The past two years have demonstrated biometric technology’s positive influence on our daily lives. Biometric applications in healthcare, finance, cloud computing, and online applications have easily integrated technology into our everyday life. As with any other digital technology, it is impossible to precisely foresee the future of biometric technology, which has become an integral part of the modern digital ecosystem. Nonetheless, adequate evidence indicates that the biometric industry will continue to expand rapidly, said experts from Securiport Sierra Leone. Securiport provides cutting-edge border management technologies through solutions-based services at no cost to clients. Their mission is to assist governments in preventing criminals from crossing borders undetected and in uncovering unlawful transnational activities.

With solutions currently in place across dozens of countries around the world, and a dedicated team of professionals developing innovative tools to respond to ever-changing environments.

According to the most recent report by EMERGING Research, the biometric industry attained revenue of US$44 billion in 2021 and is forecasted to expand at a CAGR of 14.8% between 2022 and 2027. Let’s examine some of the most innovative technological innovations shaping the future.

Here are the top six biometric technology developments that organizations should look out for in 2022:

#1 Cybercrimes Adapt to Artificial Intelligence

As Machine Learning (ML) and Artificial Intelligence (AI) capabilities grow more prevalent in our daily lives, cybercriminals have gotten more sophisticated in detecting target systems and employing tech-driven tools. As artificial intelligence refines attackers’ strategies, they can now attack systems ruthlessly and consistently, concentrating on their weak points. Deepfake is an example of an AI-based cyberattack that exploits identification systems by imitating the facial characteristics of victims. Therefore, the rate of evolution of these complex risks will continue to increase in 2022 and beyond.

#2 Trustworthy Identity Verification Systems

Sharing economy platforms, such as Uber, Airbnb, and a variety of other businesses that connect people via P2P services, are continuously searching for new strategies to establish their reputation. Consequently, this sector has increased the use of identity authentication with non-shareable credentials. Using non-shareable credentials allows companies to offer services that make them more trustworthy and improve the customer experience.

#3 Non-Transferable Credentials

Restricting authentication to a specific person is a pressing problem for many businesses, from banking institutions to school systems to the sharing economy. It’s difficult for ride-sharing companies, for example, to guarantee that drivers and customers are who they say they are.

Therefore, it’s challenging for businesses to maintain a check and balance on the driver to see if registered entities are executing their tasks. Since credentials and devices can be freely traded or taken by force, biometric authentication will lead the way in this space.

#4 Electronic Identification, Authentication, and Trust Services

The Electronic Identification, Authentication, and Trust Services (eIDAS) regulations will redefine how companies related with their customers in 2022. eIDAS is an automated system that lets businesses verify their clients’ identities and government-issued documents. eIDAS will increase inclusion by allowing individuals to interact online, reducing the environmental footprint of travel, improving efficiency, and providing a cost-effective choice to encourage international commerce for economic growth.

People and businesses in Europe expect to see much work done in 2022 and beyond to ensure customer confidence, verify the credibility of online transactions, and secure access to services.

#5 Unstaffed Stores

The concept of unstaffed stores emerged after the coronavirus pandemic destabilized the global order – and has never looked back since. Before entering these businesses, consumers are asked to download a smartphone application that must be scanned. Furthermore, AI-backed facial biometric recognition devices are also installed to verify clients.

A series of digital cameras are also deployed to monitor customers and record their activities, including the things they carry in their bags. Numerous pilot stores without employees have opened but are still in the testing phase. However, 2022 seems to be the year when such stores become prevalent.

#6 NFC-Powered Travel Solutions

Global transit networks use contactless technologies to promote a safer travel environment for passengers on buses, trains, and airports. Due to COVID-19, public transportation and activities have become a possible risk for customers. Service providers are aware that they must overcome new challenges to sustain and build ridership and maintain and establish confidence in their services.

Businesses employ biometric technology solutions to provide a safer travel environment, from mask compliance to cleaning initiatives. In addition, NFC-based payments allow users to tap their chip-based identification card on the NFC-powered device installed at the terminal.

Conclusion

Traditional passwords have long been the weak point for many security systems. Fortunately, modern cybersecurity concentrates on eliminating the risks associated with this powerful security solution. Biometrics address this issue by connecting proof of identity to our bodies and behavioral patterns.

Biometric technology is quickly replacing the conventional ways of identity authentication, which have many flaws and are easy to hack. Biometrics strikes the perfect balance between security and ease of use.

