Biometric Authentication and Identification Market to Witness an Outstanding Growth by 2023

FREMONT, Calif. - Nov. 17, 2021 - PRLog -- Increasing competitive advantages, such as high accuracy and increased reliability, over the traditional authentication techniques (such as PIN and passwords) are expected to leverage the opportunities of the biometric authentication and identification market. Factors such as influence of biometrics in the era of blockchain and probing anti-money laundering via biometrics are leading to an increase in the demand for biometric authentication techniques. Moreover, increasing demand for biometrics in consumer goods, such as smartphones and laptops, is facilitating the wide adoption of biometric authentication and identification over traditional authentication methods among consumers.

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The evolution of technology from paper to electronic to digital and now biometric has played a crucial role in shaping the economy. This evolution has resulted in enhancing the operational capabilities of various industries, such as automotive, manufacturing, and construction, in terms of enhanced safety measures, connectivity, cost reduction, and convenience for users. Such enhancements in technology have been seen in the human interactions occurring in the digital world. In the context of human interactions, it is necessary to identify and prove in ways who one claims to be.

This is where identification technologies, such as biometrics, come into picture. Biometric refers to the science of identifying the unique physical and behavioral characteristics, which an individual inherits from his/her birth. The biometric technology is broadly referred to the art of capturing, processing, and measuring the individual's characteristics electronically and comparing the collected records with existing records.

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The use of biometrics across various industries is majorly due to a higher demand of enhanced safety and security of the personnel. Among the changing paradigm of the consumer as well as enterprise market, a significantly higher demand of biometrics from the consumer goods segment such as from smartphones, laptops, and tablets is majorly impacting the growth of the biometric industry. Another factor driving the growth of this market is the use of biometric in anti-money laundering coupled with an increased use of biometrics in the era of blockchain. This is majorly due to the increasing thefts, and cyber-crimes leading to privacy concerns and a huge risk of data breaches.