Biometrics market to approach $52 billion by 2023 as facial recognition and banking AI expand

Biometrics market to approach $52 billion by 2023 as facial recognition and banking AI expand

The global market for biometric authentication and identification will grow at a CAGR of 22.54 percent from 2018 to 2023 to surpass $51.98 billion, according to a new report from ResearchAndMarkets.com.

“Global Biometric Authentication and Identification Market: Focus on Modality (Face, Eye, Fingerprint, Palm, and Vein), Motility, Application, and Technology Trends Analysis and Forecast: 2018-2023” identifies significantly higher demand for biometric technology in consumer goods as a major market driver, but warns that latent fingerprint spoofing and other concerns about data breaches and privacy protections are a constraining factor. The report breaks down forecasted revenues by modality, region, and application. While substantial market growth is expected in the APAC region, North America is expected to make up the largest region by revenue, at 31 percent of the global total.

Key players covered in the report include Fulcrum Biometrics, Anviz Global, Fingerprint Cards, M2SYS, and Aware.

Facial recognition market to hit $4.6B this year

The market for facial recognition technology will grow to $4.6 billion in 2019, according to research from Visiongain.

A new report from the market research firm examines the outlook for facial recognition over the next ten years, forecasting the markets for 2D, 3D, and facial analytic technologies. It also breaks down the market by hardware, software and services, industry vertical, application, and country.

Key players identified in the facial recognition market include Aware, Crossmatch, Gemalto, IDEMIA, NEC Corporation, 3M, Ayonix Corporation, Cognitec Systems GmbH, Daon, Nuance, and ZKTeco.

Last year was the big jump for smartphone 3D sensing market

The market for 3D sensing technology in smartphones leapt from $819 million in 2017 to $3.08 billion in 2018 with the transition of iPhones to Face ID, but will grow by a less spectacular 26.3 percent to $3.89 billion this year as many manufacturers focus on in-display fingerprint sensors, according to TrendForce research reported by CTimes.

A possible move by Apple from structured light 3D sensing to time-of-flight (TOF) technology in 2020 could drive growth up above 50 percent in that year. Other smartphone suppliers could also adopt TOF 3D sensing, attracted by the lower technological requirements and broader supply chain than that of structured light sensors. TOF is not as well suited to facial recognition, however, according to the report, and high resolution TOF components remain expensive.

TrendForce estimates the penetration rate of 3D sensing smartphones will increase from 8.4 percent last year to 12.3 percent in 2019, and then as high as 20 percent in 2020 if other brands follow Apple’s lead into 3D sensor integration.

AI to transform banking industry

Banking and financial services are considered in the first two reports above, and IHS Markit predicts the global business value of artificial intelligence in the sector will grow from $41.1 billion in 2018 to reach $300 billion by 2030.

The “Artificial Intelligence in Banking” report suggests that through 2023, North America will still be the largest market for AI banking technology. By 2030, however, the Asia Pacific region will represent a $98.6 billion market, while North America will be worth roughly $79 billion.

AI could lead to the loss of 500,000 banking jobs in the UK, and 1.3 million in the U.S. by 2030, with tellers, customer service reps, loan interviewers and clerks, financial managers, compliance officers and loan officers affected.

“The innovative capabilities AI will bring to financial services will be transformative,” says Don Tait, principal analyst at IHS Markit. “AI is poised to challenge and blur our concepts of computing and the ‘natural’ human. This sea change will require both businesses and governments to develop expansive foresight and critical understanding of the full effects of digitization and emerging technologies.”

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