The demand for biometric technology has grown substantially over the last few years, new research has found.
A report entitled 'Global Biometrics Market Forecast and Opportunities, 2020', revealed that the market for biometric authentication systems is projected to grow at a compound annual growth rate (CAGR) of around 14 per cent till 2020.
The technology is not just utilized by companies, but also by governments who are keen to improve their efficiency processes.
According to the report, published by Research and Markets last year, government projects accounted for a 13 per cent share in global biometric authentication systems market.
Biometric technology is also growing in popularity within the residential sector. As a result, the market for these systems is estimated to grow significantly.
The heightened demand for new biometric software has also helped to boost competition in the market and has seen a number of new technology firms come to the fore.
Furthermore, the proven benefits of biometrics and competitive pricing of these products is set to translate into increased interest from a variety of different industries and organizations.
But just what has helped to increase demand for the technology which measures fingerprints, iris patterns, facial features and other physiological characteristics?
One of the main advantages of the technology is its reputation for producing accurate data when it comes to identifying individuals.
Biometrics are also known for their reliability and longevity when it comes to identification and authorization.
Whether you are seeking to boost time and attendance rates, monitor employees, or combat crime such as fraud including 'buddy punching', the range of possibilities is limitless.
At the moment, fingerprint biometrics is the most widely used biometric recognition technology as it has proven to be the most reliable. It will be interesting to see how the technology improves and changes in the coming years and how it will help companies manage their work space and employees in the long run.