Biometrics research briefs: sensors, identity and access management
According to Energias Market Research Pvt. Ltd., the global biometric sensors market is expected to increase from US$863.7 million in 2016, to US$1.75 billion in 2023, at a significant compound annual growth rate (CAGR) of 10.6 percent from 2017 to 2023.
Factors driving the global biometric sensors market include: rising security concerns; convenience in implementing sensors across various industries; and rising demand for fingerprint sensors and facial recognition sensors in smartphones and other handheld devices.
Technological advancement such as virtual reality and virtual assistants, along with the rising adoption of smartphones will continue to fuel the growth of the global biometric sensors market. Handheld devices and wearable devices, such as smart watches, eyeglasses, earpods and smartbands will increasingly leverage biometric identification technologies.
The growing use of such wearable and handheld devices and the high degree of accuracy and sensitivity of such devices are making biometric sensors popular in general. However, high initialization and implementation costs may hinder growth of the global biometric sensors market.
Key companies operating in the biometric sensor space include Crossmatch Technologies Inc., 3M, Suprema Inc., Zkteco Inc., Infineon Technologies Ag, Idex Asa, Fulcrum Biometrics, Safran, Precise Biometrics AB, and NEC Corporation.
Identity and access management
Global Market Insights, Inc. notes that the identity and access management market in the United States is poised to reach US$18.9 billion by 2024.
The research firm says that the growing expansion of data theft among organizations worldwide is primarily driving identity and access management market demand. Stolen employee access identification is a leading parameter of data breach, and system hacking is projected to cost businesses around US$2 trillion by 2019. Stolen data in the U.S. is responsible for approximately 90 percent of cyberattacks and will hamper corporate operations.
In 2016, the total cost related to identity theft was US$16 million but is anticipated to grow due to rising crime rates. To curb growing identity theft, companies are investing funds and entering into strategic partnerships and acquisitions to improve their security portfolio.
Consequently, the advanced authentication segment held 23.7 percent of the identity and access management market share in 2017, mainly due to factors such as increase in cybercriminal activities, rising security threats, BYOD policy in enterprises, and supportive government regulations.
Increased usage of advanced authentication in various verticals, mainly banking, financial services and insurance (BFSI), IT and telecom, and healthcare, also contributed to market growth. Furthermore, the centralized policy engine mechanisms in these systems assist in providing flexibility and consistency in authentication, fueling market demand.
Prominent companies functioning in the identity and access management market include: CA Technologies, Centrify Corporation, Crossmatch, Dell Inc., ForgeRock, Gemalto, IBM Corporation, iWelcome, Microsoft Corporation, Okta, Inc., Oracle, Ping Identity, SailPoint Technologies Holdings, Inc., and Symantec.