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The market size of AI-powered biometrics will reach USD 44.5 billion in 10 years, up from USD 12.9 billion in 2023. Increasing risk of cyber-attacks drives market growth. Also, the increasing use of AI-enabled biometrics in the healthcare sector is expected to provide growth opportunities to the market during the forecast period.
NEWARK, March 4, 2024 (Globe Newswire) — Brainy Insights estimates the $12.9 billion AI-enabled biometrics market will reach $44.5 billion by 2033. There is a growing demand for intelligence (AI) technology and reliable and secure authentication solutions. Biometrics is a field of technology that identifies individuals based on unique physical or behavioral characteristics and has evolved through a combination of algorithms and machine learning skills. This combination creates an accurate and efficient biometric authentication solution that improves security and convenience across a variety of businesses. People are distrustful of the security and privacy of their online activities, and rising cyber risks have made using digital gadgets uncomfortable. AI enhances this experience by incorporating an additional layer of security. Advanced biometric technologies such as behavioral biometrics, palm vein biometrics, and AI-enabled biometrics are becoming increasingly popular as high-end equipment demands higher accuracy and faster reaction times.
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Key insights into the AI-powered biometrics market
Asia Pacific region will account for the largest market size during the forecast period.
Asia Pacific is expected to capture the essential AI-enabled biometrics market share. The region is one of the best known for the use of facial recognition technology, due to expanding infrastructure, expanding range of applications, and technological advancements. The growth and rapid industrialization of the region’s consumer electronics industry presents exciting opportunities and significant expansion potential for market participants. Facial recognition payments are becoming popular in China. Alipay, China’s largest payment app, has tested its Smile to Pay feature at KFC stores in southern China. The system uses facial recognition to identify customers and instantly bill them via the app. Businesses and federal agencies have been working together to implement identity management and surveillance systems.
Facial recognition segment dominated the market with the most significant revenue of USD 3.74 billion.
Facial recognition segment dominated the market with the most significant revenue of USD 3.74 billion. Facial recognition biometric technology has been considered an important security feature for years and is included in millions of iPhone and Android smartphones. Augmented reality and machine learning will bring significant advances in facial recognition technology in 2021. These developments have made it easier for computers to recognize faces.
The government sector dominated the market with the most significant revenue of USD 3.22 billion.
The government sector dominated the market with the most significant revenue of USD 3.22 billion. AI-powered biometrics can help fight corruption through several initiatives undertaken by governments.
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Market dynamics:
Driver: AI-based security improvements
Over the years, biometric technology has been a major advancement in business, especially in 2021 with the latest advancements in AI. According to IBM, 20% of breaches are due to compromised credentials. Even worse, it can take an average of 287 days to discover and address a data breach. AI-based security is becoming increasingly accepted and necessary for any company to remain competitive.
Suppression: Risk of Cyberattacks
The accuracy of AI-enabled biometric systems can improve, and many factors such as lighting, ambient noise levels, and changes in user characteristics can affect how biometric systems work. Negative and false positive results can cause problems. Cybercriminals have become more discerning about the objectives of their attacks, and the technological means they use as machine learning and artificial intelligence (AI) skills have become more commonplace in everyday life.
Opportunity: The rise of behavioral biometrics
Artificial intelligence has enabled some interesting trends, such as behavioral biometric technology. They use unique behavioral elements that they may not be aware of in their interactions with the outside world. When deepfake fraud occurs, this is one of your best lines of defense. Importantly, behavioral biometrics can provide session security. For example, if a user authenticates themselves and then leaves the room, they may unintentionally allow unauthorized users to access their computer, creating a significant security risk. However, behavioral biometrics can recognize the irregular behavior of her second user and deny access dynamically, increasing the need for AI-enabled biometrics.
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The major companies operating in the AI-enabled biometrics market are:
●Aware Co., Ltd.
● Facephi Biometria
● IDEMIA
●Thales Group
●NEC Corporation
●Veridium
●Assa Abreu
● Ayonics Co., Ltd.
●Leidos Holdings
●M2SYS technology
●Nuance Communications
●Fujitsu Ltd.
The main segments cover the following markets:
By modality:
●Fingerprint authentication
● 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 biometrics market is analyzed on the basis of value (US$ Billion). All segments are analyzed on global, regional and country basis. The study includes analysis of more than 30 countries in each part. The report offers an in-depth analysis of drivers, opportunities, restraints, and challenges to gain key market insights. This research includes Porter’s Five Forces Model, attractiveness analysis, raw materials analysis, demand and supply analysis, competitive position grid analysis, distribution, and marketing channel analysis.
About Brainy Insights:
The Brainy Insights is a market research company that provides actionable insights to improve business acumen for companies through data analysis. They have robust predictive and estimation models to achieve their clients’ goals of achieving high-quality results in a short period of time. We offer both customized (client-specific) and syndicated reports. The repository of syndicated reports is diverse across all categories and subcategories across domains. Their customized solutions meet clients’ requirements, whether they are looking to expand in global markets or planning to launch a new product.
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