The retail arm of the global biometrics market is on track for significant growth over the next few years, according to TechNavio. A new report from the market research company predicts growth of about 21.3 percent (CAGR) between 2016 and 2020.
In a report synopsis, TechNavio suggested that biometric time and attendance tracking systems are the major driver of this market, with increasing numbers of organizations implementing such systems as a more efficient and reliable means of payroll and HR administration. Indeed, we’ve seen these kinds of systems implemented in a wide range of settings, from a chain of bakeries to a massive sugar mill. While hygienic concerns can hinder adoption of fingerprint-based systems, TechNavio’s report also highlights emerging contactless systems as a market driver going forward.
While the report is correct to focus on time and attendance tracking systems, there are other biometric systems that appear poised for growth in the retail sector too, such as facial scanning systems capable of identifying shoppers’ demographic characteristics, even allowing for more personalized in-store marketing. Meanwhile, some retailers are already experimenting with facial recognition systems to spot shoplifters. While such applications are only in their nascent stages right now, they too could join time and attendance tracking systems as some prominent solutions driving this market in the years to come.
January 22, 2016 – by Alex Perala