The retail industry continues to be a hotbed of innovation. Activity driven by technology, regulatory reforms, and risk mitigation, and the growing importance of technologies such as customer service robotics, robotic inventory management, voice commerce, and smart checkout. In the last three years alone, there have been over 133,000 patents filed and granted in the retail industry, according to GlobalData’s report on Cybersecurity: Biometric payments. Buy the report here.
According to GlobalData’s Technology Foresights, which uses over 128,000 patents to analyse innovation intensity for the retail industry, there are 70+ innovation areas that will shape the future of the industry.
Biometric payments is a key innovation area in cybersecurity
Biometric payment refers to the use of biometric authentication in order to authorise fund deduction from an individual’s bank account. The technology uses physical characteristics such as fingerprint scanning.
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 80+ companies, spanning technology vendors, established retail companies, and up-and-coming start-ups engaged in the development and application of biometric payments.
Key players in biometric payments – a disruptive innovation in the retail industry
‘Application diversity’ measures the number of different applications identified for each relevant patent. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.
‘Geographic reach’ refers to the number of different countries each relevant patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’.
Patent volumes related to biometric payments
Source: GlobalData Patent Analytics
SoftBank Group is one of the leading patent filers in biometric payments. Some other key patent filers in the biometric payments space include Headwater Research and Apple. Recently, SoftBank choose Nok Nok Labs to develop biometric authentication for its mobile customers to provide convenient access to the mobile app through biometrics.
In terms of application diversity, Cox Enterprises leads the pack, while AT&T and Sony Group stand in the second and third positions, respectively. By means of geographic reach, Black Gold Coin holds the top position, followed by Headwater Partners I and Magic Leap.
Biometric payments will potentially become an important aspect in the retail industry. With retail companies increasingly focusing on improving convenience and safety for consumers, biometric payments will gain popularity.
To further understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest thematic research report on Cybersecurity in Retail.