The global biometric authentication and identification market will grow at a CAGR of 22.54% from 2018 to 2023 to exceed $ 51.98 billion, according to a new report from ResearchAndMarkets.com
“Authentication Market and Global Biometric Identification: Focus on Mode (Face, Eye, Fingerprint, Palm and Vein), Motility, Application and Technology Trends Analysis and Forecast: 2018-2023” identifies significantly greater demand for biometric technology in a major booster of the market, but warns that latent fingerprint tampering and other concerns about data breaches and privacy protections are a limiting factor.
The report divides revenue by mode, region, and application.
While substantial market growth is expected in the APAC region, North America is expected to be the largest revenue region with 31% of the global total.
Facial recognition market expected to reach $ 4.6 billion this year
The facial recognition technology market will grow to $ 4.6 billion by 2019, according to Visiongain research.
A new report from the market research firm examines facial recognition prospects over the next 10 years, predicting the markets for 2D, 3D and facial analytic technologies. It also divides the market by hardware, software and services, vertical industry, application and country.
Major players identified in the facial recognition market include Aware, Crossmatch, Gemalto – now Thales -, IDEMIA, NEC Corporation, 3M, Ayonix Corporation, Cognitec Systems GmbH, Daon, Nuance and ZKTeco .
Last year was the great leap to the market of 3D smartphone sensors
The smartphone 3D technology market jumped from $ 819 million in 2017 to $ 3.08 billion in 2018 with the transition from iPhones to Face ID but will grow 26.3 percent less spectacular to $ 3.89 billion this year, as many manufacturers focus on the display fingerprint sensors, according to the TrendForce survey reported by CTimes .
A possible shift from Apple, a 3D light sensor structured to Flight Time Technology (TOF) in 2020, can boost growth by more than 50% that year.
Other smartphone vendors could also adopt the TOF 3D sensor, attracted by lower technology requirements and the wider supply chain than structured light sensors.
TOF is not so suitable for face recognition, however, according to the report, and high resolution TOF components remain expensive.
TrendForce estimates that the penetration rate of smartphones with 3D sensors will increase from 8.4% last year to 12.3% in 2019 and 20% in 2020 if other brands follow the example of Apple in the integration of 3D sensors.
AI to transform banking industry
Banking and financial services are considered in the first two reports above, and IHS Markit predicts that the overall commercial value of artificial intelligence in the industry will grow from $ 41.1 billion in 2018 to $ 300 billion by 2030.
The report “Artificial Intelligence in Banks” suggests that, by 2023, North America will still be the largest market for AI banking technology.
By 2030, however, the Asia-Pacific region will represent a market of $ 98.6 billion, while North America will be worth about $ 79 billion.
The IA could lead to the loss of 500,000 bank jobs in the UK and 1.3 million in the US by 2030, with cashier, customer service representatives, loan interviewers and clerks, financial managers, compliance officers, and loan officers affected .
“The innovative capabilities the AI will bring to financial services will be transformative,” says Don Tait, senior analyst at IHS Markit.
“AI is poised to challenge and defocus our computing concepts and the ‘natural’ human.This radical change will require companies and governments to develop broad vision and critical understanding of the full effects of digitalisation and emerging technologies. “