Biometric hardware revenues forecast to hit $19B by 2024 on access control and camera growth
Growth in access control equipment, body-worn cameras, and surveillance cameras will drive global revenues in biometric hardware to $19 billion by 2024, according to ABI Research.
Demand in the market is being fueled by government efforts against multi-faceted threats, smart home systems, and a lack of good user authentication options for workforce management, the market research firm finds in its “Biometric Technologies and Applications” report.
Shipments of surveillance cameras for public safety, law enforcement, and anti-terrorist government projects and other deployments will reach 135 million units in 2024, while cameras worn on the body and embedded in glasses will reach 1.6 million units that year to supply law enforcement initiatives. Despite poor performance hindering the smart lock market in the past, increasing demand in the APAC region will result in shipments of 24 million biometric locks in 2024.
“The government, civil, law enforcement, and border market cluster will generate the largest share of biometric revenues for the foreseeable future driven by a versatile range of devices including ID/Authentication, BWCs, and surveillance cameras,” explains Dimitrios Pavlakis, Industry Analyst at ABI Research.
While fingerprint devices will continue to dominate implementations in many areas, other modalities are increasing. Face recognition is used for enterprise mobility, locks, and indoor/outdoor surveillance cameras, and iris authentication is used for contactless access control when other users clothing hinders the use of other modalities, such as healthcare and manufacturing facilities, the report notes.
“The penetration rate of biometric technologies is increasing steadily across many connected IoT verticals and biometrics vendors need to adapt their market strategy and restructure their pricing models to tackle the regulatory challenges that lie ahead,” Pavlakis concludes.
The residential vertical will see the highest growth in the access control market, while healthcare deployments will also drive growth, according to the post.
FPC research shows that 70 percent of smartphones shipped have onboard biometric capabilities, and 82 percent of consumers with biometrics embedded in their smartphones use the technology, so its success in the market has already been demonstrated, the post argues.
“So, with new devices – from myriad door lock types and apps, to cryptocurrency cold wallets and automatically adjusted car settings – and digital services – like employee portals, cloud platforms and online payments – requiring authentication, biometrics look set to help overcome the limitations and irritation of traditional authentication modalities,” writes Fingerprint Cards Global Marketing Manager Maria Pihlström.