Biometrics research briefs: brain fingerprinting, AI, IDaaS and facial recognition
Major growth is forecasted for cloud-based biometrics services, which could surpass $26 billion in revenue by 2027. Market research this week for biometrics and related industries also suggests rapid growth in artificial intelligence, slightly more modest but still robust growth in facial recognition, and steady growth in brain fingerprinting.
The global market for brain fingerprinting technology will grow from an estimated $3.62 billion in 2018 to approximately $5.34 billion in 2025, with a CAGR just above 6.25 percent, according to Zion Market Research.
A new report from the firm describes brain fingerprinting as a computer-based test measuring electrical brain waves during the recognition of familiar stimuli or data presented on a computer screen, and says it can be used to provide evidence about crimes and to identify people involved in terrorist cells. The research firm suggests that increasing demand for biometrics could drive brain fingerprinting to replace traditional ways of detecting crime and terrorism.
Equipment used in brain fingerprinting includes personal computers, data acquisition boards, graphics cards, sensors, and four-channel EEG amplifier systems. An electrical brain wave response called the P300 is measured in various research and scientific applications, including modern lie detector tests.
North America is expected to lead the global market over the forecast period, but the implementation of lie detector tests for travelers crossing borders into Greece, Latvia, and Hungary represent a significant potential market in Europe.
Driven by increasing demand for virtual assistants for easy service access and growing adoption of cloud-based technology, the global artificial intelligence market is forecasted to reach $71 billion by 2024, after 26 percent CAGR from this year, according to Lucintel.
Major market opportunities for AI include the healthcare, security, retail, automotive, manufacturing, and fintech sectors. Lucintel expects machine learning to remain the largest market segment and have the highest growth rate due to adoption for autonomous applications and IoT-enabled consumer devices. Media and advertising will be the largest application type in the AI market, while the healthcare market will have the highest growth over the forecast period.
Geographically, the APAC region will have the highest market share and the greatest growth, driven by IoT and smart home device growth and industrial automation.
“Growth Opportunities in the Global Artificial Intelligence Market 2019-2024: Trends, Forecast, and Opportunity Analysis” says increasing adoption of AI in IoT applications and AI-enabled processors are emerging trends with direct impact on the AI industry. It also identifies major players, who are dominated by the world’s biggest tech companies.
The market for Identity-as-a-Service will reach $26.2 billion by 2027 after expanding at approximately 26 percent CAGR from 2019, according to Transparency Market Research.
North America is the largest regional market, and is expected to remain so with roughly a 24.5 percent CAGR, as technical advancements, increasing digitization, high internet penetration, growth in BYOD policies, and an increasing number of cloud security solution providers boost the market.
More than half of cloud-based identity services will be delivered from public clouds, according to the report. Hybrid deployments are popular among BFSI, healthcare, and government customers with security, experience, and compliance concerns, however. While North America and Europe are mature market regions, investment in IT solutions in the U.S., UK, Germany, France, China, India, and Brazil are all expected to provide lucrative opportunities in the space.
The report divides IDaaS products into single sign-on (SSO), multi-factor authentication (MFA), compliance management, directory services, and others such as audit management, life cycle management, and governance. MFA was the largest segment in 2018, but compliance is expected to grow significantly over the forecast period.
Retail, consumer electronics, public sector, and energy and utilities represent opportunities for IDaaS providers, Transparency says.
A report from ResearchandMarkets.com estimates the facial recognition market at roughly $4.3 billion in 2018, and predicts it to grow at a 13.5 percent CAGR from 2019 to 2025. That would make it approximately $10.4 billion by the end of the forecast period.
The “Global Facial Recognition Market – Forecast up to 2025” report examines hardware, software, and service components, and suggests the proliferation of facial recognition software and sensors in high-end smartphones are creating a sudden boom in the technology. While facial recognition is currently often used with other credentials, such as fingerprint biometrics, due to the technology’s early stage of maturity, ResearchandMarkets.com expects it to become foolproof within the forecast period, and surpass other verification processes to become the main method for verification and access management. By the end of the forecast period, the report says verification processes will make up a leading share of the market.
The BFSI sector leads the facial recognition market, but the report indicates the replacement of physical IDs will grow the market.
Tailor-made solutions for SMBs are a significant portion of the projected revenue stream for facial recognition services, but the report also notes expected growth in government and police surveillance applications.