Report: the Latest Biometrics Institute 2017 Industry Trends

Retina scan biometrics

A new report from the Biometrics Institute shows that biometrics applications in financial services saw significant growth in the last 12 previous months, with online ID services expected to grow the most within five years.

The annual Industry Trend Tracker survey draws insight from different trends and important developments in the biometrics industry that have taken place in the last 12 months, as well as looking to the future.

Respondents reported that the single most significant development in the previous 12 months has been in the area of border control and security and financial services.

Looking forward, the areas projected to grow the most over the next five years, attracting at least 10% mention overall, were:

  • online identity verification (15%)
  • mobile payments (13%)
  • financial services (10%)

Overall there is expected to be a shift away from border control and security, mobile payments and especially device access towards online identity verification, government mobile applications, online payments and healthcare.

When it comes to preferred modals, facial recognition dominated as the biometric thought most likely to be on the increase over the next few years, at 38%, followed by multimodal (22%) and iris (11%) – all usurping fingerprint at 9%.

Concerns

Privacy and data protection concerns dominated with over half of the sample feeling this was a restraint (up to 57%).

Poor knowledge of biometrics amongst decision makers (37%) was also a key concern, as was misinformation about biometrics (31%).

Market Optimism

The market remains positive despite these concerns. Respondents reported feeling optimistic about new developments in biometrics this year and beyond, both in the short and in the longer term – 76% claiming to be very/quite optimistic about opportunities in 2017 and 79% over the next few years.

Get more information on the report.

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