Next Biometrics gets new $1.6M order from XM Holder
Chinese company XM Holder, which is specialized in electronic components distribution, has placed an order worth 18 million Norwegian Kroner (US$1.6 million) for FAP20 fingerprint sensors from Next Biometrics in what has been described as a design win.
In an announcement, the new purchase order from XM Holder has been attributed to Next’s ongoing fruitful collaboration with its Chinese market entry partner WISER. XM Holder is an existing partner of Next.
This comes as a study has highlighted the booming nature of the biometrics sensors market, partly due to emerging AI-and other innovative technologies.
“We are pleased that our market entry partner WISER has started adding new design wins. These design wins enable a closer collaboration with XM Holder in China, placing this first purchase order with initial deliveries in Q3 and Q4 2023,” said Ulf Ritsvall, senior vice president of Sales and Marketing.
“This initial order demonstrates that our chosen market entry strategy for China is the right way for Next to address this large market.”
The order from XM Holder also means that Next’s secure fingerprint sensors will be integrated into banking applications in China.
Next announced a purchase order from XM Holder in August last year. In July 2023, the company said it had got another order from the Chinese distributor alongside a commercial deal with an Indian original equipment manufacturer (OEM).
The latest order from XM Holder was announced two days after Next disclosed that its current senior vice president of sale and marketing will take over as new Chief Executive Officer on October 1.
AI, innovation drive biometric sensors market growth
In a related story, a recent study by Future Market Insights (FMI) has projected that the biometrics sensors market will witness a steady boom, with the potential to hit $4.9 billion in revenues by 2033.
According to the report summary, the market will advance at a CAGR of 12.1% from 2023 to 2033 with Daon, Next Biometrics, Infineon, NEC Corporation, Cognitec, Safran, Suprema listed among the industry players expected to contribute to the market buoyancy.
The report forecasts that by the end of 2033, China’s biometric sensors industry will rake in revenue of at least $419.5 million.
The increasing integration of AI into biometric sensors empowers secure authentication methods and elevates accuracy and efficiency, delivering a seamless user experience across a spectrum of applications, the report states.