Acuity Market Intelligence characterizes 2017 as a "breakout" year for biometrics and digital identity when increased adoption reflects a new understanding of the potential benefits these technologies offer.
"Biometrics and digital identity are often perceived as threats to privacy and security," says Maxine Most, Principal of Acuity Market intelligence. "However, taken together these technologies have the potential to enhance privacy, increase personal data control, and shift power relative to the monetization of consumer data."
According to Most, "2017 will be a tipping point as cloud-based biometrics, secure mobile credentials, and fintech innovation coalesce into consumer centric solutions offering previously unobtainable levels of accessibility, security, and individual control over PII (Personally Identifiable Information)."
Acuity's Ten Top Trends for Biometrics and Digital Identity include:
1. Behavioral biometrics on smartphones, and the associated privacy issues and PII concerns, become mainstream.
2. Iris biometrics "breakout" as smartphone availability drives consumer acceptance up and price points down.
3. Security impact and liability implications of PII via IoT (Internet of Things) begins to influence Enterprise Executives.
4. Cloud biometrics are recognized as critical Infrastructure for global digital payments and commerce platforms.
5. Links between digital identity, smartphones, and mobile and stationary smart devices begin to be monetized.
6. New monetization models for digital identity emerge, shifting power from commercial enterprises to consumers.
7. Secure mobile smartphone credentials drive infrastructure development with migration from tests and pilots to deployments.
8. Many fintech innovators are swallowed by BFSIs thwarting their impact on industry transformation.
9. A handful of fintech standouts, committed to disruption, emerge as potential threats to the status quo.
10. Biometrics and digital identity begin to be understood as forces for social justice, equity, privacy, and accessibility.