LONDON, May 3, 2017 /PRNewswire/ -- In its latest biometric technologies market data report, ABI Research forecasts that fingerprint sensors in smartphones will surge to reach a 95% penetration rate of smartphone shipments by 2022. This will prompt new opportunities for biometric technologies, such as eye recognition, to be utilized as part of novel identification and payment applications for both the banking and governmental markets.
"While enterprise markets aggressively adopt vein recognition technologies in physical access control applications, eye recognition technologies will soon be one of the most secure modalities for consumer electronics authentication and secure mobile payments," says Dimitrios Pavlakis, Industry Analyst at ABI Research.
With each passing market quarter, biometric technologies are extending their reach in consumer electronics, while OEMs in the Asia-Pacific region are aggressively driving new implementations. This will fuel an exponential growth in mobile banking and payment apps as banks and financial organizations prove to be less timid when embracing new biometric implementations. ABI Research finds that OEMs and service providers are now actively targeting the emerging IoT, smart home, and automotive segments as future growth areas for biometrics.
"Vein recognition workforce management software and access control solutions in the enterprise market depict an impressive 18% five-year growth rate, boosted by market leaders like Fujitsu and Hitachi," concludes Pavlakis. "Innovative startups like HYPR are making strides in improving biometric blockchain capabilities, while wearable pioneers like Nymi are triggering a domino effect with heart rate-empowered payments."
ABI Research stands at the forefront of technology market research, providing business leaders with comprehensive research and consulting services to help them implement informed, transformative technology decisions. Founded more than 25 years ago, the company's global team of senior and long-tenured analysts delivers deep market data forecasts, analyses, and teardown services. ABI Research is an industry pioneer, proactively uncovering ground-breaking business cycles and publishing research 18 to 36 months in advance of other organizations. For more information, visit www.abiresearch.com.