Biometric market has got its eye on your money

fingerprint - Wikimedia CommonsTechnology using biometric data including infrared iris recognition technology is being eyed up as a promising high value segment for banks and other markets.

Infrared iris recognition has been in place for some time, but, according to ABI Research, it’s a “promising up and comer” for smartphone applications and also enterprise access control.

Surveying the biometric possibilities, ABI reckons that ultrasound fingerprint and vein recognition companies will also want to look into alternative industry sectors. Analuys think as much as $13 billion in revenues could be generated this year.

But biometrics technology is not without its challenges because the tech is not quite ready on facial recognition, solid state and optical fingerprint technologies.

Dimitrios Pavlakis, who specialises in these technologies at ABI Research, suggests the problems are legion.

“We see companies not initially getting the expected return on investment,” he said. “The overly advertised false acceptance and false rejection metrics are simply one part of a larger equation which includes data quality, data storage, scalability, compatibility, application effectiveness, environmental fluctuations and technical specs.”

That’s quite a long list of challenges, TechEye thinks.