The future of biometrics is the future of security technology. Biometric authentication methods such as facial recognition and fingerprint recognition are becoming increasingly popular tools to secure digital transactions while providing customers with a frictionless user experience. Applications of biometrics are growing in industries from healthcare and banking to hospitality and payment processing. As usage grows, biometrics technology adapts to meet security and ethical demands. Here’s a look at some recent trends in biometrics technology and what they mean for the future of security.
Biometrics technology uses measurable biological features to authenticate digital user identity. Common biometrics methods include fingerprint authentication, facial recognition, iris recognition, and DNA testing. Artificial intelligence frequently is used to analyze data captured through biometrics tools and verify its authenticity. For example, AI can analyze facial recognition data to distinguish a 2D flat image from a 3D live image.
Biometrics methods are used in digital and brick-and-mortar environments where identity authentication is needed. They can be especially useful for confirming the valid use of identification by a live individual presenting credentials for customers whose accounts are already on file. Biometrics also serves purposes such as providing multi-factor authentication, accelerating payment checkout processes, and facilitating contactless payment.
According to a report by market research provider Transparency Market Research, biometrics technology usage is increasing, with demand growing in various industries and sectors. Globally, the biometrics market was valued at $39.62 billion in 2021 and was on track to expand at a compound annual growth rate of 13.3% between 2022 and 2031, when it is projected to reach $136.18 billion. Industries seeing high adoption rates include:
Regionally, biometrics use is growing most rapidly in Asia and North America. But Europe, South America, Africa, and the Middle East also are seeing increasing adoption of this rapidly emerging technology.
Several significant drivers are propelling biometric authentication usage. These include:
These trends and others are converging to promote the growth of the biometrics industry. Advances in biometrics technology also help accelerate adoption. For example, while 2D photos could fool early facial recognition systems, newer systems incorporate artificial intelligence analysis to differentiate 3D images from flat fakes. As these advances overcome limitations in biometrics security, barriers to adoption will fall, and usage will increase.
Let’s look at how the future of biometrics is unfolding in a few specific industries. Some markets which illustrate the growing importance of biometrics include:
These industries illustrate some biometrics trends which are spreading to other sectors and transforming the way digital security is done. Here’s a closer look:
The future of healthcare is poised to see growing biometrics usage due to several factors that encourage adoption. These include:
All these factors will promote the growing use of biometrics by healthcare providers in the near future. Technological advances, such as integrating facial recognition with iris recognition, will further spur the adoption and incorporation of biometrics into standard workflows and procedures in the healthcare industry.
Banking and financial services will see significant growth in biometrics due to several factors:
As these applications illustrate, both digital and physical banking procedures incorporate biometrics. Financial providers will increasingly use tools such as facial recognition to secure transactions, meet regulatory requirements, and improve customer service by speeding up security checks.
Hospitality and travel are other industries that have taken a leading role in the adoption of biometrics:
As these applications illustrate, hospitality and travel have become significant drivers of the biometrics market and will continue to promote biometrics growth in the future.
Present trends in payment processing foreshadow the growing role biometrics will play in everyday transactions:
These biometrics tools are already in widespread use in the payment industry. As time goes on, they will become increasingly integrated into standard payment processes.
As biometrics usage continues to increase and adapt, keeping up with the latest technology will become critical for maintaining digital security and staying ahead of competitors. The Incode Omni platform provides you with cutting-edge biometrics as part of an end-to-end identity authentication platform that secures your transactions while delivering a frictionless customer experience. Omni’s facial recognition and fingerprint recognition software come complete with a full range of authentication tools that integrate easily with your workflow so you can have biometric security checks up and running in hours. Omni serves various industries, from eCommerce, finance, and retail to travel, hospitality, and event experiences. Contact our team to request a demo and see how our biometrics authentication tools can help you deliver a fast, secure experience to your customers.
