Rising customer demand for convenience without holding security is driving organizations to adopt biometric technologies, thrusting the USD4.60 billion business toward USD11.10 billion by 2023, at a compound annual increase rate of 19.3percent. The proliferation of machines at the network’s edge and the beginning of the Internet of Things (IoT) are generating a need for enhanced cybersecurity. In reply, biometric companies are building new partnerships with blockchain technology businesses to deliver identity management resolutions. Meanwhile, the Biometric-as-a-Service business model is assumed to gain considerable friction in both government and commercial utilization.
“Behavioral biometrics is all set to enjoy high uptake, particularly in multi-factor authentication. Machine learning (ML) and Artificial intelligence (AI) will be frequently used to complement biometrics and improve security,” stated Ram Ravi, Industry Analyst, for Industrial at Frost & Sullivan. “Additionally, with smart connected devices changing customer preferences towards alternative commerce channels, biometric market members are establishing a blockchain strategy to increase their offering.”
Frost & Sullivan’s recent study, North American Biometrics Market, Forecast to 2023, includes the modalities of fingerprint, features, iris, vein, voice, and others. It displays the key growth drivers and restraints, the influence of micro and macro trends on the business, key competitors, and their contributions, as well as the strategies that they need to choose. The study explores the application sectors of government (border administration, law enforcing, e-ID) and commercial (physical passage control, logical access authority, surveillance).
“Biometrics has been increasing prominence in border control since 2017, with facial identification showing potential to become a universal modality,” noted Ravi. “Airports are observing increasing biometric deployments across the United States owing to the government’s focus on border restriction. Biometrics usage in law obligation is also anticipated to rise steadily.”
Vendors can touch further growth opportunities by:
- Giving greater visibility, machine-to-machine connectivity, and real-time communication between people and assets to obtain the most of the rise of combined healthcare.
- Co-operating and partnering with select blockchain businesspeople.
- Incorporating an AI engine.
- Implementing cloud-based services.
- Building in-house abilities to offer as value additions.
- Promoting partnerships with AI vendors to provide to the changing customer ecosystem.