Increasing Security Threats Accelerate Demand from Global Biometrics Technology Market

The biometrics technology industry has attained great momentum in the last couple of years. Once touted as a ‘futuristic approach’, the technology is here and is already widespread. Innovative advances introduced in biometrics identification technology are gradually eliminating the dependence on paper or other electronic credentials, to benefit workforce management and security efforts. Deployment of the technology across organizations has significantly benefitted the process of maintaining records of corporate attendance and has also helped enhance the security of financial complexes. The global market for biometrics technology, according to a recent report released by Transparency Market Research, is expected to reach US$23.3 billion by 2019.

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What does the Future of Biometrics Technology Look Like?
Evolution of biometrics technology has been momentous. Now that we are
heading towards the day when safety of individuals as well as valuable data against unscrupulous incidents would attain phenomenal importance, the demand for advanced gesture recognition and touch-less sensing technology will increase correspondingly.
Development of biometrics technology has been so rapid that the futurists now envision a day when scientists will invent scanners that will identify us unerringly and from afar by screening our DNA traits. Such is the potential of the technology that any kind of camouflage, be it clothing, wigs, masks, or prosthetics will fail to deceive the system, as remote detectors evaluate and compare our genetic information with massive databases and return with even the minutest information about us accumulated throughout our lives, apart from identifying us.

This may sound too mindboggling to be true, but the future is indeed closer than we thought. Contemporary hand vein reading technology may have seemed like witchcraft if we travelled back in time to the 19^th or even the early 20^th century. Likewise, the future of identification technology seems piercingly intrusive and startling to us. But this will not hinder the pace of technological innovation and very soon we will foray into a time when the human body will be our sole credential. This exhibits the potential for growth of the global biometrics technology market.

The Utility of Biometrics Technology 
Countries around the world have witnessed several instances of terror attacks in the last decade, impelling governments worldwide to implement sweeping border security reforms. Biometrics technologies have played a key role in assisting governments achieve the same. The latest biometric technologies and biometric passports have become crucial to building automated airport security and border control in countries such as the U.K, Spain, China, and Germany. In 2010, the Unique Identification Authority of India (UIDAI) launched an ambitious unified identification project, which it dubbed as Aadhar. The project aims to gather iris data and fingerprints of the more than 1.2 billion citizens of India for numerous security and authentication purposes.

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Such developments and government initiatives will bolster the growth opportunities for the global biometrics technology market, which is expected to exhibit a whopping 20.8% CAGR between 2013 and 2019.