Challenges for biometrics companiesThe biometric identification technology that read and recognize faces and fingerprints is highlighted as an innovation offering both security and convenience. The applications of biometrics technology is expanding, thanks to the development of wearable devices, Internet of Things and FinTech.
Since iPhones and other smartphone models used fingerprint recognition function since 2013, more people experienced the biometrics technology, and commercialization is accelerating. According to a report, more than 300 million smartphones with fingerprint recognition function has been produced, and the size of the mobile biometrics market would grow by 128 percent annually for the next five years.
In the early 2000s, hundreds of biometrics companies were established in Korea and other countries. However, aside from a handful of companies, most closed down as their technology level did not meet the market’s expectation.
Since the venture bubble, the IT market has been growing and the technology levels have been enhanced. Yet only a few companies are considered reliable, and technologies are limited to the existing biometrics market, such as entrance security. For commercialization of biometrics technology, advanced technology should be applied to everyday items like smartphones.
Since the fingerprint recognition censor on the smartphone is small, the algorithm of reading the unique biological information is more important. Without technological advancement, it is hard to offer both convenience and security. Without resolving these challenges, consumers may turn away from the biometrics technology once again, and the market would shrink.
Moreover, the consumers should have proper understanding of biometrics technology and make informed decisions when choosing a product. As the risk of biometrics information leak is growing and consumers are increasingly sensitive, companies need to make efforts to assure the consumers. Personal information protection and security should be tightened, and the government needs to prepare legal and systematic apparatus as well.
by Lee Jae-won CEO of Suprema