August 27, 2013 -
There’s no doubt biometrics are quickly becoming a part of many consumer electronic devices, and new research from TechNavio confirms this belief, noting that the global market should grow at a whopping CAGR of 40.45 percent between 2012 and 2016.
According to the group, one of the key factors contributing to this growth is the increase of personal devices for financial transactions.
Also, says the research, consolidation has had a hand in bolstering the market. The Biometrics Research Group agrees and, in a recent Biometrics Research Note, argues that this trend has been so far led by multinationals though there are still many small companies in the market ripe for acquisition.
In terms of challenges to the market, TechNavio’s new research also notes that price and the availability of inexpensive non-biometric technologies could affect growth in the space.
Perhaps the most pervasive conversation about biometric integration in consumer electronics today is about whether Apple’s new iPhone will include a fingerprint sensor. Signs point to yes, but it has yet to be seen. Reported previously in BiometricUpdate.com, speculation regarding the iPhone debate has had an overall positive affect on the market, with some players seeing huge gains following Apple’s acquisition of AuthenTec last year.
In another recent Research Note, the Biometrics Research group said that it expects the next round of smartphones will incorporate biometrics, and that integration will be driven by smartphone and tablet manufactures, including Apple and Samsung.