India houses the most ambitious biometrics databases to date.
Biometrics are characteristics which “identify”, or “establish” an individual’s identity. The concept of Biometrics is age old. The use of “digital” Biometrics is relatively new and well, quite controversial. Covert use, or misuse of it is nightmare for an individual. Keeping that aside the utility of biometrics cannot be disregarded. It’s a fail safe way to shorten the distance between merchants and users for access to services. As the markets and businesses are going global so are the outcomes. These could mount to cases of fraud, cyber-attacks, charge backs and identity theft. Since technology is the way forward, day by day we are seeing a metamorphosis of legacy infrastructures. Biometrics itself has gone through a revolutionary change. Considering the ease of use even Governments have amended their policies to incorporate its advantages.
The biometrics market is expected to boom with a mounting worth of $41.80 billion by 2023. The groundbreaking technology is yet to reach its final stage. Now we will discuss key biometrics types which are set to conquer 2019.
Currently the favorite choice in the market. It got praise from the industry experts. Mainly because of its speed and simplified process. As it actively maintains secure parameters, this biometrics feature is set to be regulated as well. Due to market demands more and more key players are bringing daily innovation to the practical approach towards face recognition. The key components include Liveness check; essentially making sure a human is really there, and 3D or Depth Perception; checking angles of the face to differentiate it from a screen or static image. While attempts have been made to cheat automated system, it is yet to reach a conclusion with the audience.
The current market of Face Recognition is mounted to $3.97 billion in 2018 and will reach to USD 10.15 billion by the year 2025 with annual growth of 14.35%.
Perhaps the most mature of the biometric technologies out there. Fingerprint recognition is a worldwide phenomenon. As Governments till now primarily use fingerprints while updating citizen records, hence, most of the concerned businesses use it as part of their onboarding as well so to match a person’s fingerprints against a database for verification purposes. Very recently, Hyundai has adopted Fingerprint mechanism in its technology. It has introduced a new way to unlock or start their cars without a key by simply placing their finger on the scanner.
But is it error free? That is still debatable.
The recognition trend will mainly aim for granting access levels. With the innovation in Biometrics field, Iris Verification is perhaps the most sophisticated trend. Iris recognition is a secure technology for ensuring a verified identity by detecting for random iris pattern. By using camera technology, it captures hi-res images. These images go in databases to use for cross matching purposes. The winning point of this biometrics technology is the difficulty to forge it unlike others. With the high-level application of Iris Recognition at government, industrial and defense level, the market is growing at a faster pace competing with Face Recognition. The growth of this market is propelled by applications in government, military & defense, banking & finance, consumer electronics, travel & immigration and so on. Witnessing this trend, Osram has recently launched 810 and 940 mm infrared LEDs to perform Iris Recognition in the automotive sector. Princeton has also introduced a new IRIS reader for its athletic department which they can use to access team lockers rooms by taking a peak at the scanner posted outside the doors.
The Iris Recognition market will expectedly reach a jaw dropping 3627.90 Million USD by 2010.
The world is moving from desktop and laptops to smartphones. Just imagine everything that required moving physically to one place to another is now at the tip of your fingers. Every business from every niche is now resorting to launch mobile apps either its a finance, healthcare, travel or education. Seeing this trend the more fraud prone platforms like Banks, Payment processors, Lending platforms while dipping their feet in water, still have concerns are at large too regarding the security of sensitive processes. The Voice Recognition or “Voice Print” technology is an instant hit. Pindrop, a security startup, has raised $90 million USD to develop an advanced level Voice Authentication service and bringing it to IoT.
According to estimations the number of users verified via Voice Recognition will jump from 429 Million to more than 1.5 billion in 2023.
Do you plan on expanding your operations across regions? What is your plan for handling legal issues? Signing MNDA’s and agreements? The world is moving with the speed of a cheetah. Spending 4 – 5 days on sending and receiving documents for physical signature can put a block on deals. Fortunately the technology has developed enough to address this with the help of “Signature Verification” that allows users to remotely sign their document either “statically”; signing a piece of paper and then scanning it, or “dynamically” by using a digital tablet and signing a document in real-time.
The market for Signature Recognition expects to grow from USD 0.80 billion (2017) to a whopping USD 2.99 billion by 2023 with a growth rate of 25.09%.
Biometric Technology is ever-evolving. In 2019, innovation in the biometrics industry will be at a more drastic level. It is yet to see which biometric trend will win this year’s round.