The global biometrics market is growing fast because of the ubiquity of some biometric modalities, such as fingerprint and facial recognition. The deployment of biometric technologies is increasing across different business sectors because of their ease of use, high security and assurance, and quick scalability.
In recent years, businesses have been applying biometric technologies for identification, verification, and authentication processes, particularly to enhance customer journeys and improve the customer experience (CX). Consumers are demanding more secured customer journeys but not at the expense of a poorer CX.
Passwords are becoming obsolete for businesses and end-users alike because they are difficult to remember, can be easily hacked, tend to make the authentication process longer, and increase the probability of breaches. In 2020, hacker attacks increased three-fold in one year. Biometric technology advancements are helping organizations come up with more innovative business processes that can strike an adequate balance between security and CX simultaneously.
Advanced biometric modalities, such as behavioral biometrics, palm vein biometrics, and artificial intelligence (AI)-powered biometrics, are gaining traction based on the need for higher accuracy and faster response times for high-end deployments.
Biometric technologies are becoming a critical element for businesses' digital transformation roadmaps, and the emergence of new CX use cases enabled by advances in AI, Internet of Things (IoT), and digital payments assures a bright future for this segment of the market. This report analyzes different trends, use cases, market opportunities, and drivers and restraints of biometric applications for an enhanced CX.
Key Topics Covered:
1. Strategic Imperatives
Why is it Increasingly Difficult to Grow?
The Strategic Imperative
The Impact of the Top Three Strategic Imperatives on the Biometric Authentication Industry
Growth Opportunities Fuel the Growth Pipeline Engine