AI-enabled biometric market size from USD 12.9 billion in 2023 to USD 44.5 billion in 10 years. The increasing risk of cyber attacks drives the market’s growth. Also, the increasing use of AI-enabled biometrics in the healthcare sector is expected to provide growth opportunities for the market during the forecast period.
Newark, March 04, 2024 (GLOBE NEWSWIRE) — The Brainy Insights estimates that the USD 12.9 billion AI-enabled biometric market will reach USD 44.5 billion by 2033. The market for Al-enabled biometrics has been driven by the recent explosion in artificial intelligence (AI) technology and the increasing demand for trustworthy and secure authentication solutions. Biometrics, a technology field that identifies individuals based on unique physical or behavioural traits, has evolved due to the combination of Algorithms and machine learning skills. This combination has resulted in accurate and efficient biometric solutions that boost security and convenience across various businesses. People’s usage of digital gadgets has grown unpleasant due to rising cyber dangers, as they distrust the security and privacy of their online activities. AI enhances this experience by incorporating an additional layer of security. Advanced biometric technologies, like behavioural biometrics, palm vein biometrics, and AI-powered biometrics, are becoming more and more common since high-end installations demand greater accuracy and faster reaction times.
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Key Insights on AI-enabled Biometric Market
Asia Pacific will account for the largest market size during the forecast period.
Asia Pacific is expected to have the essential AI-enabled biometric market share. The region is one of the most well-known for using facial recognition technology because of its expanding infrastructure, a growing range of applications, and technological advancements. The region’s growing consumer electronics industry and rapid industrialization provide market participants with exciting opportunities and the potential for major expansion. In China, face recognition payments are becoming popular. The biggest payment app in China, AliPay, has tested the smile-to-pay feature at a KFC location in Southern China. The system uses facial recognition to identify clients and promptly charge them via the app. Companies and federal agencies have worked together to implement identity management and surveillance systems.
The face recognition segment dominated the market with the most significant revenue of USD 3.74 billion.
The face recognition segment dominated the market with the most significant revenue of USD 3.74 billion. Facial recognition biometric authentication technology, which has long been considered a vital security feature, is present in millions of iPhone and Android smartphones. 2021 will see significant advancements in face recognition technology owing to augmented reality and machine learning. These developments make it easier for computers to recognise faces.
The government segment dominated the market with the most significant revenue of USD 3.22 billion.
The government segment dominated the market with the most significant revenue of USD 3.22 billion. AI-enabled biometrics assist in eliminating corruption through several initiatives implemented by the government.
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Market Dynamics:
Drivers: Rising AI-based security
For many years, biometric authentication technology has been a major advancement in business, especially in 2021 with the newest AI advancements. 20% of breaches, according to IBM, are the result of compromised credentials. Even worse, finding and addressing a data breach can take an average of 287 days. AI-based security is growing in acceptance and will be necessary for any firm to stay competitive.
Restraint: Risk of cyber attacks
The accuracy of AI-enabled biometric systems can be improved, and many elements like illumination, noise levels in the surrounding environment, and variations in user characteristics can affect how well they work. Negative and false positive results can cause problems. Cybercriminals have become more shrewd regarding the objectives of their attacks, and the technological instruments they employ as machine learning and artificial intelligence (AI) skills have become more commonplace in daily life.
Opportunity: Rising behavioral biometrics
Artificial intelligence has made some interesting trends possible, including behavioural biometric technology. It uses unique behavioural elements they may not be aware of in their interactions with the outside world. In the event of a deep fake fraud effort, it is among the best lines of defence. Crucially, behavioural biometrics can provide session security. There is a serious security risk, for instance, if a user authenticates themself and then leaves the room, unintentionally giving an unauthorised user access to their computer. However, the need for AI-enabled biometrics is growing since behavioural biometrics can recognise the second user’s irregular behaviour and dynamically deny access.
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Some of the major players operating in the AI-enabled biometric market are:
● Aware Inc.
● Facephi Biometria
● IDEMIA
● Thales Group
● NEC Corporation
● Veridium
● Assa Abloy
● Ayonix Pty Ltd
● Leidos Holdings
● M2SYS Technology
● Nuance Communications
● Fujitsu Limited
Key Segments cover in the market:
By Modalities:
● Fingerprint Recognition
● Voice Recognition
● Face Recognition
● Iris Recognition
● Others
By Application:
● Defense
● Home Security
● Government
● BFSI
● Healthcare
● Others
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About the report:
The global AI-enabled biometric market is analyzed based on value (USD billion). All the segments have been analyzed on a worldwide, regional, and country basis. The study includes the analysis of more than 30 countries for each part. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining critical insight into the market. The study includes Porter’s five forces model, attractiveness analysis, raw material analysis, supply, and demand analysis, competitor position grid analysis, distribution, and marketing channels analysis.
About The Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights through data analytics to companies to improve their business acumen. They have a robust forecasting and estimation model to meet the client’s objectives of high-quality output within a short period. They provide both customized (client-specific) and syndicate reports. Their repository of syndicate reports is diverse across all the categories and sub-categories across domains. Their customized solutions meet the client’s requirements whether they are looking to expand or planning to launch a new product in the global market.
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