Future Identity has released its latest digital report focusing on "the high cost of cheap biometrics," which argues that choosing the right identity technology partner can make a substantial difference for banks. Future Identity opens by stating that 75 percent of banks have, or are planning to deploy, artificial intelligence (AI)-based biometrics in the next three years. Because of this, the development of such technologies has progressed greatly in recent times, as also highlighted by recent data from Future Market Insight (FMI) suggesting the identity verification market is estimated to reach a value of nearly $40 billion by 2032, with biometrics being at the forefront of this growth. That forecast represents compound annual growth of nearly 15 percent from an estimated $8.6 billion in 2021. The biometrics industry has recently experienced rapid growth as a result, the report says.