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The technological revolution is introducing numerous, robust, advanced security solutions where authentication plays a significant role. Authenticating or validating the identity of any person or any individual is a crucial phase. A variety of technologies including password-based authentication, token-based authentication, certificate-based authentication, multi-factor authentication, and biometrics authentication can be used for validating the individual’s identity. The biometrics authentication system is one of the identity validating technologies, which uses a unique biological characteristics of an individual to recognize. The biometric authentication is a widely adopted technology across all the industries for perceiving identity theft, unauthorized access, or documentary fraud. The capability to diminish the risk of huge resource or monetary losses due to password breach or cybercrimes driving the demand for biometrics solutions and software. Fingerprint recognition, face recognition, iris recognition, and DNA scanning are some of the popular biometrics techniques. Key players are progressively implementing advanced technologies including, infrared sensors, 2D, 3D cameras, or artificial intelligence into the biometric software, which is validating the substantial demand for the software.
Government, information technology (IT), banking, and financial industries are massively implementing biometrics-based systems for identity verification purposes. For instance, the government of India has approved the unique biometric identification service named ‘Adharcard’, for the concealment and privacy of citizen’s biometric data. Thus, the government support is significantly stimulating the biometric software market growth. Besides, the trend of mobile services across the banking and financial industry is unlocking the new application area for multi-factor authentication, which is likely to enhance the demand for mobile biometric solutions. Financial institutes are increasingly deploying biometric authentication software to made accounts accessing and purchasing much secure and easier. The banking sector is gradually exploiting various biometric technologies including voice recognition, fingerprint scanners, face recognition, and iris scanner for empowering the financial security. The biometrics software is gaining momentum across the healthcare industry as well, owing to the rapid deployment of technology. In this way, the rapidly growing application area of biometrics technology is witnessing substantial market growth in the coming years.
Key Market Driver -
• Growing demand for the mobile biometric devices • Increasing security concerns
Key Market Restraint -
• Government’s changing policies to limit the adoption
The competitive landscape of the global biometrics software market is illuminating the strategies adopted by all existing and emerging market players. Prominent key players are focusing on business expansion through strategic partnerships, collaboration, mergers, or acquisitions. Product launch and existing product enhancement is helping key players to strengthen their product portfolio as well as market position. Thus, many key players are investing their efforts in the development of biometrics technology featured applications like mobile biometric devices. In June 2020, IDEMIA France has launched a biometric tablet named ID Screen featured with the multi-biometric capabilities such as facial recognition and fingerprint recognition.
Other Key companies summarised includes IDEMIA France., Mantra Softech (India) Pvt. Ltd., Aware, Inc., M2SYS Technology, Fingerprint Cards AB, NEC New Zealand, Gemalto NV (Thales DIS), NortonLifeLock Inc., Fujitsu Limited, Apple Inc., BioEnable, ImageWare Systems, Inc., BIOMETRICS GLOBAL INC, Mobbeel Solutions S.L.L., and among others.
North America is likely to hold a reasonable market share owing to the growing demand for biometrics solutions by the information and technology sector. The rapidly transforming outdated IT infrastructure is demanding innovative technology solutions. The IT vendors across North America are massively deploying the biometric software solutions for employee attendance, identity validation, or authentication purposes. The major market growth is driven by the emerging mobile banking sector across North America. For instance, Bank of America has already deployed fingerprint recognition, iris scanning, and touch ID biometric technologies into its mobile banking application. The developing healthcare industry is adopting advanced biometric technologies for analyzing various biological entities including blood, saliva, DNA, or urine analysis. Thus, increasing biometrics applications into the medical field is supposing to promote the biometric software demand across the North American healthcare industry. However, abruptly changing government policies are hampering the biometrics software market growth. For instance, the prohibition by the United States government on the use of face recognition technology has limited the adoption.
European banking and financial industry is showcasing the significant demand for the fingerprint-embedded payment cards. Also, the European government is favoring the biometric authentication technology into the e-identity and secure payment applications. Thus, Europe is also anticipating to exhibit sensible market growth in the coming years.
Asia-Pacific will emerge as a global leader in the biometric software market in the coming years. Technology acceptance is a key factor driving the substantial adoption of advanced biometrics solutions across the region. Government, public, as well as private organizations, are majorly adopting biometric software for authentication or identity validation purposes. The online platform services like mobile banking, online shopping, and e-commerce websites are most demandable across the developing countries of Asia pacific. These platforms are massively demanding advanced multi-factor authentication technologies. Thus, the rising acceptance of such online or mobile platform services are likely to drive significant market growth across Asia-Pacific.
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