More Than 3 Billion People to Use Biometrics by 2022
May 9, 2017
Biometrics are as big as they have ever been, but they have far from reached their peak potential and penetration according to a number of recent reports. The consensus is that there is plenty of room for growth and a real opportunity for biometrics to enter the mainstream.
$6.2bn Biometric Market
First off, Goode research’s latest edition of its “Mobile & Wearable Biometric Authentication Market Analysis & Forecasts 2017-2022” predicts that the biometric market will be worth a colossal $6.2bn by 2022. Wearables currently make up a tiny slither of that market, but the report predicts that sector will continue to grow, alongside the continued expansion of mobile biometric solutions.
What’s more, Goode believes that as many as 3.3 billion people will be using biometric solutions for authentication by 2020. It’s the push to replace passwords with more convenient solutions that is informing such healthy predictions. Alan Goode, author of the report, said:
“The market is still evolving with a number of different models that developers and service providers can adopt to provide convenient friction-free user authentication. It is part of the wider “password replacement” movement that includes other two-factor (2FA) and multi-factor authentication technologies.”
Backing up the lofty predictions from Goode, is another report by Digitimes Research. According to its report, last year 780 million fingerprint sensors were shipped. Fingerprint scanning is currently dominating the market, that 780 million makes up 96 per cent of the entire sensor market.
Digitimes’s research estimates that biometric sensor shipments will grow at a CAGR (Compound Annual Growth Rate) of 30 per cent between 2017 and 2020.
The strong predictions being consistently made by experts and research agencies around the world about the growth of biometrics never surprises us here at BioStore. We’ve long been providing solutions that benefit from the secure and convenient authentication biometrics can provide. The more others get their hands on such solutions, the more they too will understand the benefits. Used securely and in the right ways, biometrics have a long way to go yet.