Facial authentication and other biometric security solutions are expected to reach $57,7 billion or R878,6 billion globally by 2025. This is according to a recent research and market report that shows the growing global faith in the benefits of facial verification and other biometric offers.
The impact of COVID-19 has increasingly highlighted the need to protect personal data. This growing demand for enhanced security measures has fuelled these positive market growth projections for the biometrics industry. In its September 2020 report, Forrester Research predicted that 60% of leading decision makers across the globe were aiming to implement or expand their biometric security in 2021.
“This expansion on the reliance of biometric security is a natural progression,” says Gur Geva, Founder and CEO of iiDENTIFii, a leading South African company providing biometric security on an international stage to the financial services sector. “Data breaches are always detrimental, and this threat is forcing enterprises to move away from traditional security measures and seek more impermeable personal protection methods, like biometrics, and facial authentication.
Success in spite of COVD-19:
“The biggest draw card for facial authentication is that it is extremely difficult to imitate,” says Geva. “Secondly, it is convenient and user friendly if implemented intelligently. iiDENTIFii’s technology has continually delivered successful verifications as it can pinpoint an identity, despite the use of a facial mask.”
Geva explains further that iiDENTIFii’s success rests on its Golden Triangle methodology. This triple step authentication process verifies a person’s voluntarily scanned selfie against their ID documentation. It is then verified again with the South African Department of Home Affairs which has been integrated into the technology.
“People are more reliant on mobile technology now than ever before. Their devices are able to provide them with direct access to essential services like banking and online shopping which has proved critical during the ongoing COVID-19 lockdown period,” says Geva.