LONDON--(BUSINESS WIRE)--According to the latest research study released by Technavio, the global biometrics market in workforce management is expected to reach close to USD 26.57 billion in revenue by 2019.
This research report titled ‘Global Biometrics Market in Workforce Management 2015-2019’, provides an in-depth analysis of market growth in terms of revenue and emerging market trends. This market research report also includes up to date analysis and forecasts for various market segments, including identification, access control, and monitoring.
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“Multimodal biometrics includes a combination of two or more biometric technologies to identify and verify individuals. In certain situations, one form of biometric identification does not provide an accurate match of identity of an individual. Multimodal biometrics provides more accuracy as it identifies an individual through a combination of two or more biometric technologies such as fingerprint, iris, and voice recognition,” said Amrita Choudhury, one of Technavio’s lead analysts for automatic identification system research.
“These biometric systems are more accurate, reliable, secure, and help prevent spoofing attacks. Therefore, these systems are likely to be accepted for time and attendance monitoring due to its reliance on multiple biometric technologies, rather than a single biometric characteristic for identification,” added Amrita.
Global biometric market in workforce management by application 2014
| • Identification | 45.91% | ||||||||
| • Access control | 45.62% | ||||||||
| • Monitoring | 8.47% |
Global biometric identification market in workforce management
The global biometric identification market in workforce management was valued at USD 2.19 billion in 2014. Biometric identification is conducted using biometric-based time and attendance systems in organizations across various sectors such as government, BFSI, healthcare, and transportation. Employees are identified using various biometric technologies such as fingerprint, facial, iris, voice, and hand geometry through their unique biological and physical characteristics that are difficult to fabricate.
With growing vulnerability and cost issues concerning passwords and tokens, the market is witnessing an increase in the demand for biometric-based identification in workplaces and institutions to monitor employee attendance and efficiency.
Global biometric access control market in workforce management
The global biometric access control market in workforce management was valued at close to USD 2.18 billion in 2014. Biometric access control systems are gaining prominence in organizations for mitigating unauthorized access and tampering of important data and critical infrastructure.
With its use, people are granted access only when their identity is confirmed with the information stored in the database of an enterprise. In addition, biometric access control is also being used in government, BFSI, and healthcare sectors to provide employees with secure access to company PCs, databases, windows, and networks. Benefits leading to its increased adoption in enterprises include reduced requirement for labor, accurate recording of punch-in and punch-out time of employees, and access to credentials for specific employees.
Global biometric monitoring market in workforce management
The global biometric monitoring market in workforce management is likely to grow at a CAGR of close to 27% over the next four years. Biometric monitoring systems have emerged as highly reliable security solutions to monitor employee behavior, in educational institutions, commercial buildings, and utility infrastructures that are most prone to unauthorized access. The market for biometrics monitoring systems will thus witness a likely increase by the end of 2016, thanks to large scale government spending in infrastructure projects in the US and China, and upcoming events such as the World Expo 2020 in Dubai, UAE.
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