Acuity warns identity verification providers of scaling pressure
The accelerative impact of the COVID pandemic on the identity verification market is akin to a ‘Rogue Wave,’ Acuity Market Intelligence Principal Analyst and Chief Strategist Maxine Most writes in an analysis post.
The Rogue Wave follows the market’s ongoing ‘Tornado Phase’, in which numerous technology providers have reached growth rates above 100 percent. In fact, growth rates between 100 and 500 percent have been the norm in the identity verification space over the past year, according to the post. The massive wave, Most writes, has gathered up and pushed forward everything in its path, but threatens to crash the biometric identity verification companies that have come a long way on its power into the sandy shore.
That potentially dangerous impact will come from the weight of rapidly scaling their businesses.
Companies can have an easier time getting by with “limited management and operational expertise” at $5 million than at $20 million, let alone $100 million.
Most predicts that investments in biometrics will reach $3 billion this year.
The upshot for the market is that companies that have grown dramatically are now showing signs of stress, Most observes, and are faced with critical decisions that will decide their fate in the looming shore-break.
Major emerging opportunities, along with attendant risks, are also found for biometrics outside of the IDV space.
Busy channels of communication
Methods of interaction between consumers, devices and businesses continue to evolve, as well, with global internet connections expected to reach 200 billion by 2030, according to a report from Huawei covered by Ahram Online.
The report also suggests that digital technologies will continue to be increasingly utilized for intelligent driving, which Huawei predicts will also feature biometric technologies in the automobile cockpits.
Contact centers, meanwhile, are playing a greater role in helping enterprises meet consumer expectations, according to a report from Information Services Group.
The 2021 ISG Provider Lens Contact Center – Customer Experience Services Archetype Report reviews a range of technologies enterprises are deploying to take full advantage of their contact center interactions, from customer analytics, to conversational AI, to voice biometrics for securing at-home workstations.
Gesture recognition and touchless sensing
The total global market for gesture recognition and touchless sensing is expected to leap from $13.6 billion this year to $37.6 billion in 2026, a 22.6 percent compound annual growth rate. This forecast is contained in a new report from MarketsandMarkets.
The touchless sensing market is further broken down into touchless biometrics and touchless sanitary products. Touchless biometrics growth is expected to be driven by technological advances and falling prices, particularly in the Asia Pacific region. Aadhaar is also contributing to touchless biometrics demand, according to the report.
The BaaS market, pegged at $1.73 billion in 2020, will grow at a CAGR above 20 percent from 2021 to 2027, according to a report from Market Research Future.
The 141-page report breaks down the cloud biometric services market by deployment type, components, organization size and region.
The cost-effectiveness of utilizing advanced biometric capabilities through the cloud is expected to drive growth, while concerns around the security of biometric data stored in the cloud is identified as a likely constraint.