Biometrics Market: 10 Prominent Trends to Watch in 2018
11 Jun 2018 • by Natalie Aster
LONDON – The technology space is evolving at lightning speed, and biometrics is not an exception. Biometric technology is not something new, it has already become quite an integral part of people’s lives. 2017 turned out to be an exciting year for biometric technologies with a remarkable increase in adoption rates across different industries coupled with the expanding use not only in developed countries but also in emerging ones.
With immense potential of biometrics, the year 2018 is set to see even more amazing advancements. Here are top 10 trends expected to shape the biometrics market scenario this year:
1. Biometrics to Go Mainstream
2017 brought the acceptance of biometric technology to a new level. Baked by its soaring popularity and rising awareness among people, biometric authentication is here to stay and become more mainstream this year. With high potential for further innovation, biometrics is predicted to become common in financial services, e-retailing, border management, anti-fraud activities, and many other spheres.
2. Mobile Industry to Lead the Way in Biometrics Adoption
The past several years have witnessed the introduction of flagship smartphones with inbuilt fingerprint and facial recognition sensors and biometrics protecting mobile payment solutions, as well as introduced people to new biometric modalities and forms. This year, new frontiers are anticipated to emerge in the rapidly-evolving mobile biometrics landscape. With soaring penetration of mobile devices from pole to pole, mobile technology companies are likely to be at the forefront of biometrics adoption in 2018 encouraged by the escalating demand among consumers for higher accuracy and security of their mobile devices.
3. Payment Security to Give Higher Priority to Biometrics
Undeniably, cash-free transactions enjoy an upturn in almost every industry. Thus, the need to enhance the security of such transactions is the key objective of payment services providers. Heavy dependence of modern consumers on mobile devices to complete payment transactions along with rising cyber security concerns encourage heavy investments in security features including biometric technologies. The integration of biometric technologies in online payments landscape allows financial services providers to offer their clients a safer way to make payments and money transfers, and thus increase customer convenience and loyalty. The adoption of biometrics as a payment security feature is a prominent trend that is set to continue gathering steam in 2018.
4. Facial Recognition Technology to Realize Its Potential
Facial recognition technology made waves throughout the world in 2017. This year is predicted to see the expansion of this technology usage beyond just unlocking a smartphone. Facial recognition technology is poised to realize its potential for consumers: anything having a built-in camera will be equipped with this technology. Ultimately, the world could see facial recognition become a common method for secure access on-the-go, mobile payments, and retail apps, etc.
5. Behavioral Biometrics Is On the Horizon
Behavioral biometrics is already nothing new, however, the scope of digital security solutions based on it has only scratched the surface. Today, digital signature is the most popular form of behavioral biometrics widely used as a common authentication method. But with the latest technological advancements, the use of behavioral biometrics will surely not be limited to signatures. A range of services based on behavioral biometrics is expected to appear this year.
6. Biometrics to Improve Workforce Management
In 2018, biometric technology is anticipated to deepen its footprints in workforce management processes as it helps to improve identification accuracy and get rid of employee time theft. Payroll errors due to employees’ deliberate or unintentional misreporting of overtime on the job cost millions of dollars for businesses each year. The adoption of biometrics in workforce management systems will assist in achieving faster and higher return on investment by ensuring productivity and accountability in employees.
7. Multimodal Authentication to Gain Momentum
Fraudulent activities account for huge sums of money in losses and damages. Security is one of the core priorities of any company, and biometrics is likely to help to reduce identity theft and harms associated with it. Many corporations are already deploying biometric identification systems, perceiving them as the next step in the development of more comprehensive secure access systems. The combination of traditional authentication methods with biometric solutions is just the beginning of what can be achieved with the use of multimodal authentication services. Fully integrated security solutions that use access control systems, smart cameras, turnstile and biometric technologies operating in a unified interface are not a myth already. This year, the demand for multimodal authentication is anticipated to gain momentum at a brisk pace.
8. Biometric Enabled POS Terminals Are Coming
The appearance of POS in the commerce field as a whole was like a breath of fresh air for both consumers and manufacturers. Such advancements as swift payments, easily attainable transactions and no need to carry cash around are all owing to the invention of POS. However, it’s only the beginning: with the ongoing advancements in biometrics and its increasing integration with POS, the future certainly offers much more. 2018 is likely to see a successful implementation of biometric-enabled POS terminals, this will mean that the necessity to remember PINs and use barcodes will be eliminated for a much simpler solution. Banks and other financial institutions will likely introduce cards with a biometric authentication option, for instance, fingerprint will be the only requirement while making a payment.
9. Biometrics Use in Airports to Expand Beyond Passport Control
At present, biometric passports are already in complete circulation in some countries, and the penetration of biometric scanners at airport check-ins is on the rise. However, airports have only begun to explore the opportunities offered by the implementation of biometrics in terms of hassle-free check-in, and boarding experience of passengers. Today, some airports are putting to the test smart biometric-enabled systems that allow passengers to move on through the airport without the need for a manual identity check and board their flight hands-free. Others have cutting-edge biometric-enabled systems that provide self-service options at check-in, bag drop, immigration, and boarding. Similar systems are slated to spread worldwide, speeding check-in, and boarding time, reducing lines and also decreasing the number of required staff. 2018 is expected to witness a remarkable increase in the adoption of biometrics in airports.
10. Biometrics to Make Waves in Healthcare Sector
Currently, the use of biometrics in healthcare is mostly limited to access control, e.g. identification of hospital personnel or patients and restriction of access to specific areas within healthcare institutions. However, with ongoing technological progress biometrics applications in the healthcare sector will develop far beyond. Biometrics will be implemented to solve specific healthcare challenges, for instance, it can be used to secure the access to sensitive records/reports, facilitate patient registration processes, improve home and remote healthcare services, enhance the authentication of healthcare providers, and track patients in healthcare facilities. Touch-free and non-invasive biometrics (like gait recognition, facial recognition, etc.) are set to become more prevalent in the healthcare sector due to certain hygiene requirements. The mounting demand to cope with healthcare fraud coupled with an elevating need to ensure patient privacy means that biometrics will play an essential role in healthcare in the near future.
Biometric technologies are already disrupting the world we live in and revolutionizing various process and customer experiences. With increasing number of applications, modern biometrics field shows a lot of promise for 2018. The world’s biometrics market is skyrocketing and is forecast to go beyond USD 38.5 billion by 2024.
© MarketPublishers.com, 2018