The global biometric authentication and identification market has been categorized into six key application areas, i.e. government, banking and financial institutions, enterprise, healthcare, commercial, and others. Owing to the increasing crime rate and fraudulent access to high security areas, the use of biometrics in various forms of authentication systems is rapidly gaining momentum. Market areas, such as criminal investigation (forensics), banks, and penitentiaries, among others, have benefited the most with the emergence of biometric technology in access control systems. The modern-day biometric solution eliminates the need for managing access through keys and locks and presents the users with option of automating the authentication and various access control features.
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The global biometrics authentication and identification market is expected to grow at a significant rate during the forecast period owing to its widespread adoption in multiple applications. The increase in the number of end-use applications which need biometrics security in order to ensure secure environments has led to the rise in demand for biometrics authentication and identification, worldwide. The major applications of biometrics authentication and identification include enterprise, banking and financial institutions, government (defense and security), retail and commerce, healthcare, and consumer electronics, among others.
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.
With the rising number of devices being connected to the Internet of Things (IoT), a large amount of personal information is being sent and received over the cloud on a daily basis. This user information is very sensitive and can be detrimental in the hands of unauthorized personnel. The security of this data thus proves to be of prime importance in any connected device. The use of different biometric modalities, such as facial, iris, and fingerprint recognition, in the connected devices helps not only in authenticating security within the devices, but also in securing these devices from cyber-attacks. Over the past few years, advancements in technology have witnessed an exponential growth. This growth can be accounted for the betterment of human welfare as technology has been improving the human lives in many different ways. Biometric technology is one such market which has witnessed high growth, over time, due to a plethora of benefits such as added level of security, unmatched performance, high accuracy, and high reliability. Biometrics has changed the way of human identification and verification, as one does not need to carry any physical identity cards for verification purposes. These biometric solutions are used in various sectors such as government, banking and financial, healthcare, enterprise, and commercial.
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The report constitutes an extensive study of the biometric authentication and identification market. It includes a thorough analysis of different components falling in the ecosystem, and different modalities used in the biometric authentication and identification systems along with the various motility types. The biometric authentication and identification market has been further segmented in terms of application in order to understand the behavior of different verticals using biometric systems/software. The report further explains the driving forces, challenges, and growth opportunities of the biometric authentication and identification market.
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