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Biometric System Market with COVID-19 Impact Analysis by Authentication Type (Single Factor, Fingerprint, Iris, Face, Voice; Multi-factor), Type (Contactbased, Contactless, Hybrid), Offering Type, Mobility, Vertical & Region - Global Forecast to 2027
“Biometric technology” refers to the digitalization of various biological data for identity verification and authentication, offering enhanced reliability and convenience in contrast to traditional methods such as passwords or OTPs. Korean biometric system market is continuously expanding. According to Marketsandmarkets, it is projected to increase from $900 million in 2020 to $3.3 billion by 2027, with an impressive average annual growth rate of 20.4%, surpassing the global market's average growth rate of 13.2%.
MarketsandMarkets, Biometric System Market, 2020
Among various biometric technologies, face recognition is poised for substantial growth. When considering its market scale, the growth rate of 15.6% is indicative of significant progress, outperforming other biometric methods such as fingerprint, iris, and voice recognition.
Biometric technology is gaining increasing prominence and evolving, particularly in the security sector. Its applications in everyday life, like unlocking smartphone screens and facilitating easy payments, are well-established. Furthermore, its adoption is gaining momentum in the financial and fintech sectors, where there is a growing demand for advanced security measures.
Today, we will explore the reasons why face recognition is emerging as the next-generation authentication method in comparison to other biometric methods. Additionally, we will introduce the advanced face recognition solutions offered by ALCHERA for the financial industry.
1) National Institute of Standards and Technology
2) INTERNATIONAL JOURNAL OF BIOLOGY AND BIOMEDICAL ENGINEERING, “Promising Database for Palm Vein classification”, 2019
In the realms of finance and security, the cornerstones are high accuracy and swift processing speed. While there exists a diverse array of biometric technologies, the fundamental approach remains consistent – the digitalization of unique biological data for real-time identity verification against a database. Hence, the assessment of how precisely and swiftly the technology can discern one's identity from vast datasets becomes a paramount indicator of its capabilities.
Face recognition, bolstered by advances in AI and deep learning, possesses a distinct advantage. It thrives in the constant testing and learning environment due to its foundation on data that accommodates various environments and potential interference factors. With a colossal global sample dataset encompassing 120 million individuals, face recognition has solidified its position as the forerunner in biometric technology. It boasts over twice the accuracy and processing speed when juxtaposed against other methodologies, boasting an error rate of a mere 0.0021% and a processing time of under 0.2 seconds, as per NIST standards. In essence, face recognition signifies a highly refined and validated technology compared to alternative biometric authentication methods.
*NIST: The National Institute of Standards and Technology, responsible for establishing and developing national standards across diverse scientific and technological fields.
Various biometric technologies, such as fingerprint, palm vein, and iris recognition, introduce distinct nuances in terms of authentication methods and requisite devices. For instance, fingerprint recognition mandates physical contact between the user and the device, whereas palm vein and iris recognition necessitate users to maintain stillness in front of the device for a specified duration. Additionally, the chosen authentication method often dictates the need for specific authentication hardware.
In contrast, face recognition represents a non-contact approach that eliminates the need for additional user actions or the introduction of specific devices. This contactless method not only aligns with hygiene considerations, particularly in contexts like the COVID-19 pandemic, but also presents a cost-effective solution for technology implementation. Moreover, it seamlessly integrates with pre-existing small-scale devices, such as smartphones and CCTV systems, facilitating precise user authentication.
ALCHERA delivers non-face-to-face AI identity verification solutions to leading domestic banks and fintech companies. Our comprehensive package includes face recognition, facial liveness, and ownership-based ID authentication, effectively fortifying financial transaction systems while countering ID theft and forgery in one seamless solution.
• Ranked as South Korea's foremost face recognition technology, endorsed by NIST *FRVT
• KFTC (Korea Financial Telecommunications and Clearings) Bioinformation Distributed Management Performance
• KFTC Compatibility Standards
ALCHERA's face recognition technology prides itself on 99.99% accuracy in under a second, allowing for non-invasive identity verification based on ID images. This means that a simple action, such as taking a selfie, enables instant confirmation of the individual's identity against the ID image. The technology is adept at accommodating variables like age (up to 15 years), eyeglasses, hairstyle changes, makeup, and even mask-wearing. This high level of adaptability enhances both security and user experience.
*FRVT: The National Institute of Standards and Technology (NIST) conducts the Face Recognition Vendor Test, evaluating face recognition algorithms.
• Certified for anti-forgery detection at *iBeta Level 1
• Obtained *KOLAS (Korea Laboratory Accreditation Scheme) anti-forgery performance certification
• Supports various imaging methods, including RGB, IR, and 3D cameras
ALCHERA's face recognition Liveness technology identifies fraudulent attempts using manipulated data for authentication. It effectively thwarts any efforts to authenticate using 2D or 3D photos, masks, images, or videos. In 2022, ALCHERA became the first in South Korea to pass the anti-forgery detection test using a standard camera in *Passive Mode, as certified by iBeta. This attests to our world-class technological prowess, enabling the prevention of financial crimes related to identity theft or forgery and fostering a more secure environment for financial transactions.
*iBeta: An independent testing organization accredited by the National Institute of Standards and Technology (NIST).
*KOLAS (Korea Laboratory Accreditation Scheme): An organization in South Korea that officially recognizes capabilities and performance in specific fields based on national standards and ISO/IEC regulations.
*Passive Mode: A method of automatically detecting a person's face using a standard camera without requiring specific actions like adjusting facial positioning, as opposed to Depth cameras.
FIDO (Fast IDentity Online) is the next-generation biometric authentication technology designed to overcome the security limitations of traditional user authentication methods that rely on usernames and passwords in the online environment.
The FIDO Alliance, an international consortium, establishes FIDO technology standards, which are recognized as international authentication technology standards. Member companies include Google, Mastercard, Microsoft, and PayPal.
ALCHERA offers a FIDO-compliant USB Dongle type face recognition solution, which can be utilized for internal control and security management in the financial sector and various other business fields.
ALCHERA firmly believes that face recognition will be increasingly integrated into our daily lives. Whether for attendance verification during work or school, public transportation usage, or making payments at restaurants or supermarkets, the day when face recognition ensures a safer and more convenient daily routine is not far off. Until that time comes, ALCHERA will continue to strive forward, working toward a safer world for everyone.
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