by A recent comprehensive study has shed light on the multifaceted landscape of the global biometrics market, offering valuable insights that promise to drive market growth during the forecast period.
Widespread Utilization of FRT to Address Security Concerns Fuels Biometrics Market
Biometrics, a technology that verifies an individuals identity by comparing it to biometric templates stored in a database, encompasses two main categories: physiological and behavioral characteristics. Physiological traits like fingerprints, palm veins, faces, and more, as well as behavioral traits like typing habits and voice and signature recognition, are key components. One standout technology, Facial Recognition Technology (FRT), has emerged as a powerful tool for identifying and authenticating individuals based on unique facial traits. Its applications extend from simplifying patient sign-ins at healthcare institutions to widespread adoption in the financial sector. In fact, approximately 15% to 20% of the 11,000 financial institutions in the U.S. have embraced selfie photo imaging for document and user identification verification, according to advising firm Aite-Novarica. Aite-Novarica further predicts that 600-700 financial institutions will leverage FRT for security purposes in 2020. This extensive adoption of FRT is a driving force behind the global biometrics markets growth trajectory.
Biometrics Market: COVID-19 Impact
The global pandemic, COVID-19, has reshaped many aspects of our lives, including the way we think about security. The need for contactless biometric systems has surged, given the viruss potential for transmission through surface contact. While traditional biometric methods like palm-print and fingerprint recognition have seen reduced use, contactless systems such as voice, IRIS, and facial biometrics have taken their place. These technologies offer effective identification without compromising security. As the pandemic persists, and contactless technologies prove their effectiveness, the biometrics industry is expected to thrive. Additionally, as manufacturing gradually ramps up in the coming months and lockdowns ease in nations like China, India, the U.S., and Germany, coupled with widespread vaccine distribution since December 2020, the biometrics market is anticipated to make a full recovery by mid-2022.
Increase in Continuous Biometric Authentication Use to Drive Biometrics Market Growth
Continuous biometric authentication is emerging as a crucial tool to combat cybercrimes and data breaches. By providing real-time authentication, it significantly reduces the risk of hacking and unauthorized access. This method goes beyond traditional biometrics and considers user behaviors such as typing techniques, gestures, finger pressure, and keyboard interaction. It calculates an authentication score based on biometric data and may request additional authentication methods, such as a password or fingerprint scan, before granting access. This trend is expected to drive the growth of the biometrics market further, as it enhances security without disrupting daily user activities and effectively counters threats like credential stuffing and phishing. Continuous biometric authentication is being adopted across various industries, including the BPO sector, to ensure high-security standards and compliance.
Significant Improvements in Biometric Technologies Drive Market Growth
The biometrics industry has witnessed significant technological advancements in recent years. With the proliferation of sensing technologies and the widespread use of devices like computers and smartphones, there are more opportunities to capture and analyze human physiological and behavioral characteristics for authentication. Machine learning and AI-powered biometric technologies offer the ability to detect anomalous activities and provide an additional layer of authentication when needed. The demand for contactless systems and expanded application areas is prompting biometric system manufacturers to invest in research and development, resulting in a broader range of advanced biometric systems. These innovations are set to expedite the growth of the biometrics market.
Costs Related to Biometric Technologies Present Challenges
While the potential benefits of biometric technologies are vast, there are cost-related challenges to consider. Implementing advanced biometric systems requires substantial capital expenditure for research and development, production, installation, maintenance, and shipping. High-performance biometric systems come with expensive software and hardware components, such as fingerprint readers, electronic locking systems, scanners, sensors, and cameras, all of which necessitate installation and ongoing maintenance. Additionally, advanced biometric technology requires modernized raw materials and parts, further increasing costs. Users are also responsible for expenses related to delivery, installation, and routine maintenance. While the initial capital outlay may pose a constraint, the rapid adoption of these technologies suggests that costs will likely decrease in the near future, positively impacting the biometrics market.
Frequent Employment of Biometric Technologies Upholds Primacy of Consumer Electronics Industry
Consumer electronics manufacturers are continually striving to incorporate cutting-edge features, including biometric authentication, into their products to attract more consumers and expand their market reach. As consumers increasingly rely on connected devices and digital technologies to manage sensitive information, security becomes a paramount concern. Biometric authentication, such as that found in smartphones, is in high demand, offering users a secure and convenient way to access their accounts and sensitive data. This trend is driving the biometrics market, and similar growth patterns are expected to continue in the near future.
