Blockchain-based biometric technologies to find huge growth opportunities across applications, finds Frost & Sullivan
LONDON, June 6, 2019 /PRNewswire/ -- The integration of Artificial Intelligence (AI) in biometric systems will play an important role in enhancing the performance of various modalities. As a major enabler of behavioural biometrics, AI is expected to find significant application in identification and authentication. AI and other technologies such as machine learning (ML) and deep learning, and the consequent development of novel business models based on new services and products, are forecast to drive the $4.98 billion market towards $11.50 billion by 2023.
"AI-driven behavioural biometrics will become the main identity authentication/verification element in two-factor or multifactor authentication," said Industry Analyst Ram Ravi. "In the near term, businesses will increasingly use AI to aid decision-making as well as for greater behavioural pattern analysis of anomalies. In the longer term, blockchain will be used with biometrics for identity management across applications, and neurolinguistic programming (NLP) will become mainstream as financial institutions use voice processing to offer services and assistance."
Frost & Sullivan's recent analysis, European Biometrics Market, Forecast to 2023, presents the current and future market trends, as well as the most promising applications. It assesses whether the vendors in the space are ready to go it alone or if they will need to partner to take their business to the next level.
For further information on this analysis, please click here.
"Over the next few years, blockchain will emerge a powerful growth driver across the sectors of government, commercial, and especially financial applications," noted Ravi. "Smart, connected devices are shifting customer perceptions of alternate commerce channels, and biometric market players need to have a blockchain strategy to augment their portfolios."
Biometric vendors that are anticipated to achieve long-term growth will make the most of the growth opportunities present in:
- Offering Biometrics-as-a-Service.
- Building in-house capabilities to offer as value additions.
- Partnering with select allied technology vendors.
- Enhancing modalities such as facial, voice, and iris recognition for the financial and healthcare verticals.
European Biometrics Market, Forecast to 2023 is part of Frost & Sullivan's global Automatic Identification & Security Growth Partnership Service program.
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European Biometrics Market, Forecast to 2023
SOURCE Frost & Sullivan