Biometric technologies generally refer to the use of technology to identify a person based on some aspect of their biology. Fingerprint recognition is one of the first and original biometric technologies that have been grouped loosely under digital forensics. Biometric authentication is used in computer science as a form of identification and access control. It is also used to identify individuals in groups that are under surveillance. Biometric identifiers are the distinctive, measurable characteristics used to label and describe individuals. Biometric categorization is not only limited to fingerprints but also palm veins, face recognition, retina, voice, shape of ears, and gait. Many different aspects of human physiology, chemistry, or behavior can be used for biometric authentication. The selection of a particular biometric for use in a specific application involves a weighting of several factors. Jain et al. identified seven such factors to be used when assessing the suitability of any trait for use in biometric authentication.
In recent times, biometrics based on brain and heart signals emerged. The advantage of this newer technology is that it is more fraud-resistant compared to conventional biometrics like fingerprints. However, such technology is generally more cumbersome and still has issues such as lower accuracy and poor reproducibility over time. On the portability side of biometric products, more and more vendors are embracing significantly miniaturized biometric authentication systems thereby elaborate cost saving, especially for large-scale deployments.
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Global Biometrics Technology Market – Competitive Landscape
On November 16, 2023, Silicon Photonics Vendor (SiLC) announced USD 25 million in new funding for biometrics. On October 18, 2023, Anonybit, a decentralized biometric authentication and data protection firm, completed a funding round raising USD 3 million. On September 13, 2023, Deduce Nets invested USD 9 million to scale a synthetic identify fraud prevention service. On November 7, 2022, a Biometric smart gun maker raised USD 14 million and planned a hiring spree. On September 28, 2022, identified raised USD 15 million to scale biometric authentication across Africa.
Some of the Key Players in the Global Biometrics Technology Market Include –
- Accu-Time System
- Bio-Key International
- Dermalog Identification Systems
- East Shore Technology
- EveVerify
- Fujitsu
- NEC
- Idemia
- HID Global
- Iris ID System
Global Biometrics Technology Market – Growth Drivers
Increasing awareness and concerns about security breaches drive the adoption of biometric solutions for robust authentication. The widening use of biometrics in government and defense applications contributes significantly to biometric technology market growth. Growing adoption in various industries, including finance, healthcare, and retail due to the need for secure access and identity verification. The integration of biometrics in mobile devices for identification verification and access control enhances biometric technology market expansion. Continuous advancements such as AI and machine learning integration, improve accuracy and efficiency in biometric authentication processes. Increasing awareness of the importance of strong security measures propels the demand for biometric technology solutions. According to the biometric update, the percentage of phones with built-in biometric capabilities remained at around 81 percent over the last year. Cybersecurity breaches have been on the rise, and it’s expected that by 2023, they’ll have grown to USD 15.4 million.
Global Biometrics Technology Market – Restraints
Increased use of biometrics raises privacy issues, as individuals may be concerned about the storage and potential misuse of their biometric data. The initial setup costs for implementing biometric systems, including hardware and software, can be substantial, hindering adoption, especially for smaller businesses. Biometric access control systems range from a total of USD 2,500 to USD 10,000 per door. Compatibility issues and lack of standardization across different biometric systems can pose challenges, making it difficult for seamless integration in diverse environments. Despite advancements, biometric systems are not immune to hacking attempts and spoofing, which can compromise the security they are designed to provide. Strict regulations regarding the collection, storage, and use of biometric data may pose compliance challenges for businesses and organizations. Organizations and individuals may resist adopting biometric technology due to familiarity with existing authentication methods and concern about disruption during the transition. Biometric systems may face challenges in providing accurate results under certain conditions, such as poor lighting, variations in user physiology, or environmental factors. Ethical concerns and cultural differences regarding the use of biometrics may limit widespread acceptance, especially in regions where such technologies are viewed with skepticism.
Global Biometrics Technology Market – Opportunities
The rising demand for contactless authentication methods, driven by hygiene concerns and the need for convenient yet secure access, provides an opportunity for biometric technologies like facial recognition and fingerprint recognition. The healthcare sectors offer opportunities for biometric applications in patient identification, access control, and secure electronic health records, enhancing efficiency and patient safety. Governments worldwide are exploring biometric solutions for border control, enhancing travel security, and improving the efficiency of immigration processes.
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Global Biometrics Technology Market – Geographical Insight
The market for global biometric technology is segmented into regions such as North America, Latin America, Europe, Asia-Pacific, the Middle East & Africa. North America is the largest market for global biometric technology due to this region characterized by stringent regulations governing the use of biometric data, contributing to a focus on security and privacy measures. Asia-Pacific region experiences rapid growth in the biometric technology market, driven by technological advancements, government initiatives, and the expanding use of smartphones. European countries are increasingly integrating biometric solutions for identity verification, border control, and financial transactions.
Global Biometrics Technology Market – Key Development
- On November 30, 2022, IDEX Biometrics partnered with tech provider M-Tech Innovations to bring biometric payment cards to India by 2023.
- On November 10, 2022, Keyo launched the first biometric identification network powered by palm scanning technology.
- On June 29, 2022, AI Innovator Moqi launched contactless biometric scanners, meeting a demand for post-pandemic identification solutions.