Biometrics research briefs: fingerprint, next generation biometrics, sensors
According to the ResearchAndMarkets, the global fingerprint sensor market was US$3.17 billion in 2017 and is expected to reach US$14.61 billion by 2026, growing at a compound annual growth rate (CAGR) of 18.5 percent.
Factors such as growing demand for fingerprint sensors in security checks in airports, government support for the adoption of fingerprint sensors, use of biometrics in mobile commerce and fast growth in electronic devices are fueling the market growth. However, lack of awareness on security fundamentals and efficiency and reliability of fingerprint sensors are hampering the market.
Based on application, the banking and finance application is likely to have steady growth during the predicted period due to the use of biometric smart cards in financial institutions. In the near future, more companies are anticipated to play a role in the smart payment card market.
In terms of geography, the Asia Pacific region will experience the highest CAGR during the forecast period. The rise in disposable income has led to rising smartphone use, sparking higher growth.
Next generation biometrics
MarketResearchEngine predicts that the global next generation biometrics market is expected to surpass US$25 billion by 2022.
Next generation biometrics primarily adopts biometric characters such as face and fingerprint to gain functional efficiency and improve security standards. The technology is adopted in border security control, crime and fraud prevention and also in attendance recording systems.
ResearchAndMarkets valued the global next generation biometrics market at US$9.61 billion in 2017, and expects the sector to reach a value of US$37.65 billion by 2023, at a CAGR of 17.61 percent.
ResearchAndMarkets projects the global biometric sensor market to reach a total market size of US$1,83 billion by 2023, increasing from US$953.627 million in 2017.
The major factors driving the demand for biometric sensors are increasing adoption of electronic attendance monitoring in workplaces, rising smartphone sales, and security concerns leading to the installation of state-of-the-art biometric systems for both physical and logical security.
Europe holds a significant market share owing to continuous development of state-of-the-art security solutions coupled with high adoption of these sensors. Major industry players within the sector include HID Global Corporation, Infineon Technologies AG, Integrated Biometrics, NITGEN CO., LTD., and NEXT Biometrics among others.