With administrative and budgetary restrictions, there has been a shift in the investment priorities for biometrics technologies – claims a recent study by ABI Research.
Many nations had temporarily canceled or held several fingerprint-based solutions, keeping in mind people’s safety and hygiene concerns. This includes devices for physical access control, official registration, workforce management, legal applications, and more.
According to the latest study by ABI Research, the market valuation of $1.8 billion for physical security devices, is expected to drop. Simply put, the biometric device market revenues are projected to go down by 22% to $6.6 billion – as a repercussion of the pandemic.
However, the biometrics market would regain momentum in 2021, reaching nearly $40 billion by 2025. Indeed, the rapid decline in the biometrics landscape is rooted in the multifaceted issues linked to governmental, commercial, and technological frameworks.
As Dimitris Pavlakis, Digital Security Industry Analyst at ABI Research, mentioned in the company blog post – “First, they have been instigated primarily due to economic reforms during the crisis which forced governments to constrain budgets and focus on damage control, personnel well-being, and operational efficiency.”
Dimitris also added, “Second, commercial on-premise applications and access control suffered as the rise of the remote workers became the new norm for the first half of 2020.” Besides, various hygiene concerns because of contact-based technologies pushed biometrics revenues to a sudden pause in the fingerprint shipments worldwide.
New use-case scenarios are currently emerging, and some technological trends have grown to the best of the implementation lists. A good example is, enterprise mobility and logical access control with the help of biometrics as a division of multi-factor authentication (MFA) system for the remote workers.
The present-day MFA solutions for remote workforce may fit well into the permanent information technology security and authentication measures for organizations in the long term. It will augment the biometrics-as-a-service (BaaS) market, alongside its monetization, security, and authentication models with time.
The study also indicated that the biometrics applications could look forward to new implementation horizons, with the leading brands in the sector. The list includes Gemalto (Thales), NEC, IDEMIA, HID Global, FPC, and Cognitec.
Down the line, even the smart city infrastructure investments will have a presence in additional surveillance, behavioral analytics, and face recognition. This is expected to be beneficial for epidemiological research, monitoring, and crisis response undertakings.
Clearly, COVID-19 impacted the biometrics hardware market – but it is likely to evolve across different business horizons in this digital era.