According to a report published by TechSci Research, the global biometrics market size is set to cross $24billion by 2021. A further report from Technavio on the global multimodal biometrics market indicated CAGR of more than 15% over the forecast period. Of this marked growth, fingerprint recognition technology holds the largest single factor authentication segment and is predicted to continue to hold this pole position for the foreseeable future.
Richard Forsyth, UK & Ireland Sales Manager of ievo explains this growth: “In light of recent appalling terrorist attacks across the world, the need for security has never been greater. Whilst travel and immigration will no doubt continue to hold the largest share of the biometric system market, and the USA is still the largest customer, I suspect the less dramatic use of fingerprint readers across a wide range of sectors is actually the main driver of growth.”
“The primary reason for this is that fingerprint recognition systems can provide a bigger return on investment. Cheaper, more traditional alternatives such as numeric key pads or magnetic swipe cards have fundamental potential security flaws, which biometrics can hugely reduce. These potential flaws equate to the reliance on secondary credentials, which can be a continuous draw on a company’s budget, something that is not applicable to a biometric system. Biometric systems can also prevent theft through data reporting and can highlight and monitor attendance patterns directly linked to individual users. This helps to keep both accurate staff working hours for payroll and can also provide accountability. Traditional systems using secondary credentials can be shared, lost or replicated, biometrics counter this potential flaw. Additionally, and probably of more importance to end customers, biometric recognition systems provide an infallible access control system that can be used for a variety of additional purposes without any additional cost involved.”