Even if fingerprint scanners are integrated into smartphones and many computers, there is still potential for innovation in the authentication and payment applications of the technology. Banks, tech companies, and payment companies are trying new methods of identifying customers based on their unique physical attributes. The objective is to enhance security while streamlining customer onboarding and verification.

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Snowflake (SNOW) reported third-quarter earnings that met expectations while revenue topped Wall Street targets. The enterprise software maker’s product revenue guidance came in below expectations. SNOW stock initially tumbled, then reversed up.

The company reported third quarter earnings after the market close on Wednesday. For full-year fiscal 2024, which starts with the April 2023 quarter, Snowflake said it expects product revenue growth of 47%, below consensus estimates of 52%.

Because Snowflake’s business model is consumption-based rather than subscription-based, bearish investors have raised concerns over a possible U.S. recession curbing demand. Snowflake revenue is tied to how much data its customers crunch and store on cloud computing platforms.

For the quarter ending Oct. 31, Snowflake said it lost 63 cents per share versus a 51-cent loss a year earlier. Analysts polled by FactSet expected Snowflake to report a loss of 63 cents a share.

The company reports results using generally accepted accounting principles, or GAAP. Snowflake does not break out adjusted earnings in its releases.

Third-quarter revenue climbed 67% to $557 million, the software maker said. Analysts had predicted revenue of $539.4 million.

SNOW Stock: Revenue Outlook Misses

The Snowflake earnings report also said product revenue rose 67% to $522.8 million vs. estimates of $505.2 million.

At UBS, analyst Karl Keirstead said in a report: ”  To be clear, 67% revenue growth in Q3 and the guide for 47% growth in fiscal 2024 is very impressive in this macro (economy) and certainly doesn’t speak to anything ‘broken’ with Snowflake. That said, investor expectations were running high into this print.”

For the current quarter ending in January, Snowflake expects product revenue of $537.5 million at the midpoint of its outlook. Analysts had expected $549.2 million.

SNOW stock initially fell on the earnings release. But Snowflake stock reversed up 2.1% to near 146 in morning trading on the stock market today.

Snowflake stock was down 57% for 2022 heading into the earnings report.

Snowflake sells data analytics and management tools that run on cloud-computing platforms such as Amazon Web Services, part of Amazon.com (AMZN).

Amid the bear market in software growth stocks, the software stock has a Relative Strength Rating of 17 out of a best-possible 99, according to IBD Stock Checkup.

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The advent of the digital era has established beyond any doubt the symbiotic relationship between science, technology and innovation on the one side and social and economic growth on the other — something that the key report delivered to the 20th National Congress of the Communist Party of China highlighted while urging more efforts toward Chinese modernization. To imbibe the spirit of that philosophy enshrined in the report, China Daily, in association with the University of Oxford, organized an online forum on Friday. The following special report encapsulates key insights on the theme shared by experts during the forum.

Technological innovation and the application of emerging digital technologies are playing an increasingly important role in promoting South-South cooperation, boosting the governance capacities of developing countries and creating greater synergy in their development, speakers said at an online forum on Friday.

Qu Yingpu, publisher and editor-in-chief of China Daily, highlighted that scientific innovation and the application of new technologies serve as a structural solution to the problems confronting the Global South in its development.

A report delivered to the 20th National Congress of the Communist Party of China stressed the need to “regard science and technology as our primary productive force, talent as our primary resource and innovation as our primary driver of growth”.

Noting that China attaches great importance to scientific and technological development and international cooperation, Qu said, “Over the past decade, the contribution of science and technology to China’s economic growth has increased remarkably, which has paved a solid foundation for the country to advance Chinese modernization.”

He also said the Chinese path to modernization provides an alternative way for countries to achieve rapid development while preserving their independence.

“China is committed to be a builder of world peace, a contributor to global development and a defender of the international order. It is also a key participant of, and a contributor to, global development cooperation. From a global strategic perspective, stronger South-South cooperation will help promote democracy in international relations,” Qu said.

Hosted by the China Watch Institute of China Daily and the Technology and Management Center for Development, which is part of the University of Oxford, the forum themed “South-South Cooperation in Science, Technology and Innovation” was held online on Friday.

Qu said the purpose of holding this forum is to share the experience of sustainable development and build consensus for promoting South-South cooperation, thus contributing to the building of a community with a shared future for mankind.

He called for efforts to enhance South-North cooperation and deepen South-South cooperation, and align the Global Development Initiative with the existing development and cooperation strategies of participating countries to generate greater synergy in global development.

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Odyssey has been the lead content writer and content marketer. He has vast experience in the field of writing. His SEO strategies help businesses to gain maximum traffic and success.