Fingerprint payment cards to reach 160m shipments by 2022
ABI Research has published its latest Biometric Technologies and Applications report, which finds that biometric technologies are consistently growing their presence in more banking applications.
The report states that embedded fingerprint sensor payment cards are the latest addition finally ready to go public.
Fingerprint embedded payment cards will experience a significant growth over the next years reaching 160 million shipments by 2022 with a 5-year CAGR of approximately 400 percent.
While the Middle East, Africa and North America will be among the first regions geographically in which higher shipments are expected during 2018, ABI Research forecasts that Europe and Asia Pacific will have a larger penetration rate over the coming years.
Mastercard is currently leading the biometric wave in payment cards, followed by other key vendors including FPC, Gemalto, IDEMIA, Next Biometrics and Zwipe.
The report finds that the banking industry is aiming for more biometric applications and has been greatly driven by the positive response and increased adoption of fingerprint technologies in the consumer segment.
ABI Research forecasts that fingerprint recognition sensors in consumer devices will increase with a modest but steady growth, reaching 1.7 billion organic shipments by 2022.
Apple’s decision to incorporate face recognition instead of fingerprint recognition for the iPhoneX came as a considerable surprise to vendors and suppliers, forcing them to re-strategize for future sensor shipments in smartphones and tablet devices.
In general, biometric technologies continue to be incorporated in key IoT verticals which will ultimately impact digital security, encryption and communication protocols alike, ABI Research states.
“We are currently traversing the period when enterprise along with promising up-and-coming sectors like smart home and automotive are evaluating how biometrics can adapt into the constantly evolving security framework – this is not an easy task,” said Dimitrios Pavlakis, Industry Analyst at ABI Research, a leader in emerging technology intelligence.
“The mission of ‘de-siloing’ data and tackling the issue of a digital IoT transformation is already a challenge and the advent of biometrics in more IoT verticals will only exacerbate the problem.” Moving forward, the data depict a higher rate of biometric security, user, and device ID applications in the enterprise and banking industries as well as an increased adoption of EMR (Electronic Medical Records) in the healthcare segment.”
Previously reported, ABI Research published a new analyst report titled “Next-generation Powered Payment Card Technologies”, which forecasts that 213 million powered payment cards will ship in 2022.