Biometrics research briefs: preferred modalities, iris recognition and global sensor market
The market for biometric sensors is forecast to reach $1.92 billion by 2025, while mobile biometrics and iris recognition are slated for rapid growth, according to new market research reports. New research also indicates that fingerprints remain the favored modality of U.S. consumers, while the global smartcard market will be boosted by biometrics to reach a $65 billion valuation in 2025.
U.S. consumers’ preferred biometric modalities
More than three-quarters of U.S. sharing economy participants are “very” or “extremely” satisfied with login processes using fingerprint biometrics, but other modalities are significantly less popular, according to PYMNTS research reported by GSMA in a blog post. Just over half of survey respondents were highly satisfied with facial recognition authentication (54.8 percent), and less than that for voice recognition (41.2 percent).
PYMNTS says it will take time for face and voice biometrics to reach the degree of ease of use and accuracy provided by fingerprint scans. The report also criticizes the use of email addresses and phone numbers by sharing economy services for onboarding new users, noting that such information is often readily available on the dark web.
GSMA also notes that a report from threat intelligence firm IntSights highlights Richlogs, a black market specializing in the trade of digital browser identities.
Global mobile biometrics
The global market for mobile biometrics is forecast to grow by a CAGR of 27.29 percent from 2019 to 2026, according to new research from Data Bridge Market Research, driven by a large-scale growth in applications and various technology innovations.
The 350-page report “Global Mobile Biometrics Market – Industry Trends and Forecast to 2026” considers the market for hardware and software, and segments it by authentication mode, application, industry, and geography. It also covers industry trends, and reports on the market’s drivers and restraints.
The launch of second-generation ultrasonic fingerprint sensors by Qualcomm and a patent application by Apple and AuthenTec for biometric sensors in wrist bands are considered key developments in the market, and the report covers dozens of biometrics companies, chip-makers and integrators in the space.
The iris recognition market around the world is expected to grow by 18 percent CAGR from 2019 to 2024, according to a report from IMARC Group. The technology’s growth is significantly driven by the implementation of biometric access control systems at government facilities, but the report also indicates integration of iris recognition technology in smartphones, banking systems and ATMs by manufacturers is in development and attracting investors.
Healthcare is mentioned specifically as a growth opportunity for iris biometric vendors.
The 109-page “Iris Recognition Market: Global Industry Trends, Share, Size, Growth, Opportunity and Forecast 2019-2024” report provides SWOT analysis, Porter’s five forces analysis, value chain analysis, and market breakdowns by component, product integration, end-user, and region.
The market for biometric sensors is expected to grow from $944 million in revenues in 2017 to $1.92 billion by 2025, a CAGR of 9.3 percent during the forecast period, according to Allied Market Research.
The new “Biometric Sensor Market” report considers sensors by type and application, and says the market will be fueled by increasing identity threats, the emergence of touchless fingerprinting, and the growing popularity of wearables. Cost considerations could restrain the market to some extent, Allied cautions.
Optical sensors made up more than a third of the market in 2018, and will continue to dominate the market, though thermal sensors are expected to grow the fastest, at 14.6 percent CAGR. Likewise, fingerprints are the top modality, and expected to continue as such, but voice biometrics will increase by 14.6 percent CAGR, fastest of any modality during the forecast period. Regionally, Asia-Pacific has the largest market share, but the share of the LAMEA (Latin America, Middle East, and Africa) ‘region’ will grow by 15.3 percent CAGR, spurred by rapid developments in building infrastructure.
Key market players identified include Crossmatch, Fulcrum Biometrics, Precise Biometrics, NEC Corporation, IDEX, ZKTECO, Fujitsu, 3M Cogent, and Infineon Technologies.
Global shipments of smart cards will increase by more than 9 percent from 2019 to 2025, making the industry worth an estimated $65 billion, according to new research from Global Market Insights, driven by advances in biometrics and other advanced technologies, such as blockchain and smart city systems.
The 550-page “Smart Card Market” report notes that successful trials of fingerprint biometric smart cards have been run in Japan, Cyprus, the U.S., Mexico, the UK, South Africa, and other countries, creating new opportunities for the industry. The elimination of PINs with biometrics is seen as a major development in the market, enhancing smart card security.
The report considers the market by interface style, type of computing capability, reader type, application, and region, along with growth potential and price trends.