May 3, 2017 -
ABI Research has published its latest biometric technologies market data report which forecasts that fingerprint sensors in smartphones will grow significantly to reach a 95 percent penetration rate of smartphone shipments by 2022.
The report finds that this explosive growth will lead to new opportunities for biometric technologies, such as eye recognition, to be used as part of new identification and payment applications for both the banking and governmental markets.
“While enterprise markets aggressively adopt vein recognition technologies in physical access control applications, eye recognition technologies will soon be one of the most secure modalities for consumer electronics authentication and secure mobile payments,” said Dimitrios Pavlakis, industry analyst at ABI Research.
ABI Research emphasizes the continual growth of biometric technologies as they extend their reach in consumer electronics, while singling out OEMs in the Asia-Pacific region for their work in aggressively driving new implementations.
These efforts are expected to fuel an exponential growth in mobile banking and payment apps as banks and financial organizations are increasingly adopting new biometric deployments.
The report reveals that OEMs and service providers are now actively targeting the emerging IoT, smart home and automotive segments as future growth areas for biometrics.
“Vein recognition workforce management software and access control solutions in the enterprise market depict an impressive 18 percent five-year growth rate, boosted by market leaders like Fujitsu and Hitachi,” Pavlakis added. “Innovative startups like HYPR are making strides in improving biometric blockchain capabilities, while wearable pioneers like Nymi are triggering a domino effect with heart rate-empowered payments.”
Earlier this year ABI Research published its “Hot Tech Innovators: Biometrics” report, which forecasted that the biometrics market will exceed $10 billion by 2021.