Biometrics is the automated approach to authenticate the identity of a person using the individual's unique physiological (fingerprint, face, voice, signature, iris, hand geometry) or behavioural (voice scan, keystrokes scan and signatures. Biometrics provides an easy way to individual identification as well as offer a high level of protection against identity fraud.
Prior to Sept 11, stocks of Biometrics technology companies and the sector as a whole, showed flat growth. Since then, it's been a different story. Growth drivers include higher levels of security than are possible with card swipes and passwords. Market and social factors are also contributing to the rise of Biometric technologies. Prices are dropping, technology is improving and there is less public resistance to security measures that once may have been considered invasive. .
Organisations can achieve cost reductions through the prevention of costly breaches, operational efficiencies and reduction in admin tasks such as password maintenance. Synergy with other technologies especially the Internet, allows databases to be knit together to access a wealth of information instantly .
2. Industry overview.
• Global 2002 industry revenues of $601m are expected to reach $4.04b by 2007, driven by large-scale public sector biometric deployments, the emergence of transactional revenue models, and the adoption of standardized biometric infrastructures and data formats.
Total current and projected revenues.
Fingerprint-based technologies, including both finger-scan and AFIS, are projected to account for $467m of 2002 industry revenues, by far the largest technology segment. This growth is attributable to the wide range of applications in which fingerprint- based solutions operate effectively.
Market share by technology.
Among emerging biometric technologies, facial recognition and middleware are projected to reach $200m and $215m, respectively, in annual revenues in 2005.