Next Generation Biometrics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

Market Overview

The next generation biometrics market has registered a CAGR of 35.53%, during the forecast period (2021 -2026). One of the key trends witnessed in the next generation biometrics market is a paradigm shift in business discourse toward more privacy and fewer security threats. The end-users are increasingly looking for integrated solutions, rather than depending on conventional methods.

• The next generation biometric market is anticipated to grow at a significant growth rate, due to the rising number of terrorist activities, coupled with the increasing theft activities on the part of crucial data and information that have raised concerns regarding national security. Major factors, such as growth in e-passport program, government support, and extensive use in criminal identification, are majorly driving the market.
• The rise in airport security initiatives and attempts to reduce the crime rates have increased the investments in biometric systems, globally. Various government initiatives, such as e-passports, e- driving licenses, border management, and national IDs, are being implemented in the developed countries using advanced biometrics
• IRIS recognition is one of the fastest-growing segments among the type of solution. Few benefits of this technology are that it is easy to use, difficult to forge, and is accurate. The iris recognition application in the consumer electronics sector is expected witness the highest growth rate during the forecast period, mainly because of the commercialization of various iris scan-based electronic devices, like smartphones, tablets, smart watches, notebooks, and others.
• However, factors, such as high deployment costs and fear of privacy intrusion, are expected to hamper the growth of the market.

Scope of the Report

Next generation biometrics are the technologies used to authenticate the identity of individuals through biological characteristics, such as facial expression, voice, palm, fingerprints, signature, iris, vein, and DNA. The biometric techniques are easy to use and the data obtained is in digital format, which is hard to forge or duplicate and rebuild. Moreover, next generation biometrics are available in various type of solutions that can cater to many end-user verticals according to their need.

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Key Market Trends

Banking and Financial Industry to be the Fastest-growing Sector

• Major Banks are rolling out biometric authentication. JP Morgan Chase, Bank of  America and Wells Fargo allow their customers to log in to mobile banking via fingerprint authentication.
• Voice authentication is also deployed in bank call centers to identify customers. Next generation biometric authentication can improve customer satisfaction by eliminating the need for passwords and as a result, increase the demand for adoption of biometrics in the banking sector.
• Wells Fargo is working on a payment solution that will make use of the voice of its customers to authenticate transactions and access services. While other banks and financial institutions still have limited approach toward voice biometrics and use it only to let customers access information, like account balance, etc., Wells Fargo took the step to use voice biometrics to authenticate payments.

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