IDC report projects AR/VR trend to boost biometrics spending in Europe
A study by market intelligence and advisory services organization, International Data Corporation (IDC), suggests there will be increased spending by European companies in biometric systems throughout 2022 and further, with the trend expected to continue till 2026 triggering an estimated spend of $6.1 billion by then.
The report is titled ‘European Human Augmentation Forecast, 2021-2026: How AR/VR biometrics, wearables and other augmentation techs will elevate human skills and transform business.’
IDC says the spending this year alone will be at around $3.3 billion, an increase of 20 percent from last year’ figures.
This is being driven by a number of factors including the desire by companies to improve employee experience, improve workplace access control management, as well as staff management, it mentions.
Biometrics deployments will also see an increase in 2023, despite challenges facing the use of the technology, such as data protection and privacy issues, the study also finds. That year, the topmost use cases for the technology will include security, automated employee management, access control, employee authentication for data access, as well as employee time and attendance management, according to IDC.
Biometrics in the financial industry will also see vast deployments as companies will be looking to enhance physical and system security strategies and also compliance with regulatory requirements.
The IDC study figures that many companies will go more for fingerprint, face and voice biometrics authentication and verification systems, and tech solutions based on these biometric identifiers will be the most sought-after.
However, a small number of companies will prefer systems based on gait analysis, keystroke dynamics, hand geometry, or iris scanning, which IDC presents as biometric modalities suitable for particular settings and purposes.
“Workplaces are transforming, and focusing on biometrics solutions that drive innovation, employee experience, and facility security will be key to ensure European businesses run smoothly,” said Andrea Minonne, research manager and lead of Human Augmentation Research at IDC. “The COVID-19 pandemic and the Russia-Ukraine war have bypassed security concerns and have highlighted how biometrics can deliver extraordinary outcomes and bring positive impacts on business and society.”
The IDC says the human augmentation market, which the report studies for the period 2021-2026, includes technologies such as augmented and virtual reality (AR/VR), exoskeletons, biometrics, wearables, affective computing, brain computer interfaces, smart home, and medical devices including ingestible, injectable, and implantable devices.
The IDC findings come at a time when there are emerging developments around the European Union AI Act, which seeks to set new guidelines on the development and deployment of AI technologies, including biometrics such as facial recognition.