Market Challenges And Opportunities

Biometrics Technology Market Drivers:

Increasing security concerns owing to rising terror attacks to drive growth of the biometric technology market during the forecast period

Biometric security has gained major traction in the recent past, owing to rising terror attacks worldwide. According to the National Consortium for the Study of Terrorism and Responses to Terrorism, in 2012 in U.S. , 6,771 terror attacks took place globally, which resulted in over 11,000 deaths and 21,600 injuries. Moreover, 1,280 people were kidnapped or taken hostage. In such situations, biometric technology helps to improve public safety in various ways. Currently, badges and tokens are being used to authorize access to controlled areas. These ways of authentication are not as secure as if the card can be easily stolen or misused. The reading system assumes that anyone who possesses the card is the right person who should be granted access, which makes it less secure. Therefore, biometric identification is being adopted to improve access control such as sensitive areas. Thus, these factors are expected to drive growth of the market during the forecast period.

Ease of usage offered by biometrics to propel the global biometric technology market growth over the forecast period

The major advantage of biometrics technology is that it uses the physiological and behavioral characteristics of a person, in order to provide access to restricted areas. Forgetting a password is a human tendency, which is nullified by biometrics to enter controlled areas. As a result, they help to reduce the documentation cost, which is associated while maintaining a password system, since the information pertaining to a particular person is stored in the central database or server. Therefore, these factors are expected to propel the global biometric technology market growth over the forecast period.

Biometrics Technology Market Opportunities:

Development of multimodal biometrics solutions can present lucrative growth opportunities

The choice of biometrics technology for implementation depends on the level of security and the type of application required. Even though biometrics is a useful tool, which addresses the newfound concerns of the clients, not a single biometric technology has the ability to fully satisfy the customer demand. Hence, to improvise the security of biometric technology, multimodal biometrics is used. Multimodal biometrics uses one or more than one behavioral or physiological characteristic for verification and enrollment or identification, hence, providing the best security.

Biometric Technology Market Restraints:

High cost of installation to restrain growth of the global biometric technology market during the forecast period

Although biometrics technology is efficient and consistent, its installation cost is significantly high and not affordable for small scale industry players. There are different costs for each biometric technology such as iris recognition systems that cost between US$ 105 and US$ 200. There are several cost-effective alternatives to biometrics technology, which include username and password, authentication tokens such as smart cards, standalone-tokens, knowledge-based authentication systems, and others. Therefore, these factors are expected to restrain growth of the global biometric technology market during the forecast period.

Unreliability of biometric technology to hamper the global biometric technology market growth over the forecast period

Biometrics such as iris recognition and voice recognition cannot be identified properly in the case of sickness. If a person suffers from an eye defect, for example, the eyes of people get affected with diabetes, which results in differences. Moreover, it is often found that the voice of a person differs with age or if the person has a throat infection, biometrics technology finds it difficult to identify the person. Moreover, people working in the chemical sector cannot use fingerprint recognition authentication purpose as the fingerprints of people working there often get affected. Therefore, these factors are expected to hamper the market growth in the near future.