New report predicts global biometrics market to exceed $30B by 2021
ABI Research published a new market analyst report that forecasts the global biometrics market will exceed $30 billion by 2021, representing a 118% increase from 2015.
Meanwhile, consumer electronics, particularly smartphones, continue to contribute to the growth of the biometrics market, with embedded fingerprint sensors expected to reach two billion shipments by 2021 at a 40% CAGR.
“Consumers are increasingly putting their trust behind biometric-based authentication and searching for security, convenience, and personalization in multiple layers,” said Dimitrios Pavlakis, research analyst at ABI Research. “Surveillance is also gearing up, and by 2021, we anticipate more than one in three surveillance cameras shipped to be IP-connected cameras. This will undoubtedly open up new pathways for facial biometrics and surveillance analytics.”
The report finds that North America and the Asia-Pacific regions are currently dominating the majority of the biometrics market share.
However, ABI Research analysts predict that Latin America and the Middle East will undergo a boom in terms of new biometric implementations, which will primarily occur in banking and personal finance, followed by the governmental and security sectors.
Meanwhile, increasing tensions and urgent identification issues in both the Middle East and Europe will also drive a major surge in biometric technologies adoption, which will motivate the respective governments to push for new laws and regulations for data management and exchange initiatives.
“Companies will move more aggressively toward the adoption of these new biometric form factors and technologies,” said Pavlakis. “Technologies include USB-connected devices; embedded sensors in consumer electronics and payment cards; 4-finger, iris, and facial recognition in smartphones; and vein recognition in ATMs.”
The report also finds that payment firms like Mastercard are leading the way with multimodal technologies and a strong focus on facial recognition.
This latest biometrics report is a part of ABI Research’s Biometric Technologies and Applications Service, which includes research reports, market data, insights, and competitive assessments.
In January, ABI Research published a report that forecasts that 2016 will mark the global government ID market’s return to double-digit shipment growth since 2013.