The biometrics security industry will generate $13 billion in revenues in 2015 and is expected to reach $26.8 billion in revenues by 2020. But the technological challenges remain huge, according to a recent study by ABI Research.
Biometric technologies are developed constantly, the report notes, strengthening their position in both existing markets such as law enforcement and government applications but also in emerging areas including the consumer and banking markets.
Near-infrared iris recognition technology is a promising technology for both smartphone applications and enterprise access control, while ultrasound fingerprint and vein recognition companies are looking to establish dominance in banking and finance applications, ABI says.
Technical shortcomings with facial recognition, solid-state and optical fingerprint technology are keeping these technologies from delivering to their full potential, the report says. Different end-user markets have specific needs and restrictions and cannot accommodate all biometric technologies, resulting in less than satisfactory deployments, ABI says.
“We see companies not initially getting the expected ROI [return on investment] because of the combination of modality-application-vertical they chose to employ,” Dimitrios Pavlakis, research analyst at ABI Research, said in a statement. “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.”
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