Consumers Prefer Biometrics Over Passwords

A new survey says that 52 percent of consumers prefer biometrics over passwords when logging into online accounts. The study, done collaboratively with Socure and PYMNTS.com Digital Identity Tracker, shows customers would prefer to use “modern authentication methods” instead of traditional username/password credentials when signing into their Internet accounts.
According to the survey from Gigya, 80 percent of survey respondents with an authentication preference said they believe biometric options are safer than passwords. 68 percent of customers also forgo making accounts on websites with what they perceive to be “complex password requirements,” the survey said.

The global mobile biometrics industry is expected to expand at a compound average growth rate (CAGR) of 103 percent by 2020, according to a market study from Technavio. A Research and Markets report forecasts the role of global biometrics market in government will increase at a CAGR of nearly 12 percent by this time.

The fingerprint, voice and facial recognition industries are predicted to be worth $12 billion, $11 billion, and $1 billion, respectively.

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