Face biometrics in North America to reach $6B by 2030, multi-factor authentication to reach $24B by 2024
Biometric technology features prominently in a number of new market reports predicting major growth in multi-factor authentication, biometric facial and gesture recognition, sensors and smartwatches. The growth is expected to be driven by increasing cyberattacks on small companies, growing interest in online safety, secure authentication and mobile payments.
While multi-factor authentication will register high growth in healthcare and in Asia Pacific, the North American facial recognition market will witness annual growth, and gesture recognition for consumer electronics will exceed $600 million over the next four years. As safety and mobile payments drive interest in in-display biometric fingerprint sensors, Apple remains industry leader in smartwatch shipments in both value and volume during the pandemic.
Biometric facial recognition in North America to grow by 16 percent annually by 2030
Through 2030, 16 percent annual growth is projected for the North American biometric facial recognition market, which will reach $6.48 billion over the next 10 years, driven by an increasing demand for secure authentication post COVID-19, says a report by GMD Research.
The 114-page report is focused on the 3D facial recognition, 2D facial recognition, and facial analytics technology sub-markets. It also looks into thermal facial recognition, cloud-based facial recognition services, training and consulting services, different types of hardware, as well as deployment opportunities in law enforcement, tracking and monitoring, emotion recognition, and access control.
Multi-factor authentication market to surpass $24 billion by 2025
Last year, the multi-factor authentication market was estimated at a value of $9.07 billion, and projections for 2025 say it will near $24.16 billion at a CAGR of 17.83 percent, driven by increasing ransomware attacks against small companies and corporate online and financial account hijacking, found a report by Mordor Intelligence LLP.
In the given timeframe, biometrics, blockchain and decentralized authentication systems will grow in popularity. This could lead to the replacement of centralized data and application servers with a network of computers that encrypt, store data, and stay in sync with each other, while biometrics will be used to strengthen authentication by replacing passwords.
The most significant growth for multi-factor authentication is forecast for the healthcare segment, as the industry now more digitized and familiar with the security landscape and threats faced. The popularity of bring your own device (BYOD) and choose your own device (CYOD) policies will turn the Asia-Pacific region into the fastest-growing region in the multi-factor authentication market.
Gesture recognition for consumer electronics surpasses $600M by 2024
The global gesture recognition market for consumer electronic devices will reach $612.59 million by 2024, at a CAGR of 22 percent, driven by the success of PUI (perceptual user interface) technology, advanced use of 3D cameras and increase in the number of patent-related activities among market vendors, according to research by TechNavio.
The 120-page report presents a deep dive into market sizing, forecast and industry analysis, and includes findings per APAC, North America, Europe, South America, and MEA. It discusses the heightened interest in the solution-for-all concept, the main growth driver in the given timeframe.
Safety and mobile payments drive global in-display fingerprint sensors market growth
The global in-display fingerprint sensors market is forecast to grow at a CAGR of 6.5 percent between 2020 and 2026, according to a report by Infinium conducted in North America, Europe, and Asia-Pacific, which covers 2018 through 2026.
The 100-page study presents drivers, restraints, opportunities, demand factors, market size, forecasts, and trends in the global in-display fingerprint sensors market. A market blocker may be the optical-type and ultrasonic sensors which are slower and display a higher error rate, while major opportunities noted are a higher interest in smartphone safety and mobile payments.
The main drivers are a growing population with a high use of smartphones and internet connections, as well as a need for user authentication and smart wearables.
High growth for global smartwatch market in H1 2020 despite COVID-19
Although faced with a pandemic, the global smartwatch market revenue has witnessed a 20 percent increase in H1 2020, driven by tech leaders Apple, Garmin and Huawei which account for over 69 percent of the total market revenue, Counterpoint announced.
Apple dominated in value and volume, as Apple Watch saw a 22 percent international growth in Europe and North American in the first half of 2020, according to Senior Analyst Sujeong Lim. During the first six months of 2020, some 42 million smartwatches were shipped, as India (plus-57 percent YoY), Europe (9 percent higher YoY) and the U.S. (5 percent YoY growth) reported shipment growth, despite being severely hit by COVID-19, Lim added.