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The Biometrics Market is Set for Continued Growth
The biometrics technology market is on track to experience continued growth over the next five years, driven by surging demand as its scope widens across the public, private and commercial sectors. By the year 2025, a study by Grand View Research Inc. predicts the market will reach $59.31 billion. Where will growth come from and what impact will this have on the components industry?
Which applications will drive biometrics market growth?
To date, the most common application of biometrics technology has been to increase security measures within the commercial and public sectors due to the distinct advantages that biometrics offers. Biometrics authentication enables the identification of an individual through unique characteristics such as their retina, fingerprints, DNA and/or voice pattern, therefore significantly enhancing access control.
In the future, however, we can expect to see a substantial rise in the application of biometrics technology for consumer convenience. Biometrics allows users to log-in or check-out securely without needing to remember a password or enter a building without having to carry a security pass that could be misplaced or forgotten.
Which industries will propel the market forward?
As customer experiences are increasingly prioritised, the e-commerce and consumer electronics sectors are expected to be key drivers in the growth of biometrics. In addition, Grand View predicts increased demand within the banking and finance sector as biometrics technology will bolster the security of financial transactions overseas and prevent fraud.
Transport and logistics are also projected to exhibit significant growth over the next five years. E-passport programs that reduce queue time, increase staff efficiency and strengthen border control are just one example of the success the industry is experiencing from biometrics technology.
What components are required?
As demand increases for biometrics technology, so too will demand for the components that enable it. The typical components required for biometrics technology are:
- Reader or scanner device to capture the relevant biometric data. High-tech camera may be required dependent on the biometric data under observation.
- Translation software to convert the scanned biometric data into a usable digital format.
- Database that houses all stored biometric data in an encrypted, secure format. When new biometric data is collected, it will need to be scanned against this database.
- Decision module that determines whether the observed biometric is a match and, as a result, authorises the individual to proceed.
In an ever-evolving world centred around technology, the biometrics market is no doubt set for a continued growth trajectory. Traditional methods are no longer sufficient to prevent security breaches and fraud as they offer higher instances of inaccuracy and, subsequently, risk. In addition, the need to increase efficiency has furthered the demand for biometrics technology across all sectors.
At Rebound Electronics, we can help you navigate the world of biometrics technology through quality component sourcing and our proactive supply chain management services. Get in touch today.