Security Systems News

MAR 2017

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Page 6 of 44 March 2017 SE c U r ITY SYSTEMS NEWS Security Stat S 2 By Spencer Ives PUNE, India—Research firm MarketsandMarkets expects the global biometrics market to reach almost $33 billion by 2022, with North America being a large portion of the market. " N o r t h A m e r i c a w i l l continue to be the largest region for [the] biometric system mar- ket in 2022," Sachin Garg, Mar- ketsandMarkets' associate direc- tor - electronics & semiconduc- tor, told Security Systems News in an email interview. " T h e r e g u l a t o r y - d r i v e n activities and initiatives taken by the governments will enable the biometric system market in North America to be the highest revenue generator. To provide better security for customers, the banks and financial insti- tutes in North America have started providing multi-factor biometric authentication," he continued. The global biometrics mar- ket was worth $10.74 billion in 2015, according to Market- sandMarkets, and it will reach about $32.73 billion by 2022, at a CAGR of 16.79 percent between 2016 and 2022. "The biometric system mar- ket in North America was val- ued at $3.76 billion in 2015 and is expected to reach $11.59 billion growing at a CAGR of 16.98 percent between 2016 and 2022," Anand Shanker, research analyst - electronics & semicon- ductor for MarketsandMarkets said via email. Approaches to biometrics will change over the forecast period. "Growth in adoption of multi- factor authentication methods, as the integration of fingerprint, face, and iris recognition tech- nologies is expected to widen their adoption due to the low error rate and would become a standard in verticals such as government agencies, airports, and border control in the com- ing years," Garg said. "Fingerprint will continue to be the most prevalent technol- ogy till 2022," Vaibhav Chaud- hari, MarketsandMarkets' senior research analyst electronics & semiconductor, said. "Finger- print recognition is more com- monly used in travel and immi- gration, fingerprint recognition is used in e-passports, e-visas, driving license to authenticate an individual." Chaudhari pointed to several factors driving the market. "The government initiatives to adopt biometrics in various fields, integration of biometrics in smartphones, use of biometric technology in financial insti- tutes and healthcare sectors and increasing use of biometrics in criminal identification are the major drivers for the growth of biometric system market," he said. Another technological devel- opment in the market is the potential for artificial intelli- gence in biometric authentica- tion. "Companies are working toward integrating deep learn- ing with facial recognition as deep learning-based face repre- sentation are robust [against] m i s a l i g n m e n t a n d a re a b l e to tolerate facial localization errors," Garg said. Biometrics' most prevalent Global biometrics market to grow at nearly 17 percent CAGR "North America will continue to be the largest region for [the] biometric system market in 2022." —Sachin Garg, MarketsandMarkets Analysts: Fingerprint will be the most prominent technology over the forecast period Stat S see page 14 DICE Corporation and the DICE Corporation logo are registered trademarks of DICE Corporation in the U.S. and other countries. Copyright 2016 DICE Corporation. All rights reserved. 1.800.786.3423 | 989.891.2800 International Technician coordination is one of the greatest challenges facing supervisors and managers. Let our award-winning Matrix Hands-on Manager and Rapid Scheduler systems handle your company's organization concerns. Our system is capable of being fully integrated, allowing users to assign tickets, access notes, and manage technicians with an interactive calendar and mapping system. Plus, Matrix Service Management is available anywhere you need to go with our web-based app, accessible on any smartphone or tablet. Boost your company's productivity with Matrix Service Management Our Matrix Service Management system was designed with you in mind. Leading the Industry in Software & Infrastructure Solutions

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