Biometric Trends and Statistics to Keep an Eye on in 2022
Data breaches and cyberattacks have become common, risking the personal information of millions of people. The total number of cyberattacks and data breaches was clocked at a record 116 million in May 2021.
With Human error and weak passwords accounting for 52% of data breaches, it is evident that traditional authentication methods must be replaced with the latest biometric technology, such as specialized hardware sensors in mobile phones, fingerprint detectors, unique facial recognition cameras (3D), or iris recognition. Biometrics have become increasingly popular in recent years, especially with the advent of two-factor authentication for online banking.
The number of companies implementing biometric authentication is increasing, but there are only a few that are familiar with the growth, size, and volume of the market. Today, we bring you the latest biometric trends and statistics which will give you a deeper insight into the cybersecurity industry.
Interesting Statistics on the Biometric Industry
- In 2019, the global biometric technology market was forecasted to be over $16.6 billion. In the following years, the market is expected to expand fast, reaching a whopping $55.42 billion by 2027.
- The video surveillance camera market was valued at $23.6 billion in 2019, with estimates forecasting growth to $44 billion by 2025.
- The global identity and access management market is expected to generate a revenue of over $13.92 billion in 2021. Identity access management (IAM) is a set of technology and rules that ensures verified users have access to the resources they need within an organization. Partners and staff, as well as customers and devices, are all possible users.
- Over 75% of Americans have used biometric technology, which includes anything from fingerprint scanning to facial identification to signature dynamics and hand geometry. Businesses are increasingly realizing the benefits of biometric technologies in terms of security and ease of use for their operations.
3 Biometric Trends to Watch for in 2022
With the constant innovation in the latest biometric technology, biometric trends are ever-changing. Here are some that may rule in 2022.
This trend, which is characterized by a shift away from device-based systems toward Cloud-based solutions, is frequently linked to mobile biometric technologies. Instead of being saved on the device, the user’s biometric data is logged and kept in the Cloud. This method has three significant advantages, including:
- Parallel processing means multiple people can work on the same data without issue
- Enabling users to access shared adjustable computer resources such as storage, networks, servers, services, and applications on-demand, conveniently, from everywhere
- Speeds that are much faster than traditional biometric systems
Biometric systems are becoming increasingly sophisticated as technology advances. Multimodal biometric authentication adds an extra degree of security to enterprises. Spoofing one biometric is extremely unlikely, especially with today’s modern anti-spoofing technologies, while spoofing two biometrics is practically impossible. The benefits of multimodal biometric authentication include:
- Better accuracy when validating or identifying individuals by relying on multiple biometric features that are truly unique to one and only one person.
- More secure, since two different modes to identify an individual are used, such as signature, finger vein pattern, fingerprint, voice, and iris
- Increased threshold recognition settings over a single modality for more flexibility
Behavioral biometrics includes cognitive behavior such as gait analysis, voice recognition, and keystroke dynamics. The field of behavioral biometrics is still in its early stages. It necessitates the use of another biometric modality for initial authentication, and its reliability is much inferior to that of other biometrics. But, they still offer benefits, such as::
- Passive verification that runs in the background
- Helps users in maintaining privacy
- Websites can enroll users passively
Biometric Trends and Authentication in Various Industries
Biometric authentication is used in a variety of businesses for several purposes. Here are a few examples of how biometrics are being used to improve the security and productivity of present processes across different industries.
Banking and Finance
Security and authentication are required in many businesses, and mobile banking is no exception. Financial institutions use biometric authentication as a part of either their two or multifactor authentication strategy to protect themselves and their clients from account takeover attacks.
Biometric identification, such as fingerprint scanners, iris scanners, and facial recognition, can help hospitals validate a patient’s identity and ensure the medical staff have access to proper medical records and more.
Law Enforcement Sector
Law enforcement and state and federal authorities employ several types of biometric technology for identification purposes. They include fingerprints, facial expressions, iris patterns, speech samples, and DNA. The Automated Fingerprint Identification System (AFIS) is a database used to identify fingerprints.
The recent biometric trends and statistics show that the segment is moving toward solutions that are more secure, faster, scalable, and convenient. In the not-too-distant future, biometric authentication will supplant passwords, and government regulations monitoring data breaches will speed up the adoption of biometrics.