Top 4 Trends Propelling the Growth of Biometrics Market Over 2021-2027
The biometrics market has already established its significant presence across the security landscape in a bid to combat the increasing instances of data theft, security breaches, and data hacking. The growing significance of accurate access control systems across corporate organizations and commercial complexes has instigated the deployment of biometric solutions to a great extent. The widely used biometrics technology is fingerprint recognition, which is considered ideal to ensure accurate employee identification and track attendance automatically. Besides, facial recognition is also gaining traction, especially in government organizations for tracking criminals. These organizations use facial recognition technology to compare the facial features in real-time with the existing database of blacklisted people. The growing popularity of these technologies is accelerating the expansion of the biometrics market.
According to the recent report by Global Market Insights, Inc., biometrics market size is projected to surpass USD 45 billion by 2027, considering the following trends:
Growing popularity in the retail & e-commerce industry
The mounting popularity of biometrics in the retail & e-commerce industry can be ascribed to the growing necessity of understanding in-store consumer behavior among large retailers. They are majorly incorporating analytics with facial recognition for the same and offering customized services according to individual preferences.
Quoting an instance, in 2020, CyberLink Corp. collaborated with NTT DATA to deploy a remote retail solution based on the former’s FaceMe® facial recognition engine, at an unstaffed concept store with Tokyu Hands in Shibuya. According to the company, this integrated solution combines remote serving, anonymized AI data analytics, and digital information monitors to facilitate a strong self-service customer experience.
Increasing adoption of iris recognition technology
Iris recognition technology is witnessing heightened demand as it offers higher accuracy in the process of user authentication. The identification algorithms used in this technology locate the boundaries of the iris and processes the image to deliver a concise and distinct representation of individuals’ iris patterns.
In addition, iris recognition has a very lower false match rate and is primarily used where the size of the population is large. For instance, in India, iris data from over one billion people has been collected for the Aadhaar Unique Identity program. Similarly, iris identity validation is used in the air and seaports of the UAE.
Rising demand from the automotive sector
The automotive makers are now increasingly integrating their vehicles with in-car biometric solutions for user authentication, driver liveness detection, and payments. These systems allow automakers to enhance passenger convenience. For instance, voice-enabled access control technology helps in addressing car thefts by enabling accurate user identification.
Another technology that is in huge demand in the automotive sector is iris recognition. Hyundai Motor Group, for instance, is working on adding an iris recognition feature that sends an alert when the driver is not attentive. It detects the risk of intrusion and lane departure caused by the driver’s carelessness in advance and calls the driver’s attention with cluster warning lights, alarm sounds, and vibrations.
Thriving electronics industry in North America
The ongoing expansion of North America’s consumer electronics sector is positively impacting the biometrics industry as electronics manufacturers are now integrating facial recognition and fingerprint authentication features in their devices. This helps in ensuring that the device is being accessed only by authorized individuals.
The integration of biometrics eliminates the need to enter credentials, providing better confidentiality in the event of security breaches caused by password leakage. Besides, the growing adoption of biometric systems in the government and defense sector is also favoring market growth. For instance, the application of voice recognition systems in government facilities enables seamless identification of individuals using their unique voice patterns.
The rising demand for accurate access control across corporate offices coupled with the growing necessity for identification solutions in the automotive sector, BFSI, government organizations, etc. is largely driving the growth of the biometrics market. Increasing adoption in the consumer electronics sector and continuous technological advancements are further strengthening the business space.