Global biometrics market to exceed $10B by 2021: ABI Research
ABI Research has published its “Hot Tech Innovators: Biometrics” report, which forecasts that the biometrics market will exceed $10 billion by 2021.
In the report, ABI Research identifies four technologies that innovative and agile startups must incorporate into their solutions to secure significant share in the changing competitive landscape including multifactor authentication (MFA), point-of-sale (PoS), mobile payments, and passive authentication.
“Companies can no longer afford to cut corners when it comes to security,” said Dimitrios Pavlakis, industry analyst at ABI Research. “Pairing biometrics with MFA and passive authentication is a natural evolution of the technology, as it complements traditional authentication with higher security factors that can be further adjusted as part of a greater risk assessment system.”
ABI Research singles out HYPR, KnuEdge, UnifyID, and Yubico as “proven innovators” in the global biometrics market.
The companies develop and deliver solutions that incorporate advanced technology with low-cost hardware tokens, decentralize control using blockchain multimodal biometrics, feature military-grade voice recognition, or even use several connected sensors to gait biometrics for seamless authentication, the report said.
Another key area driving the biometrics market is payments, particularly as millennials fuel adoption rates for new applications.
The report also finds that companies like Atom Bank, Biyo, Nymi, Smart Metric, Veridium, VKansee, and Zwipe are all disrupting the market landscape.
These companies provide technologies ranging from continuous heart rate recognition in wearables, high resolution spoof-resistant sensors, smart card embedded fingerprint sensors, biometrical digital-only banking solutions, as well as four-finger recognition and palm-vein payments.
“Successful vendors will need to tackle convenience and interoperability factors, minimize total cost of ownership without compromising security, as well as prove their abilities to comply with emerging industry specifications that do not compromise data privacy,” Pavlakis said.
Previously reported, ABI Research published research that forecasts a rise in global shipments of smartphones equipped with iris scanners, to reach almost 300 million in 2021.