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Biometric - The Future At Our Doorstep

Published on: May 2022

Overview of the Market of the Biometric industry

The global biometrics market was worth USD 27.09 billion in 2020 and is expected to be worth USD 62.52 billion by 2026, growing at a CAGR of 15.2 percent between 2022 and 2027. The biometrics market is expected to increase at a high rate, owing to the rising frequency of terrorist attacks and increasing theft of critical data and information, both of which have generated worries about national security.

What is the key market trends observed?

A model change in corporate discourse toward more privacy and fewer security hazards is one of the primary trends observed in the industry analyzed. Rather than relying on traditional ways, end-users are increasingly seeking integrated solutions. With the rising popularity of mobile devices, consumer biometric applications have grown quickly in recent years. Because of the widespread use of biometric systems, the consumer electronics sector is dominated by security and access control technologies. As a result, it is assisting the market's expansion. For example, on the Android platform, WhatsApp, a popular messaging software, has added a new privacy feature. Users will soon be able to secure their accounts using biometric authentication using fingerprint sensors, according to the business.

The multiple functionalities of the biometric system

In addition, multi-model or hybrid biometric systems have lately emerged as an important authentication tool. The multimodal biometric recognition system authenticates users using a variety of traits (facial, iris, and fingerprint). This enables higher authentication reliability, speed, and precision in large-scale systems that must respond to a range of physical attributes, as well as in usage scenarios requiring tight identity verification. ​

 

What is the reason behind the staggering growth of the biometrics industry?

The fastest growing CAGR for hybrid biometric systems can be attributed to the increased acceptance of reliable and efficient biometrics. Multimodal biometric technologies give improved security against spoofing or falsification through multi-level authentication. Hybrid biometric systems now include a variety of modalities (voice, facial, and iris), and they are used by government agencies all over the world for a variety of security-related tasks, including border control, law enforcement, human resources, national defence, healthcare, and enterprise security. ​For example, to facilitate data flows, the EU adopted interoperability rules for multimodal biometric systems in August 2021.

Market Trends to Watch

The largest market share will be held by the software and services segment.

Biometric software makes biometric equipment, as well as the computers and networks to which they are attached, compatible and operational. It also provides for the compatibility of diverse application applications on multiple operating systems, as well as an effective connection. Software is a crucial component of biometric systems. Signature verification software, for example, compares signatures and verifies their authenticity. Due to the fact that signature fraud is not always obvious to human operators, it might be difficult for the human eye to effectively identify counterfeit signatures. As a result, signature verification software is becoming more widely used since it saves time, eliminates human mistakes in the signing process, and reduces the risk of fraud.

Detecting fraud has never been easier

To detect fraud, biometric software is further combined with modern technologies such as AI. IntelliVision's face recognition software, for example, is a deep learning-based facial recognition solution for integrators and developers that can identify and recognise faces of all ethnicities without racial bias. On public standard data sets, it achieves a facial recognition accuracy of around 99.5 percent. It can also be utilised on-server or in the cloud.

The strongest players in the market

Gnani.ai, a company that specialises in conversational AI and voice security, announced the release of armour365, its vocal biometrics platform, in September 2021. The biometric system is appropriate for a variety of businesses, including banking, defence, and healthcare. IT infrastructures, such as servers and networks, are required for on-premise biometric systems. This infrastructure is costly to build and maintain. As a result, biometric services are gaining traction, as they do not require any specialist IT infrastructure or maintenance to be implemented.

Furthermore, businesses are embracing biometric services since they are incredibly scalable. The number of enrollees varies from company to company, depending on their size. Biometric services assist businesses in subscribing to services that meet their specific requirements. It's also simple to increase or decrease the number of facilities by altering the subscription plan.

Biometrics software products and services are offered by independent suppliers, such as Aware Inc. and others, who are not affiliated with hardware vendors or system integrators. These advantages include the reduction of risks and expenses associated with hardware and software obsolescence, as well as system maintenance issues that can degrade performance and decrease the life of a solution.

What makes Industry Data Analytics so valuable?

Because of the industry's constant expansion, the market is rapidly changing. Today's enterprises have reaped a variety of benefits as a result of technological advancements, resulting in everyday economic volatility. As a result, in order to correctly strategize, a company must first understand market shift patterns. Businesses that have a good strategy have a leg up on the competition in terms of planning. Industry Data Analytics is a reputable source for market research that will help you get the leads your company needs.

So why stay at the surface when you can have the entire world of knowledge? Here is your gateway!