The report published this week by Frost and Sullivan, highlighting the unprecedented growth in the global biometric market, was entirely predictable. The market is currently valued at $4.6 billion, and is on course to reach a staggering $11.1 billion by 2023 – this would mean the market sustaining an annual growth rate of 19.3%.
When you factor in the average industry annual growth rate is around 2-3%, essentially mirroring that of the economy, that figure of 19.3% is truly remarkable. I wouldn’t be surprised to see that figure rise further, especially considering the plethora of benefits biometrics bring to both consumers and companies. As people become more and more aware of these benefits you can expect the market to grow as investment increases in adopting mobile and multi-modal biometric authentication.
So what are the benefits? The obvious ones are in enhancing security, customer confidence and in creating a more frictionless journey for the user. The ever-growing threat of cyber attacks and the risk of fraud, coupled with the ever-changing consumer demands for a more streamlined experience, will ensure these benefits become increasingly evident. The direct result, as the report indicates, will mean an inevitable update in behavioral biometrics, especially in multi factor authentication.
It is however important for companies to remember that as they evolve their Digital Transformation strategies with new digital services, such as the cloud and IoT, it’s critical to ensure a secure user experience that meets regulatory requirements. You will soon see biometric technology becoming more mainstream across numerous private and public sectors; ranging from BFSI, retail and healthcare, to government, policing and security. The driving factors behind this exceptional growth can be attributed to the improved security and ‘ease-of-use’ biometric solutions provide.
It’s a pivotal time in the sector; and yet an exciting one, as Veridium looks to expand its global biometric authentication services. Watch this space…