Biometrics market research briefs: VCs invest $900M in authentication and identity last year
Authentication and identity management providers are the top attraction in the $6.6 billion cybersecurity venture investment market in 2019, CSO Online reports.
The Venture Monitor report, published by Pitchbook on behalf of the National Venture Capital Association (NVCA), shows unprecedented spending by venture funds. While the data is unclear on whether investments in the overall area are increasing or decreasing, nearly $900 million of the $6.6 billion invested in the sector went to identity and authentication startups, including OneLogin, Authenteq, Onfido, Evident ID, Au10tix, Hypr and IDNow.
Powerful technologies for authentication and access control will be necessary to secure the multi-cloud environments enterprises are shifting to, according to the report.
Automatic identification and data capture to grow at 12.6 percent
Global revenues from automatic identification and data capture (AIDC) technology will grow by a 12.6 percent CAGR from 2019 to 2025, reaching $100.5 billion, according to a new report from Meticulous Research.
Technological advancements and surging adoption in retail, transportation and logistics, manufacturing, BFSI, and healthcare devices are the market’s main growth drivers, Meticulous says. Increasing security concerns are boosting interest in voice, fingerprint, and facial biometrics for many enterprises and government organizations. Lack of network infrastructure and limited exposure to technology in some geographies could hinder the market growth, however.
Scanners and readers are expected to be the largest segment of the product market during the forecast period, particularly with RFID technology, while healthcare is expected to be the biggest growth sector for the market.
The study also provides a geographic breakdown of the market and identifies leading technology providers.
“Exponential demand” for biometric security
The failures of traditional ID management and access control systems security incidents have created a need for verification of unique identities, paving the way for exponential demand for biometrics-based replacements, a new report from Frost & Sullivan suggests.
The 136-page “Global Demand for Biometrics in Security, Forecast to 2025” report is intended to identify growth opportunities and examine key drivers, restraints and trends impacting the market.
Potential use cases and current applications in the critical national infrastructure (CNI), public safety and security, and BFSI sectors are considered, and sections cover behavioural biometrics, cloud biometrics models, Clear and Onfido, among other topics. The market is also broken by geographically and key initiatives are identified.
Video Analytics to reach $11B by 2025
The global market for video analytics is expected to grow by 18 percent CAGR to reach $11 billion in 2025, according to a report from Adroit Market Research.
The “Video Analytics Market . . . Global Forecast 2018 to 2025” considers the market by deployment type, end-user, application and region over 111 pages. Crowd monitoring for retailers and video surveillance including facial recognition, motion detection, number plate recognition and people counting are identified as major growth areas.
Aviation, media, utilities, BFSI and other customer groups are examined, along with socio-political and economic factors impacting research and development investments in the field.
Ecommerce fraud costs motivate new technology adoption
The cost to businesses for each dollar lost to fraud has increased from $2.40 in 2016 to $3.13 in 2019, driving demand for machine learning and other technologies to detect and mitigate fraud, according to the “E-Commerce Fraud Detection Solutions: Market Overview” report.
Mercator published the 19-page report to provide a framework for evaluating physical and behavioral biometrics and other advanced offerings from 37 service providers, as well as more traditional technologies from 18 suppliers.
“E-commerce fraud rates continue to increase at a rapid rate, with synthetic fraud growing faster than other fraud types. It is time for merchants to reevaluate the tools they currently deploy to prevent fraud,” comments Steve Murphy, director of Mercator’s Commercial and Enterprise Payments Advisory Service and co-author of the report.