Author : Marketing Team | Follow us on LinkedIn:
22 Aug, 2022
When biometric technology started entering our lives, people often wondered, “why is biometrics important?” In the early days, no one could have fathomed that the future of biometrics would be so dynamic and ever-growing. Biometrics truly came to light during the 19th century, initially as a way of identifying criminals. From identity verification to security management, biometric technology has come a long way and become a familiar concept today.
People everywhere are unlocking their phones with their fingerprints and faces today. People have realized that with biometric technology, memorizing lengthy passwords is no longer a worry, and the idea of losing security credentials is irrelevant with the passwords being people’s faces and fingerprints. The current adoption rate of biometric technology is quite impressive:
Looking at these stats, we can understand that security for personal devices is a common use for biometrics in today’s market. So, what is the future of biometrics? Industry leaders predict that the future of biometrics in securing personal gadgets will be quite efficacious. Not only that, mobile-based access control has already started becoming popular where a person can use his smartphone to connect with the destination ACS and gain access. In the coming times, these applications will expand from corporate environments to everyday locations.
Regarding the use of biometrics in workplace identification, access control cards have been in use for decades. Fingerprint recognition is currently the most popular as well as and affordable method for time and attendance management in offices. According to marketsandmarkets.com, the facial recognition global market is expected to generate $7 billion in revenue by 2024, a 16.6 percent CAGR from 2019 to 2024.
In addition, we cannot overlook the trend that indicates biometric applications in financial sector authentication and government services are on the rise. According to Acuity Market Intelligence, the future of biometrics in banking will include the elimination of credentials such as physical cards and cash transactions. In fact, experts suggest that over the next decade, almost all banking transactions will be authenticated via biometrics.
It can also be seen here that healthcare providers are using biometric technology to track individuals throughout their premises indicating a strong future for biometrics in healthcare. The pandemic has left a lasting effect on all our minds which is why contactless biometric technology is being adopted rapidly in the healthcare and research sector. The use of voice or face biometrics in healthcare would do away with the need for access cards or visitor badges, PIN codes, and fingerprint scanning.
Fingerprint scanning is applicable for many purposes like identity verification, access control, attendance management, registration procedures, etc. in numerous industries like healthcare, BFSI, engineering and manufacturing, education, corporate buildings, defense, etc. Because of its many benefits, fingerprint recognition has quickly been adopted everywhere and has become increasingly affordable over the years.
Automated fingerprint identification system market revenue worldwide in 2019 and 2026(in billion U.S. dollars)
Fingerprint technology is being predicted to be integrated into identity and credit cards to add an extra layer of security. In the coming years, we are likely to see the data procured from fingerprint scanning become more secure and hack-proof.
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Identity and access management are critical in digital access control to safeguard applications and data. Internet and the digital landscape are evolving as we speak, therefore, digital security processes also need to be constantly updated. The conventional methods of getting registered through usernames and passwords could be easily hacked or manipulated. So, to avoid the growing number of cyber-crimes, passwords have been replaced by biometric authentication.
More now than ever, people are working under hybrid conditions, attending meetings from home. This setting easily increases a system’s vulnerability to attacks. Real-time biometric verification can secure shared networks and data. Face recognition to gain entry into the virtual meeting prevents access to imposters and hackers.
Many online payment apps have introduced fingerprint verification for approving fund transfers. It is predicted that facial recognition will also become as commonplace as fingerprint scanning; data largely suggests that this can happen by the year 2025. Many international banks today approve online payments after multi-factor authentication, like fingerprint + face recognition, or PIN + face recognition.
Biometric authentication software and hardware have now become quite advanced. They facilitate speedy verification with almost zero error rate which is why the future of biometrics for mobile payments holds significant potential.
Image Source: paymentsjournal.com
The world is increasingly adopting technology to manage nearly everything in one’s day-to-day life. Now that people are used to verifying their identities with biometrics, and the ease, convenience, and sense of security it imparts, people will want to have biometric options for all services they use.
Extensive biometric integration at secure access points, be it physical or digital, will change the way people interact with doors, or verification and payment interfaces. Access to sensitive or secure locations, such as nuclear power plants, emergency service control centers, or energy supply facilities, will be made possible via biometric verification in the future.
The main benefit of biometric authentication is that it reduces the risk of data, assets, credentials, etc. being stolen or duplicated. It is also an easy-to-use technology which is why its adoption rate has been soaring. Public demand for biometric applications is going to drive research and development in this field in the future.
To know about why enterprises choose biometric devices for security, click here.