Biometrics research brief: global biometrics market, mobile biometrics, bring your own devices
Global biometrics market
Data Bridge Market Research estimates that the global biometric system market is anticipated to reach US$33.5 billion by 2025, from US$12.93 billion in 2017 growing at a CAGR of 17.8 percent from 2018 to 2025. The firm reports that the biometric system market is highly fragmented and that major players have used various strategies, including: new product launches, expansions, agreements, joint ventures, partnerships, along with acquisitions to increase their footprints in this market. These players include Safran, NEC Technologies India Private Limited, FUJITSU, Aware, Inc., Gemalto Cogent, Inc., BIO-key International, Inc., Precise Biometrics AB, secunet Security Networks AG., Thales Group, Cognitec Systems GmbH, Crossmatch., Fulcrum Biometrics, LLC., Daon, Facebanx , HID Global Corporation/ASSA ABLOY AB., SUPREMA, IRITECH, INC., and M2SYS Technology, among others.
The mobile biometrics market will be worth US$49.33 billion by 2022, according to Markets & Markets. The growing penetration of mobile devices and increasing number of mobile transactions are driving the growth of the mobile biometrics market. Over the last few years, the number of online transactions, along with e-commerce has gradually gone up and has created a huge opportunity for companies to invest in the biometric industry to secure transactions. A shift from traditional commerce to e-commerce using biometric-enabled mobile devices is projected to save time and provide higher levels of security for transactions.
Bring your own devices
According to Coherent Market Insights’ analysis, the “bring your own device” market is predicted to reach up to US$266 billion in 2019. Though providing many benefits, the “bring your own device” culture also presents data security risks for organizations, which ultimately increase the demand for IT security products. The increasing demand for IT security products in turn provides swift growth opportunities for the fingerprint module market worldwide. Moreover, the increasing trend of ‘bring your own device’ in various enterprises, along with the rising penetration of smartphone users are major drivers accelerating the market for fingerprint modules globally.