With the rapid advancement of the Internet, the need for secure information systems has never been greater, and biometric technology is experiencing a significant boom. As biometrics becomes more integrated into smartphones and expands its reach to other mobile devices and business applications, the market for biometric solutions is growing at an impressive pace. Market research firms are optimistic about its future, and the semiconductor industry is actively preparing for the increasing demand and opportunities in this field.
Biometrics has been recognized as one of the top ten technologies that have transformed society in the 21st century. With continuous progress in computer science, optics, acoustics, and biostatistics, it's becoming increasingly common to use physical and behavioral traits for secure authentication. This trend is expected to continue and evolve further in the coming years.
Since the start of this year, biometric startups, especially those focused on facial recognition, have made remarkable progress. The face recognition sector has seen substantial investment, with over 410 million yuan raised in funding. Biometrics are now becoming more familiar to the general public and are gaining widespread acceptance.
One of the main reasons for the popularity of biometric identification is its high accuracy, fast processing speed, and strong resistance to counterfeiting. These features make it ideal for financial services, such as remote account opening, fund transfers, payments, and insurance underwriting. It’s gradually becoming a key tool for securing digital transactions.
The biometric identification process typically involves two stages: user registration and identity verification. Regardless of the specific technology used, the overall process usually includes steps like signal acquisition, digitization, feature extraction, analysis, storage, and matching.
As technology continues to advance, biometric systems will become even more accurate and widely adopted across various industries. In the future, we may identify people not just by their fingerprints or faces, but also through their eyes, expressions, walking patterns, and even vein structures.
Among the major biometric technologies, fingerprint recognition is the most commonly used, accounting for approximately 58% of the total biometric market. Face recognition and iris recognition follow with 7% and 6% respectively. These three methods are considered the mainstream, while others have smaller market shares. According to IBG, the market for fingerprint, face, and iris recognition is expected to reach $13 billion, $2.4 billion, and $1.6 billion respectively by 2020.
In China, the biometric market, although still relatively small, has shown impressive growth. By 2012, the annual revenue of the entire industry was less than 3 billion yuan. However, from 2005 to 2012, the market expanded from around 350 million yuan to nearly 3 billion, with an average annual compound growth rate of nearly 35%, far exceeding the country’s economic growth during the same period. This indicates a huge potential for future development.
In the field of information security, technological dependence is increasing rapidly. Whether it's combating online fraud or implementing advanced security measures, biometric technology plays a crucial role in ensuring digital safety and authentication.
Looking ahead, with the improvement of algorithms, biometrics could potentially replace passwords within the next 3–5 years. Passwords were once a necessary step in using smart devices—before keys were used, but they could be lost; then passwords were introduced, but they could be stolen. However, biometric traits like facial features, fingerprints, and voiceprints are much harder to replicate or steal.
In the future, biometric technology will integrate with machine learning, mobile internet, and big data, leading to continuous optimization and innovation in bio-recognition algorithms. The biometrics industry chain will become stronger, with more third-party service providers emerging and costs significantly decreasing. Its application in the financial sector is set to grow even further.
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