At every turn companies are facing security concerns and pushback from customers who worry about the storage of their personal data.
The biometrics market is expected to exceed $10 billion in value by 2021, ABI Research has identified four technologies that innovative and agile startups must incorporate into their solutions if they expect to secure a significant share in this competitive landscape:
- multifactor authentication (MFA)
- point-of-sale (PoS), mobile payments
- passive authentication.
No cutting corners in security
“Companies can no longer afford to cut corners when it comes to security,” says Dimitrios Pavlakis, Industry Analyst at ABI Research. “Pairing biometrics with MFA and passive authentication is a natural evolution of the technology, as it complements traditional authentication with higher security factors that can be further adjusted as part of a greater risk assessment system.”
ABI Research finds HYPR, KnuEdge, UnifyID, and Yubico to be recognized innovators in the biometrics market. These companies deliver solutions that incorporate high-tech with low-cost hardware tokens, decentralize control using blockchain multimodal biometrics, feature military-grade voice recognition, or even leverage a host of connected sensors to gait biometrics for seamless authentication.
Payments are also seen as a driving force in the biometrics market, particularly as millennials fuel adoption rates for new applications. Companies like Atom Bank, Biyo, Nymi, Smart Metric, Veridium, VKansee, and Zwipe are disrupting the market landscape through transformative technologies. These range from continuous heart rate recognition in wearables, high resolution spoof-resistant sensors, smart card embedded fingerprint sensors, biometrical digital-only banking solutions, as well as four-finger recognition and palm-vein payments.
“Successful vendors will need to tackle convenience and interoperability factors, minimize total cost of ownership without compromising security, as well as prove their abilities to comply with emerging industry specifications that do not compromise data privacy,” concludes Pavlakis.
These findings are from ABI Research’s Hot Tech Innovators: Biometrics report.