Biometrics Market To Witness High Adoption Rate, Buoyed By The Surge In Online Work Culture During COVID-19 Pandemic, Says PMR
Date : Apr 14, 2020 Author : PMR Editorial Staff Category : Healthcare
With major attention on the healthcare sector in association with the outbreak of COVID-19, its impact on market of various technologies is gradually getting highlighted.
With major attention on the healthcare sector in association with the outbreak of COVID-19, its impact on market of various technologies is gradually getting highlighted. Amid the corona virus crisis numerous changes have taken place including lockdown and workforce shortage. Societal changes triggered by the COVID-19 pandemic is expected to have a huge impact on technology trends. The pandemic is driving people indoors, significantly up surging the utilization of the internet and other services that facilitate the normal operations of daily life from home.
Work From Home Culture Bolsters Adoption Rate
The biometric algorithms based on advanced technologies such as machine language and artificial intelligence are assisting the government and private organizations to connect remotely with their workforce. Persistence Market research expects the demand for face and voice biometric services to reach a new high in this lockdown period. The hike in the population working from home during COVID-19 has placed the biometrics sector in a highly beneficial position.
The internet-based application of face and voice biometric service accounts for easy management and governance, which substantially increases its adoption rate. The absence of physical devices and authority cuts down the major expenses associated with physical biometrics and other methods of attendance. Owing to its cost-effective nature, biometrics is gaining prominence across all the sectors as attendance and customer recognition system. Security is the other major factor fueling the growth of the biometrics market. The facility of integration of biometric services with an abundance of smart devices available in the market makes it very accessible for all levels of employees, bolstering the growth of the market.
Biometrics Boosts Biological Safety
COVID-19 has also highlighted the importance of biological safety. The current speculations associating corona virus with a biological weapon have placed the safety and security of biologics and its products such as somatic cells and gene therapy in lime light. Owing to the high risks of health hazards from virus contamination of these biologics, biological safety has emerged as a major use case in the market. Biopharmaceutical spaces and laboratories carrying out biological safety testing are driving the adoption rate of biometrics as major end-user. Authentication of individuals in these organizations has become primary importance, setting a major use case for biometrics applications. Defense laboratories and other organizations dealing with biologics are incorporating advancements in their existing authentication methods, compelling the vendors in the biometrics market to integrate the latest technology in biometric services.
Despite the growing adoption of biometrics services, COVID-19 is negatively influencing physical biometric services. Governments in different nations have issued protocols of halting the employee tracking systems based on fingerprints to ensure the safety of the population from any virus spread through touch. Such moves have hard hit the revenue generated by fingerprint-based biometrics.
Next generation biometrics
The halt in touch-based recognition systems is generating opportunities for market players. Many players such as SenseTime are introducing facial recognition biometric technology in the market to strengthen their market presence. The market is trending towards next-generation biometrics which is expected to be driven by government support. Iris recognition application is a relatively new technology in the market. It is gaining rapid traction on the back of reduced chances of fraud and malign practices. PMR projects the adoption of advanced technologies such as iris-based identification to generate new revenue pockets in other markets such as iris scan-based electronic devices. Other emerging biological characteristics as biometrics technology are palm, voice, expression and vein.
COVID-19 pandemic will influence the biometric sector on a positive note, creating new revenue pools in the market. It is expected to surge awareness in the government regarding authentication technologies and services. PMR projects this growing awareness to relax the stringent regulations regarding approval of biometric technology and system, further benefitting the market revenue and growth. Moreover, the growing adoption of work from home and surge in the use of internet-based services is forecasted to have long term influence on the market. The current slowdown in the economy will benefit the regional players. With the disrupted supply chain from a major market such as China, different nations will divert attention towards developing a regional market for biometrics, significantly bolstering the growth of the regional markets.
Report Highlights: Global Biometrics Market
- Parent market overview covering the impact of COVID-19 pandemic
- Key changes in market dynamics
- Emerging market segmentation
- Change in market size and revenue
- Recent trends and strategic developments