Convenience and security always have a significant impact on the customer’s choice. From healthcare sector to defense, and transportation industry, biometric technology is a reliable and foolproof option to improve security. In recent times, the technology pertaining to the security of premises has taken many fruitful steps, thanks to the advent of cutting-edge innovation known as fingerprint biometrics. Companies in this sector are gaining big profits and monetary returns with the escalating popularity of finger biometrics.
Rising encounters with worldwide adoption
Fingerprint biometrics is a user-friendly and cost-effective security solution. However, despite providing a high level of accuracy, fingerprint biometrics is still not as reliable as other advanced biometric solutions such as iris, retina, and vein recognition. This is mainly due to a high false acceptance rate of this technology as compared to facial recognition. This is undeniably a major roadblock as vendors seek to capture a bigger market share.
Apart from this, fingerprint biometric devices are vulnerable to spoofing, physical attack, and damage to the integrated cables and wires. At the system level, algorithms and templates are susceptible to hacking. While at the administrator or accounts level, data is vulnerable to alteration, deletion, or theft.
For instance, in 2014, a German hacker named Starbug, hacked Apple’s Touch ID a day after it was launched by replicating the last fingerprint on the iPhone’s glass screen. It is a momentous challenge for vendors in the market to come up with products that have the least propensity for attacks and damages.
Multimodal system : Mitigating risk with cutting-edge innovation
Despite the existence of serious challenges, the presence of certain emerging trends could negate the effect of these obstacles to a certain degree. One such trend is the development of multimodal biometrics.
With a combination of diverse biometric technologies including fingerprint, facial, iris, voice, hand geometry and retina, the multimodal biometrics is capable of high performance in critical applications where high quality of identification and verification is a must. The implementation of this technology for controlling access to secured premises is rising in the healthcare, BFSI, transportation, automotive, and government sectors worldwide.
Vendors with improved technical and financial resources can develop innovative products with features such as liveness detection, access to applications with multi-factor authentication, and cross-platform solutions including IVR and mobile.
Market insights will help vendors strategize better
Big companies are gaining a competitive edge by achieving advances in technology and cornering a bulk of the global fingerprint biometrics market. However, market research plays a pivotal role in gaining lasting success in this competitive business.
Technavio’s market research reports help businesses understand the latest market trends and the constantly fluctuating changes in consumer behavior. These will help the vendors explore newer avenues, strategize better and counter existing and emerging challenges.
