ID Technologies Market to Expand with Significant CAGR During 2023

Published: Thu Oct 18 2018

3M Cogent, Inc., Texas Instruments, Inc., NEC Corporation, Siemens AG, Aware, Inc., Safran Group, American Express Co., and Gemalto NV are some of the companies in the global ID technologies market.

ID technology is the technology of smart cards, optical character recognition, barcodes, biometrics, magnetic stripes and voice recognition. Technologies like these are used for identifying objects, collecting data and entering it into computer systems with the help of a communication medium, this communication may be internet or Intranet. Such technologies are used on a wide scale in industries, residential applications, as well as commercial enterprises.

The ID technologies market is basically driven by the growth in the number of fraudulent cases in many commercial transactions. Due to the current increase in the number of terrorist activities throughout the world, further boosts the need for sophisticated ID technology tremendously. The growing cross-border activities like trade and tourism among others are increasing the need for unique identification cards like e-passport and other national and international IDs.

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The need for employer identification through voice recognition, biometrics, and smart cards for both physical as well as logical access to properties and systems is continuously growing. Hence, because of the growth in the number of enterprises, it is predicted that the ID technology market will also see growth in the years to come. The ID technology has great growth chances in residential apartments because there are better security measures being adopted in this sector.

The deployment centralized identification system for the creation of both international as well as electronic national IDs is also contributing to the rise of the ID technologies market. But, the privacy issues that individuals have are acting as a big hurdle in the growth of the ID technologies market. Also, it irks some people to enter their credentials each time when they need logical and physical access to the properties or computer systems.

Personal identification by hand geometry, face recognition, fingerprint identification, iris recognition, and others is known as biometric ID technology. Biometric identification technologies are also used when physical and logical access is needed for computer systems, mobile handsets, server rooms and similar areas of strategic importance. Organizations primarily make use of barcodes, both 2D and 3D, for keeping track of their physical assets. Barcodes are also used at the point of sales terminals for generating invoices and bills of the products that are purchased by the customers. Conventional technologies like magnetic strips are also widely taken into use and are mainly deployed for debit and credit cards, access cards, for providing physical or logical access to the person carrying such cards and for enabling monetary transactions, but these magnetic strips can be easily forged and because of this smart cards or now widely used for the purpose of identification and monetary transactions.

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Smart cards have microcontroller chips that have the ability of passing on the individual’s credentials and transferring them through a contact or contactless medium. Contactless smart cards are now not very expensive and are being widely adopted for monetary transactions because of the which contactless smart cards are predicted to grow in the years to come. Optical character recognition is widely used for entering data from business cards, bank statements, invoices, and other search documents. Optical character recognition refers to the conversion of the image of the document to a machine coded text that the computer systems understand.
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