Biometrics market research briefs: digital ID revenues to leap past $30B by 2024
The Internet of Things Consortium has published a “SmartReport on Wearables,” which provides market statistics and forecasts from analysts including Gartner, Juniper Research, IDC, and Strategy Analytics.
The recent investment in Valencell biometric sensors for wearables and Facebook’s acquisition of Sanzaru Games are among recent investments examined, and the impact of the coronavirus outbreak on Apple smartwatch shipments is analyzed.
Developments such as the addition of support for Microsoft Soundscape on Bose Frames, a prototype of virtual reality glasses from HTC Vive, a new smartwatch from Tory Burch, and a wrist-worn smart-speaker jammer developed by researchers from the University of Chicago are discussed in the report.
Digital ID to pass $30B by 2024
The market for digital identity solutions is forecast to grow from $13.7 billion in 2019 to $30.5 billion in 2024, a 17.3 percent CAGR, driven by an increased focus on end-to-end customer experience and an increase in identity fraud, according to a new report from MarketsandMarkets.
On-premise deployments are expected to maintain the highest market share by deployment type, and correspondingly large enterprises will make up the largest share among different-sized organizations. Revenues are expected to grow from all regional markets, but the Asia-Pacific region is forecast to have the highest CAGR.
Smart city AI market to reach $4.9B by 2025
Revenue from AI software for smart city applications will increase by sevenfold from 2019 to 2025, according to the “Artificial Intelligence Applications for Smart Cities” report from Omdia AI.
The market is being spurred by 4G and 5G connectivity for internet of things (IoT) devices, with wireless data communication standards enabling applications to move online. This will result in spectacular growth from $673.8 million in 2019 to $4.9 billion in 2025, a CAGR of nearly 40 percent.
“From video surveillance, to traffic control, to street lighting, smart-city use cases of all types are defined by the collection, management and usage of data,” says Keith Kirkpatrick, principal analyst for AI at Omdia. “However, until recently, connecting disparate components and systems together to work in concert has been challenging due to the lack of connectivity solutions that are fast, cost effective, low latency and ubiquitous in coverage. These challenges now are being overcome by leveraging advances in AI and connectivity.”
The research notes the increasing prevalence of CCTV systems for video surveillance for behavior or anomaly analysis to prevent terrorist attacks or other violent incidents, with AI capabilities often including facial recognition, license plate reading, and threat detection.
Overall physical security market
The global market for physical security products and services generated $102.9 billion in 2019 and is expected to grow at a robust 6.5 percent from 2020 to 2027, according to a new report from Grand View Research.
Residential deployments of video surveillance systems are expected to drive systems growth during the forecast period, with increasing infrastructure in developing nations and advances in technology such as Ultra High Definition video leading to higher demand. Video surveillance made up 45 percent of the systems market in 2019.
Access control hardware is anticipated to have the highest growth rate, and the market will be boosted by innovations and technology advances among integrated sensors, video and access systems for IoT devices, according to the 145-page report.
The security market is considered by sector and region, and prominent market participants are identified.