Touch and Go - The Biometric Security Market
The biometric security market is poised for rapid growth: It's expected to be worth US$25 billion by 2020, up from US$10 billion in 2014, according to BIS Research. Before products incorporating everything from iris to voice to fingerprint recognition can go mainstream, though, project managers have to navigate challenges such as a product's user-friendliness and stakeholders’ security concerns.
“You're venturing into new territory all the time when you're making cutting-edge technology,” says Steffen Larsen, CFO, Zwipe, Oslo, Norway. “One of the risks of this is being able to accurately forecast and project the amount of resources and time that you would need to do something that no one has done before, partially because you lack project benchmarking to evaluate your project plans against.”
Although biometric technologies have existed for a few decades, they're surging in popularity as a way to combat recent high-profile security breaches.
As biometric systems enter new markets, project managers may encounter challenges integrating novel technologies within existing security processes. During Zwipe's latest project—an initiative to produce the world's first biometrically authenticated credit cards—Mr. Larsen's team found that the credit card industry's security certification process only
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