Global biometrics market in hospitality sector to grow at 27% CAGR: report

The global biometrics market in the hospitality sector is expected to grow at a compound annual growth rate of around 27 percent from 2016 to 2020, a recent report by Technavio finds.

The report, "Global Biometrics Market in Hospitality Sector 2016-2020," segments the global biometrics market in the hospitality sector by technology. It outlines the market shares for key regions such as APAC, Europe, Latin America, MEA, and North America. The key vendors analyzed in this report are Crossmatch, FUJITSU, 3M Cogent, M2SYS, and NEC.

According to Technavio, with the increase in cases of time theft, data theft, and other criminal activities in the hospitality sector, the demand for security technologies including a highly reliable and accessible personal authentication and identification systems has increased. Biometrics has emerged as a suitable security and monitoring solution to meet this need as it is based on the behavioral and physiological characteristics of an individual, which is difficult to replicate. Biometrics in the hospitality sector is seen as the most accurate and reliable system because it eliminates manual inputs, identity card exchange, and time theft.

Biometrics in hospitality sector gives real-time information about workforce and visitors by providing complete and accurate visibility to their reporting and leaving time, the market research firm said. It enables the hospitality sector to gain better insight into the employees’ work and time spent on work. Biometrics is being used in the hospitality sector for monitoring, identification, and access control. The adoption of biometrics in the hospitality sector is expected to increase during the forecast period due to the increased instances of security breaches such as terrorist attacks and bombings in the past two to three years in the hospitality sector.