Biometrics Market is Likely to Touch New Heights by End of Forecast Period 2021-2027
According to GMI Inc., the biometrics market size will annually record USD 45 billion in valuation by 2027. The thriving instances of payment fraud activities, including chip switching, card skimming, and shoulder surfing have steered various security concerns, subsequently making way for reliable and fast-functioning authentication methods. With changing international regulations, rising rate of terrorism & cybercrime, as well as growing instances of identity theft and document fraud, novel security solutions have actively been implemented. According to Aite-Novarica, the losses from identity theft cases showed a rapid increase to US $712.4 billion in 2020.
These trends are set to play an ideal role in the expansion of the biometrics market in the forecasted timeline to match the rising requirements for identifying and authenticating individuals through their unique biological characteristics. With massive accuracy gains, amplified public acceptance, and the falling prices of sensors, software and I.P. cameras, the installation of biometric systems has become easier.
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Currently, biometric security systems mark extensive presence in airports for verifying the identity and the real-time screening of passengers, making travelling simple. They are also widely adopted by law enforcement agencies, like the FBI and Interpol for criminal investigations. The increasing technological strides in fingerprint, voice, and iris recognition solutions will also boost the biometrics market dynamics.
Growing prominence of face recognition solutions
With the rising deployment in various commercial applications, spanning from surveillance to marketing, the demand for facial recognition technology is soaring to considerable heights. It has been estimated that around 72% of hotels will invest in face-scanning technology by 2025. These systems make use of biometrics for mapping facial features from videos or photographs and compare the information with the database of known faces for finding a match.
The COVID-19 pandemic acted as a significant booster for the adoption of this technology due to the rising requirement for access control, contactless processes, as well as the entry and management of people. The biometrics industry witnessed notable proceeds with several developed economies, like South Korea rolling out pilot projects deployed on facial recognition for tracking the movement of people that are infected with the virus.
Wide potential in the BFSI sector
For easing data privacy and security concerns while catering to the limitations of passwords, PINs, and security questions, biometrics has emerged significantly popular in banks around the world for authenticating customers accessing their services. It helps limit the incidents of fraud and to facilitate faster transactions to higher levels of accuracy and authentication. For instance, in August 2020, HSBC rolled out voice biometric technology for its customers in Malaysia for providing access to their phone banking services in a safer, quicker, and more convenient manner.
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The growth of the biometrics market will also be driven by the increasing count of financial and banking frauds worldwide. According to the latest Federal Trade Commission data, consumers reportedly lost over $5.8 billion to fraud in 2021, showing an increase of around 70% over the previous year.
In a nutshell, biometrics, apart from helping in the protection of sensitive information, like financial data or healthcare records, can thwart the fraudsters’ efforts of creating multiple fake digital identities. The emergence of novel commercial biometric payment cards will also infuse a positive outlook for biometrics market growth.
Partial Chapter of the Table of Content
Chapter 1 Methodology & Scope
1.1 Scope & definitions
1.2 Methodology & forecast parameters
1.3 COVID-19 impact
1.3.1 North America
1.3.3 Asia Pacific
1.3.4 Latin America
1.4 Data sources
Chapter 2 Executive Summary
2.1 Biometrics market 360º synopsis, 2017–2027
2.1.1 Business trends
2.1.2 Regional trends
2.1.3 Technology trends
2.1.4 End use trends
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