Technavio is predicting strong growth for the global biometric workforce management market over the next few years. The market research firm forecasts a CAGR of 17 percent between 2015 and 2019.
Predictably, the market’s growth is primarily being driven by organizations’ desire to replace traditional and archaic employee tracking systems, both in the areas of time and attendance tracking, and security via access control. Technavio says the latter is the faster-growing segment, and expects it to reach a value of $5.5 billion by the end of the forecast period, while the overall global workforce management market is predicted to reach a value of $26.57 billion.
Interestingly, Technavio analyst Amrita Choudhury points to multimodal biometric solutions as a key driver of the overall market. In a report synopsis, Choudhury asserts that because multimodal systems “are more accurate, reliable, secure, and help prevent spoofing attacks,” they “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.”
It’s a notable prediction given that multimodal solutions are only just starting to become more widespread in hypothetically more sensitive applications such as in financial services, whereas the need for such security would seem to be less pressing in areas like time and attendance tracking. Still, in access control there could be a rising appetite for multimodal solutions as awareness about potential spoofing rises, particularly in highly sensitive environments.
In any case, the overall market – with multimodal and single-modality solutions alike – is evidently on the rise.
March 31, 2016 – by Alex Perala