Market research firm Technavio sees growth in the cards for the ‘global advanced authentication market’. In a new report, the firm predicts a CAGR of 17 percent between this year and 2020.
By ‘advanced authentication’, Technavio means multi-factor and biometric solutions, and in making its market calculations the firm considered revenues from offerings like biometric scanners, cameras, software, services, and so on.
In a report synopsis, Technavio lead analyst Amrita Choudhury highlighted rising digital security threats as a main market driver, particularly in the areas of retail, healthcare, and BFSI. She asserted that such threats are pushing companies toward multimodal biometrics, which she said “will likely gain widespread acceptance over the next four years.”
Other driving factors include increasingly stringent regulations around data privacy, the rise of BYOD policies in the workplace, and the ‘mobile workforce’ more generally, which Technavio estimates to have numbered near 1.34 billion in 2015. All of these factors are further pushing organizations to tighten their digital security systems, and biometric security is already proving popular on mobile devices in particularly, with systems like Apple’s Touch ID regularly being adopted by banks for user authentication, and more solutions on the horizon.
May 27, 2016 – by Alex Perala