Software Category Dominates Biometrics Market
Among the various segments of the biometrics market, software holds the largest market share and is poised to maintain its dominance in the coming years. Biometric software plays a critical role in facilitating communication and operation between biometric devices, computers, and connected networks. It ensures seamless connectivity and interoperability across different programs running on various operating systems. Signature verification software, for example, reduces the risk of fraud, saves time, and minimizes human error when signing documents. Biometric software is also incorporating advanced technologies like AI to enhance fraud detection capabilities. For instance, IntelliVisions face recognition software utilizes deep learning to detect and identify faces with exceptional accuracy, even across diverse ethnicities. This software can be deployed in the cloud or on servers, making it a versatile tool for various applications.
Asia Pacific Emerges as a Key Player in the Biometrics Market
The Asia Pacific region is poised to experience the highest compound annual growth rate (CAGR) in the biometrics market during the forecast period. Notably, countries such as China, India, Japan, and South Korea are driving this growth, supported by the presence of leading biometric system manufacturers like Fujitsu and NEC Corporation. Key factors contributing to the regions biometrics market growth include technological advancements, increased public awareness of biometric security solutions, and decreasing device costs. The rise of mobile payment transactions and government and private sector initiatives to implement biometric authentication technologies are also propelling the market forward. A report by the Center for Strategic & International Studies (CSIS) highlights Chinas leading role in the global transition to digital payments. With the rapid expansion of the digital commerce and mobile payment market, the biometrics market in Asia Pacific is expected to thrive, further fueled by government and private sector initiatives in the region.
Global Biometrics Market: Competitive Landscape
The global biometrics market features a competitive landscape with several key players driving innovation in the industry. Notable developments include IDEMIAs collaboration with Microsoft in January 2022 to provide next-generation eSIM and connection solutions. Additionally, Thales Group introduced a new speech biometric solution in July 2021 for authentication and onboarding as part of the Trusted Digital Identity Service Platform. This solution offers robust fraud detection capabilities.
Prominent players in the biometrics market include Papillon Systems, Thales Group, ASSA ABLOY, Idemia, NEC Corporation, Precise Biometrics, Fujitsu, Secunet Security Networks AG, Aware Inc, Stanley Black & Decker, Inc., Cognitec Systems GmbH, DERMALOG Identification Systems GmbH, Daon, Inc., Neurotechnology, Innovatrics, ZETES, Veridos GmbH, Jumio, iProov, Onfido, BIO-key International, Facetec, Inc, ID R&D Inc, SenseTime, Nuance Communications, Inc, Beijing Megvii Technology Co., Ltd., Facebanx, David Link Manila Corporation, Securiport, SUPREMA, M2SYS Technology, Fulcrum Biometrics, Inc., OneSpan, Integrated Biometrics, Qualcomm Technologies, Inc., Imageware, Leidos, and Sonda.
The global biometrics market is poised for remarkable growth in the coming years, driven by technological advancements, the increasing adoption of contactless biometric systems, and the expansion of biometric applications across various industries.
Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2023-2030 By Product, Technology, Grade, Application, End-user, Region: (North America, Europe, Asia Pacific, Latin America and Middle East and Africa) https://www.fairfieldmarketresearch.com/report/biometrics-market
Visit Our Blogs:
https://writeurl.com/3OuVCHdsSTR6ryZh
About Us
Fairfield Market Research is a UK-based market research provider. Fairfield offers a wide spectrum of services, ranging from customized reports to consulting solutions. With a strong European footprint, Fairfield operates globally and helps businesses navigate through business cycles, with quick responses and multi-pronged approaches. The company values an eye for insightful take on global matters, ably backed by a team of exceptionally experienced researchers. With a strong repository of syndicated market research reports that are continuously published & updated to ensure the ever-changing needs of customers are met with absolute promptness.
Contact
Fairfield Market Research
London, UK
UK +44 (0)20 30025888
USA (Toll-free) +1 (844) 3829746
Web: https://www.fairfieldmarketresearch.com/
Email: sales@fairfieldmarketresearch.com
This press release first seen on Brilad
COMTEX_442430664/2840/2023-10-25T09:54:57
Julian Lopez is professor emeritus of finance, served as the founding academic affairs dean and founding chair of the finance department.
Disclaimer: The views, suggestions, and opinions expressed here are the sole responsibility of the experts. No journalist was involved in the writing and production of this article.