The Growing Biometrics Market

Whether you buy into biometric technology for authentication and security or to monitor your health and well-being, there’s no denying that the biometric market is only set to increase as more opportunities are identified.

For the banking, financial services and insurance industry (BFSI), it is anticipated that the global biometrics market will witness a growth of 20 percent by 2020. 

For travel and tourism, biometric technology is becoming prolific within airports and at borders, with the US Customs and Border Protection continuing with the federally mandated rollout of facial recognition technology across the States. Tiffany Misrahi, aviation, travel and tourism industry lead at the World Economic Forum testifies:

“Digital identification, biometrics, digitally enabled security devices and other tech-enabled screenings best increase accuracy, efficiency and security when travelling internationally.”

With cybercrime on the rise, it’s no surprise that the movement away from insecure passwords and pin codes is gaining haste, the latest report from Experian reveals Millennials continue to favour convenience over security as fraud becomes the most commonly experienced crime in England and Wales according to the Office for National Statistics.

But interestingly, what other opportunities are out there?

Walmart Corp has filed a patent for facial recognition tracking technology to assess customer satisfaction, while Accenture and Intel in collaboration with insurance agency Sompo Japan Nipponkoa are utilising biometrics and AI to improve road safety.

We’re exploring the prospects of ECG biometric technology: our latest investment of £3.5m will allow us to build out our abilities in science and engineering in the UK and beyond to respond to customers across many sectors including automotive, financial services, access control, smart cities and buildings.

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