March 10, 2017 -
SmartMetric has welcomed a report by French research firm Yale which finds that fingerprint based biometrics dominated the $4.45 billion global biometrics market in 2016 with an estimated 91 percent market share.
The study states that the fingerprint biometrics market in 2016 was valued at $4.1 billion.
The report also finds that other biometric hardware solutions collectively have an estimated $250 million market share.
SmartMetric states that while the $4.1 billion market value for 2016 of fingerprint biometric hardware is significant, it will only continue to grow into a considerably larger market.
“As fingerprint sensor based user validation solutions proliferate into more and more industries and are used more as a leading security solution, we will see market value figures going forward that will overshadow these 2016 figures,” said Chaya Hendric, president and CEO at SmartMetric. “After all we are only at the beginning of the mass adoption of biometric fingerprint technology.
“As we move to roll out our biometric fingerprint sensor technology for instance into credit cards you will see that fingerprint technology will become a more and more ubiquitous feature of modern life.”
SmartMetric uses the report findings as a segue into its own SmartMetric biometric card offering, which scans and matches an individual’s fingerprint in less than 0.25 seconds to instantly validate the card user’s identity.
The biometric card conducts all of its scanning and matching inside the card without the need for a central online database of fingerprints, which provides users with a significantly safer protection of their fingerprint information while protecting their privacy.
SmartMetric is currently in discussions with various global card issuers in both the banking and security industries.
The SmartMetric solution provides biometric protection on top of the new chip card technology that is being adopted across the United States.
Earlier this week, SmartMetric held a public conference call to provide an update on the move to large scale production for SmartMetric’s biometric credit card that has an inbuilt fingerprint reader inside the card.