ABI Research is predicting that the demand for better security solutions will drive the market for biometric hardware to $19 billion by 2024. The firm expects Body-Worn Cameras (BWC), surveillance cameras, and access control technology to display the most growth over that time period, with much of that revenue coming from the public sector.
Law enforcement and border control agencies have demonstrated a particular enthusiasm for biometric security options. Surveillance camera shipments will climb to 135 million units by 2024, while biometric locks and BWCs (including body cams and smart glasses) will reach 24 million units and 1.6 million units, respectively.
Biometric Identity verification and authentication solutions, meanwhile, will continue to gain traction in the broader government and civil sector. The same is true in finance, healthcare, and consumer-facing industries, where technologies like fingerprint and facial recognition have made it easier to integrate biometric authentication into a wide range of goods and services.
“Fingerprint devices traditionally dominated implementations across most markets and, for the most part, that trend will continue,” said ABI Industry Analyst Dimitrios Pavlakis.
“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 identified face recognition and iris recognition as two of the more noteworthy non-fingerprint modalities, and also cited Fujitsu for its palm and finger vein recognition tech. Gemalto, SecuGen, HID Global, BIO-key, and IriTech were identified as some of the key players in the biometric hardware space.
Despite the expanding list of options, ABI has predicted that fingerprint recognition will continue to be the predominant biometric modality for several years to come. The market will experience consistent growth through 2023, especially as in-display solutions become more common on commercial mobile devices.
December 3, 2019 – by Eric Weiss