Biometric Authentication and Identification Market Comprehensive Research Study
Increasing competitive advantages, such as high accuracy and increased reliability, over the traditional authentication techniques (such as PIN and passwords) are expected to leverage the opportunities of the biometric authentication and identification market. Factors such as influence of biometrics in the era of blockchain and probing anti-money laundering via biometrics are leading to an increase in the demand for biometric authentication techniques. Moreover, increasing demand for biometrics in consumer goods, such as smartphones and laptops, is facilitating the wide adoption of biometric authentication and identification over traditional authentication methods among consumers.
The global biometric authentication and identification market research study offers a wide perspective on the analysis of the industry. The research is based on extensive primary interviews (in-house experts, industry leaders, and market players) and secondary research (a host of paid and unpaid databases), along with the analytical tools that have been used to build the forecast and the predictive models.
The evolution of technology from paper to electronic to digital and now biometric has played a crucial role in shaping the economy. This evolution has resulted in enhancing the operational capabilities of various industries, such as automotive, manufacturing, and construction, in terms of enhanced safety measures, connectivity, cost reduction, and convenience for users. Such enhancements in technology have been seen in the human interactions occurring in the digital world. In the context of human interactions, it is necessary to identify and prove in ways who one claims to be. This is where identification technologies, such as biometrics, come into picture. Biometric refers to the science of identifying the unique physical and behavioral characteristics, which an individual inherits from his/her birth. The biometric technology is broadly referred to the art of capturing, processing, and measuring the individual’s characteristics electronically and comparing the collected records with existing records.
Biometric based systems have caught the attention of nations and global industrial ecosystem and are regarded as a technology which no company or government can afford to ignore. It is considered to be a deterrent to people with malevolent intentions. Biometrics has helped to deliver secure services in various circumstances. It has helped to identify known suspects traversing crowded security areas, such as airports, railway stations, and others. With the development and implementation of advanced innovative technologies and concepts, such as biometrics, in field of anti-terrorism protection, terrorist attacks have been somewhat reduced.
The use of biometrics across various industries is majorly due to a higher demand of enhanced safety and security of the personnel. Among the changing paradigm of the consumer as well as enterprise market, a significantly higher demand of biometrics from the consumer goods segment such as from smartphones, laptops, and tablets is majorly impacting the growth of the biometric industry. Another factor driving the growth of this market is the use of biometric in anti-money laundering coupled with an increased use of biometrics in the era of blockchain. This is majorly due to the increasing thefts, and cyber-crimes leading to privacy concerns and a huge risk of data breaches.
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In 2018, the government sector is estimated to be the largest market with banking and financial institutions following the lead in the global biometric authentication and identification market. The ever-increasing demand for securing the identity of any individual and identifying the individual for any crimes has led to a surge in demand of biometrics in government application. The reason for such large market penetration of biometric systems is the huge deployment in law enforcement, homeland security, border security, and forensic department, among others. To curb the issues such as illegal immigration, any user ID issue, and thefts, have largely led to the adoption of biometric systems in this application sector. Biometrics has helped the government sector to fight against these crimes in a more sustainable manner. Another growing application sector is the banking and financial institutions which is increasingly using the biometric systems for the user identification. Moreover, factors, such as the advancement in smartphone technology, growing importance of connectivity and safety, and online banking, have significantly transformed the banking and financial sector. Every user is almost connected to the internet everywhere, and this has led to ease in the banking process for the bank as well as consumer.