Dublin, Aug. 17, 2023 (GLOBE NEWSWIRE) -- The "Next Generation Biometrics Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global Next-Generation Biometrics Market is expected to experience a remarkable growth rate of 35.5% during the forecast period.
One of the key trends driving this growth is a paradigm shift in business discourse towards enhanced privacy and reduced security threats. End-users are increasingly seeking integrated solutions, moving away from conventional methods.
Key Highlights
The Next-Generation Biometric Market is poised for significant growth, primarily due to the rising number of terrorist activities and increasing theft of crucial data, raising concerns regarding national security. Chile, for example, is implementing an automatic biometric identification system (ABIS) to combat organized crime by instantly identifying recognized criminals, illegal migrants, and the deceased who lack any identity. Identity fraud across the globe is a restraining factor for market growth.
Sophisticated fraud tactics, including the use of realistic 2D/3D masks and display attacks, have increased identity fraud by 43% YoY, as reported by Onfido. The industry benefits from the increasing adoption of electronic cards and biometric passports. Costa Rica, for instance, is launching its biometric passport with advanced security technology to reject fraudulent attempts, complying with international standards set forth by the International Civil Aviation Organization. The COVID-19 pandemic has accelerated the demand for touchless biometrics solutions, especially in the healthcare sector, and has brought about a trend towards contactless biometric technologies such as face, gait, and speech recognition for accurate identification.
Next-Generation Biometrics Market Trends
Banking and Financial Industry to Witness Fastest Growth
The banking sector is rapidly adopting next-generation biometric authentication, offering fingerprint and voice authentication for mobile banking. A Visa poll found that 86% of users are eager to use biometrics for identification during payments. The Indian banking industry is increasingly interested in implementing safe and practical biometric technologies post-COVID, as IDEMIA aims to provide cutting-edge biometric solutions and transaction solutions. Internet finance and digital operations are on the rise, with banks employing biometric facial recognition for account access through ATMs, eliminating the need for physical cards.
Asia-Pacific to Experience Significant Growth
The Asia-Pacific region is expected to witness significant growth in emerging economies, with healthcare, consumer electronics, and government sectors driving the application of next-generation biometrics. Recent events, such as China Construction Bank using biometric credentials in its digital renminbi initiatives and the Indian government implementing Facial Recognition Technology for traveler registration, are propelling market expansion in the region.
Competitor Analysis
The next-generation biometrics market is highly competitive, with key players investing in technological innovation to meet future demand. Some of the key players in the market include Idemia, Fujitsu Ltd., NEC Corporation, Thales Group, and Siemens AG. Recent Developments
Onfido launched Motion, a cutting-edge liveness solution for biometrics to enhance its Real Identity Platform's consumer verification. IDEX Biometrics ASA and Realtime AS collaborated to create the world's first Web3 biometric transaction card with cold storing and digital property wallets, expected to be available in the first half of 2023.
The global next-generation biometrics market is set for substantial growth, driven by increasing security concerns, identity fraud challenges, and the adoption of biometric solutions across various industries. As the demand for contactless biometric technologies surges, the market is expected to witness significant advancements in the coming years.
A selection of companies mentioned in this report includes
- IDEMIA
- NEC Corporation
- Fujitsu Ltd
- Siemens AG
- Thales Group
- Cross Match Technologies
- Fingerprint Cards AB
- Suprema Inc.
- RCG Holdings Limited
- Safran SA
For more information about this report visit https://www.researchandmarkets.com/r/n58x9w
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