January 27, 2017 -
Acuity Market Intelligence has revealed its 2017 ten top trends for biometrics and digital identity, which predicts this year will be groundbreaking for biometrics and digital identity.
The research consultancy firm explains that the increased adoption of biometrics and digital identity in 2017 will reflect a new understanding of the potential benefits of these technologies.
“Biometrics and digital identity are often perceived as threats to privacy and security,” said Maxine Most, principal of Acuity Market intelligence. “However, taken together these technologies have the potential to enhance privacy, increase personal data control, and shift power relative to the monetization of consumer data.”
“2017 will be a tipping point as cloud-based biometrics, secure mobile credentials, and fintech innovation coalesce into consumer centric solutions offering previously unobtainable levels of accessibility, security, and individual control over PII (Personally Identifiable Information).”
One of the biggest trends this year is the mainstream use of behavioral biometrics on smartphones, along with the associated privacy issues and PII concerns.
Iris biometrics will gain significant ground as smartphone availability drives consumer acceptance while reducing price points.
Acuity also forecasts that security impact and liability implications of PII via IoT (Internet of Things) will begin to impact enterprise executives.
Meanwhile, cloud biometrics will be recognized as critical Infrastructure for global digital payments and commerce platforms.
Another top trend is the monetization of links between digital identity, smartphones, and mobile and stationary smart devices.
Additionally, 2017 will usher in new monetization models for digital identity emerge, which will effectively shift power from commercial enterprises to consumers.
Acuity also predicts that secure mobile smartphone credentials will continue to drive infrastructure development with migration from tests and pilots to deployments.
Several fintech innovators will be swallowed by BFSIs challenging their influence on industry transformation, while a few fintech standouts will emerge as potential threats to the status quo.
Finally, Acuity predicts that biometrics and digital identity will begin to be understood as key tools for social justice, equity, privacy, and accessibility.
Earlier this week, Deloitte has published its “Technology, Media & Telecommunications (TMT) Predictions” report, which forecasts that over 300 million smartphones (more than 20 percent of units sold in 2017) will feature machine learning capabilities in the next 12 months.