Analysts forecast major revenue growth in mobile and healthcare biometrics, 3D sensors, security
The growth forecasts in the latest set of market analyst reports are very positive for the biometrics industry: 22 percent for mobile biometrics, 22 percent for 3D sensors, and 19 percent for healthcare biometrics. Facial recognition is impacting the physical security market, cloud-based subscription services are becoming more popular for security, and the Pentagon is expected to remain a source of opportunity for companies offering advanced authentication technologies.
The global market for mobile biometrics is forecast to grow at an impressive 31.14 percent CAGR, adding $28.45 billion per year in incremental growth between 2018 and 2023, despite the CAGR decelerating by 22 percent in the period, according to market research from Technavio.
The “Global Mobile Biometrics Market 2019-2023” suggests that increasing demand for mobile commerce will be a key demand driver, and nearly half of all growth (46 percent) will come from the Asia-Pacific region. Another key takeaway from the report is the fragmentation of the industry, with many players fighting for market share.
Greater availability of mobile wallets for enterprises, which are now offered by Google, eBay, Amazon, and Alibaba are supporting growth in mobile payment transactions, and 3D and in-display fingerprint sensors are also contributing to market growth.
The market for 3D sensor is expected to grow at a 22 percent CAGR from 2019 to 2024, according to a new report from Lucintel.
Increasing demand in consumer electronics, integration in more devices, and use in gaming applications are expected to be major driving forces in the market. 3D sensor types include image, position, acoustic, accelerometer, and temperature sensors, and major end uses are consumer electronics, healthcare, aerospace and defense, automotive, industrial robotics, security and surveillance, and media and entertainment. The major technology types are stereo vision, structured light, time-of-flight, and ultrasound, according to “Growth Opportunities in the 3D Sensors Market 2019-2024: Trends, Forecast, and Opportunity Analysis.”
The report also covers regional markets and major industry players.
Opportunities in hospitals, clinics, healthcare institutions, and research and clinical laboratories provide a promising future for the healthcare biometric market, which is expected to grow at a 19 percent CAGR from 2019 to 2024, according to another report from Lucintel.
Single factor authentication remains the largest technology segment in the market, ahead of multi-factor authentication (MFA), according to the report. The market is also considered according to contact and non-contact segments, and applications including patient identification and tracking, medical record security and data center security, care provider authentication, home and remote patient monitoring, and pharmacy dispensing.
The “Healthcare Biometric Market 2019-2024: Trends, Forecast, and Opportunity Analysis” report also breaks down the market by region, finding North America will remain the top region for revenue, and profiles major industry players.
The combined market for access control, video surveillance, and intruder alarm and perimeter protection will grow to $56.76 billion in 2024, according to a forecast from Memoori. The video surveillance segment made up 56 percent of the market this year, followed by access control (24 percent) and intruder alarms (20 percent).
Over the last ten years, the market has grown by a 6.27 percent GACR, but the growth has accelerated recently, according to the report. Access control is expected to have relatively high growth, with biometric, wireless, and cloud-based systems among market drivers.
The report notes that the Chinese market creates a significant imbalance in the video surveillance business’ demand structure. Two Chinese manufacturers have built up a combined market share of 40 percent of the global video camera market, supported by state policy excluding foreign firms from public sector projects, for instance, and Huawei and Megvii could target their market share with complete solutions.
Security subscription services
Biometrics-as-a-Service, Screening-as-a-Service, ISR-as-a-Service, and Infrastructure-as-a-Service are among the new business models that are gaining traction as customers seek niche security solutions, amid rapid advancements in technology and budget pressures, according to Frost & Sullivan analysis.
“The ‘servistization’ of the security market is paving the way for the network effect and hybrid business models, not necessarily based on cloud applications, but offering a mix of hardware scalability, limited cost of ownership and controls to clients, such as pay-as-you-grow,” says Aravind Srimoolanathan, research analyst, Security, Frost & Sullivan. “Incumbents providing solutions through conventional means will face competitive pressures from innovative substitutes, which will lead to merger and acquisition ventures and market consolidation.”
Identity Management-as-a-Service, Video Analytics-a-a-Service, are identified among niche technologies that are key growth areas for security XaaS, according to “Evolving Business Models in the Global Security Industry, 2019.”
Defense industry advanced authentication
Biometrics will drive the advanced authentication market within the defense industry, as increasing IoT use and digitization motivate investments by defense agencies in the U.S. and around the world, according to new research.
The “Advanced Authentication Market in Defense Industry – Growth, Trends, and Forecast (2019 – 2024)” report from Mordor Intelligence, which is offered through ResearchAndMarkets.com, defines advanced authentication as multi-factor authentication (MFA).
North America is expected to hold a dominant regional position in the market throughout the forecast period, according to the report.