AI, other technologies based new services & products market to touch $11.50 bn by 2023

London, UK: The integration of Artificial Intelligence (AI) in biometric systems will play an important role in enhancing the performance of various modalities.

As a major enabler of behavioural biometrics, AI is expected to find significant application in identification and authentication.

AI and other technologies such as machine learning (ML) and deep learning and the consequent development of novel business models based on new services and products, are forecast to drive the $4.98 billion market towards $11.50 billion by 2023.

“AI-driven behavioural biometrics will become the main identity authentication/verification element in two-factor or multi-factor authentication,” said Frost & Sullivan’s industry analyst Ram Ravi

“In the near term, businesses will increasingly use AI to aid decision-making as well as for greater behavioural pattern analysis of anomalies. In the longer term, blockchain will be used with biometrics for identity management across applications, and neurolinguistic programming (NLP) will become mainstream as financial institutions use voice processing to offer services and assistance,” added Ravi.

“Over the next few years, blockchain will emerge a powerful growth driver across the sectors of government, commercial, and especially financial applications,” noted Ravi.

“Smart, connected devices are shifting customer perceptions of alternate commerce channels and biometric market players need to have a blockchain strategy to augment their portfolios,” added Ravi.

Biometric vendors that are anticipated to achieve long-term growth will make the most of the growth opportunities present in:

  • Offering Biometrics-as-a-Service.
  • Building in-house capabilities to offer as value additions.
  • Partnering with select allied technology vendors.
  • Enhancing modalities such as facial, voice and iris recognition for the financial and healthcare verticals.

(Image source – Datanami)

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