AI-enabled Biometrics: Introduction
- AI-enabled biometrics use computer generated algorithms for the measurement of unique physical and behavioral traits of users through voice, facial recognition, fingerprints etc.
- AI-enabled biometrics deliver high-end solutions to the ecosystem of identification by improving scalability, speed, and accuracy compared to traditional biometric systems.
- AI-enabled biometrics are used in various end-use industries such as finance and automotive to improve security measures and protect crucial data.
- The AI-enabled biometrics market is expected to grow at a high pace during the forecast period with increasing integration of AI-devices in cars for driver identification and tracking, in financial services for a safe and convenient way of conducting day-to-day transactions, and at home and workplaces in safety devices such as cameras and security sensors.
- Growing demand for IoT sensors for smart cities and homes is anticipated to be the key driver of the AI-enabled biometrics market in the coming years.
Global AI-enabled Biometrics Market: Dynamics
Global AI-enabled Biometrics Market: Key Drivers
- Rising demand for accurate biometric systems to increase efficiency and reduce the risk associated with data breach is projected to drive the AI-enabled biometrics market over the forecast period.
- Integration of AI with cloud services is expected to fuel the growth of the AI-enabled biometrics market as it provides optimum privacy, low latency, stronger bandwidth, and better reliability.
- Financial services are using AI to perform virtual onboarding, digital registrations, and user authentication without passwords for ease of doing transactions for which AI enabled biometrics provide better safety than traditional biometrics. This is expected to drive the AI enabled biometrics market during the forecast period.
- Smart wearables such as wristbands that measure heart rate and calories burn are gaining market traction among health-conscious people. Integration of AI-enabled biometrics in the devices to offer personalized experiences is expected to create lucrative opportunity for the AI-enabled biometrics market.
- However, increasing cyber security threats is the key restraint for the AI-enabled biometrics market as AI-powered cyber-attacks using generative adversarial networks (GANs) to generate fake biometric data have been the most crucial challenge witnessed by regulatory bodies.
Impact of COVID-19 on the Global AI-enabled Biometrics Market
- The Covid-19 pandemic has driven the focus toward technological integration of advanced technology such as AI, IoT, and Machine Learning, among various end-use industries. For instance, small organizations in the healthcare sector have started investing in AI technology and R&D to deliver accurate and cost saving medical assessments. AI-enabled biometrics is expected to witness surge in demand from many end-use industries to maintain the workflow with social distancing. Covid-19 is anticipated to have a positive impact on the biometrics market with investment in AI-enabled biometrics to provide thermal screening and prevent the potential spread of Covid. Adoption of contactless technologies is getting traction in developed economies such as the US, Canada, and China, which is projected to fuel the development of the AI-enabled biometrics market across the globe.
North America to Hold Major Share of the Global AI-enabled Biometrics Market
- In terms of region, the global AI-enabled biometrics market can be divided into North America, Europe, Asia Pacific, Middle East & Africa, and South America
- North America dominated the global AI-enabled biometrics market in 2020. The U.S. is the market leader owing to government initiatives to integrate smart technologies to reduce identity theft cases and increase safety. Canada has invested heavily in AI research accounted for growing foreign direct investment in the country which is anticipated to boost the AI enabled biometrics industry share in the region.
- Asia Pacific holds promising growth potential in the AI-enabled biometrics market considering the increasing investment by the technology sector in the region. Governments in developing economies such as India are encouraging regional startups to compete with global industries, which is expected to drive the AI-enabled biometrics market in the coming years.
- Developed economies such as China, Japan, and Singapore in the region are adopting IoT in automotive, finance, defense, and smart cities which is expected to create strong demand for AI-enabled biometrics in the region.
Global AI-enabled Biometrics Market: Competition Landscape
The AI-enabled biometrics market is highly competitive with several global players competing to gain larger market share. Key companies are investing heavily in R&D to gain competitive advantage through innovative products and services. Major companies in the market are focusing on mergers, acquisitions, partnerships, and joint ventures to expand the product portfolio and gain higher consumer reach. New market entrants in the AI-enabled biometrics market are expected to take advantage of high-end technology to create more reliable and secure market solutions over the forecast period.
Key players operating in the global AI-enabled biometrics market include:
- Assa Abloy
- Aware, Inc.
- Ayonix Corporation
- Fujitsu Limited
- Leidos Holdings Inc.
- M2SYS Technology - KernellÓ Inc.
- NEC Corporation
- Thales Group (Gemalto NV)
Global AI-enabled Biometrics Market: Research Scope
Global AI-enabled Biometrics Market, by Authentication
- Fingerprint Recognition
- Iris Recognition
- Face Recognition
- Multi-factor Authentication
Global AI-enabled Biometrics Market, by End-user
- Military & Defense
Global AI-enabled Biometrics Market, by Region
- North America
- Rest of North America
- Rest of Europe
- Asia Pacific
- South Korea
- Rest of Asia Pacific
- Middle East & Africa
- South Africa
- Rest of Middle East & Africa
- South America
- Rest of South America
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.