Owing to the rapid devel- opment of biometric technology to meet increased demand for security, the global biometrics market will grow to $15-billion by 2015, compared with the market’s estimated value of $7-billion in 2012, says the Biometrics Research Group.
Advancements in new security biometric technology are outpacing demand. “Biometric technology development started ten years ago and is only now becoming widely accepted by the public. Fingerprint, retina, facial, vein and DNA recognition have become accepted means of security identification,” says provider of security technology solutions ARINC security solutions business development manager Steve Horner.
“The security technology and biometrics industry is fast- moving and is seeing constant increased innovation,” he adds.
The market for automated fingerprint identification systems and fingerprint biometric technologies accounts for the greatest share of the global biometrics market and is forecast to continue to be the main source of overall market revenues until 2015.
“This sector was valued at $5-billion in 2012 and is expected to reach $10-billion in 2015,” says Horner, adding that face, eye, vein and voice recognition technology accounts for the second-largest segment of the market. This segment was estimated at $2-billion in 2010 and is expected to reach $5-billion in 2015.
He notes that one of the major challenges facing the industry is how information should be stored and what information about an individual should be made available to another party.
Besides privacy concerns, Horner says the cost of developing and owning such technology remains high. “Deployment and customer acceptance of and education about the technology are also challenges,” he says.
Meanwhile, some of the latest trends include biometric information that is being stored on identification cards, with demand for this solution increasing, owing to convenience.
“Biometric systems comprise a series of components, including a data-collection component that collects biometric data, a data-storage component that stores biometric data and a signal- processing component for the processing of biometric data,” says Horner, adding that a system also includes a decision- making component, which matches biometric data and decides whether to accept or reject this data from the system.