The retail industry continues to be a hotbed of patent innovation. Activity is driven by risk mitigation and supply chain management, data analytics, and social responsibility and the growing importance of technologies such as artificial intelligence, virtual reality, and blockchain. In the last three years alone, there have been over 156,000 patents filed and granted in the retail industry, according to GlobalData’s report on Cybersecurity in retail: biometric authentication. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 115,000 patents to analyze innovation intensity for the retail industry, there are 50+ innovation areas that will shape the future of the industry.
Biometric authentication is a key innovation area in cybersecurity
Biometric authentication refers to identifying and verifying biological data unique and specific to an individual using a biometric authentication platform or solution that involves storing of biometric data within a secure database for comparison with biometric parameters to recognize and verify the validity of a user.
GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 250+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of biometric authentication.
Key players in biometric authentication – a disruptive innovation in the retail industry
‘Application diversity’ measures the number of applications identified for each patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to biometric authentication
Source: GlobalData Patent Analytics
The leading players in the biometric authentication space in terms of patents filed for retail industry are Alibaba Group, Apple, Mastercard, and Visa. Apple is a pioneer in the biometric authentication field in the retail space. Apple’s devices were the first among smartphone brands to be incorporated with biometric authentication for payments and other security requirements.
In terms of geographic reach, Licentia Group leads the pack, followed by Intel, and Headwater Research.
Biometric authentication systems enable retailers to handle transactions in a more secure and efficient manner with minimal possibilities of errors. Modern biometric systems utilize more than one biometric authentication measure, making the system more secure and agile for consistent usage.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Cybersecurity in Retail.