abiresearch.com, or call +1.516.624.2500.
Suggested Items
Australian Flow Batteries and The SCHMID Group Announce Groundbreaking Memorandum of Understanding
04/17/2024 | SCHMID GroupAustralian Flow Batteries Pty Ltd (AFB), a leader in innovative energy solutions and economical, safe, and reliable power storage, and SCHMID Energy Systems GmbH a company of the German SCHMID Group, a global technology leader with a rich history in delivering innovative solutions across multiple industries including Electronics, Renewables, and Energy Storage sectors, are thrilled to announce the signing of a Memorandum of Understanding (MoU)
Ansys Joins BAE Systems’ Mission Advantage Program to Advance Digital Engineering Across US Department of Defense
04/16/2024 | ANSYSAnsys announced it is working with BAE Systems, Inc., to accelerate the adoption of digital engineering and MBSE across the Department of Defense (DoD).
Microchip Technology Acquires Neuronix AI Labs
04/16/2024 | Microchip Technology Inc.Innovative technology enhances AI-enabled intelligent edge solutions and increases neural networking capabilities.
Incap Estonia Teamed Up With Solaride to Fuel Youth Excitement for The World of Engineering
04/11/2024 | IncapIncap Estonia partnered with Solaride to ignite enthusiasm among young people for the world of engineering and sustainable technology. Together, they organised an inspiring day for students from grades 7 through 12 in Saaremaa. Held at Incap’s Kuressaare factory, this event brought together over 130 young minds eager to explore the innovative world of technology and learn more about advanced electronics manufacturing.
Plastronics and the New IPC Guidelines for In-mold Electronics (IME)
04/11/2024 | Barry Matties, I-Connect007In the ever-evolving world of electronics, the roads for the integration of electronics assemblies into 3D structures continue to grow into a set of technologies used to produce 3D plastronics parts and revolutionize mainly the automotive industry. IPC has been developing standards for this set of technologies, led by Francisco Fourcade, IPC electronics technology standards manager.