The developing market for biometrics

Simplifying everyday life for people is very important to us at Precise and we’re doing this by developing solutions for convenient and secure identification and verification of people’s identity. This includes our leading software for fingerprint recognition in mobile phones and payment cards as well as our new product Precise YOUNiQ for quick and secure verification of digital identity.

In our recently published Annual Report 2018 we’ve explored how the vibrant biometrics market is growing and shared our insight on the drivers and benefits of adoption. Below you can find a short summary of the market development section from the Annual Report.

Biometrics is an important tool in the battle against fraud and payments are still the strongest driving force for the adoption of biometrics by consumers. The use of connected devices inevitably opens up opportunities for actors to access our lives, this may be through the latest model of voice-controlled devices for smart homes or a connected car with biometric sensors to enable flexible payments at the gas station. Using facial or fingerprint recognition like we do in our mobile devices is just the first step towards more convenient and secure authentication. New kinds of solutions are needed that go beyond current authentication methods to make sure that payments and transactions are made securely through digital services. As demand for user-friendly design and phones with full-screen displays drives the trend of under-display sensors to read fingerprints over the whole screen, continuous authentication becomes possible. Enabling this enhances both security and user convenience.

Payment Solutions are also set to become more convenient and secure as biometric cards start to be used for contactless payments. Analysts have predicted that this area will grow rapidly in the next few years with the first contactless biometric payment cards launching in small volumes in 2019. Read more about the developing market for biometrics in our Annual Report for 2018.