The global consumer biometrics market has shipped 2.1 million units in 2019 and is expected to reach 5.3 million units shipment by 2025, registering a compound annual growth rate [CAGR] of 17.2%, during the period of 2020-2025, according to Research and Markets.
Rising demand for ease and convenience, availability, and reachability of biometrics is expected to create opportunities for the market further, adds the research group. According to the findings of a survey commissioned by VISA, consumers are ready to leave the password behind.
Seventy percent of consumers believe that biometrics are always more comfortable as they do not involve memorizing passwords. More than 65% of consumers are already familiar with biometrics, while 86% are interested in using biometrics to verify the identity or to make payments.
Here are some of the highlights of the Research and Markets report:
- The increasing connectivity and digitization have increased customer interactions with devices and services, which is further demanding identity authentication for access. The increasing awareness of the need for sophisticated biometric security, widening the scope of applications of biometrics technology in consumer electronics, to improve customer experiences, and technological advancements are expected to drive the growth of the market over the forecast period.
- The rapid proliferation of the internet and the growth of mobile devices has led to increased payments through mobile. This mode of payment is anticipated to experience significant growth over the next few years.
- For instance, according to GSMA, the number of smartphone subscribers in North America is expected to reach 328 million by 2025. Moreover, by 2025, the region is likely to witness an increase in the penetration rates of mobile subscribers (86%) and the internet (80%), the second-highest in the world. Additionally, according to GSMA, by 2025, Europe is estimated to have the highest rate of penetration of the internet (82%) and smartphones (88%).
- The increasing penetration of smartphones, which are equipped with fingerprint sensors, is among the prominent driver for the growth of fingerprint sensors. According to the Credit Suisse report, in 2018, the shipment of smartphones with fingerprint sensors worldwide stood at 1,082 million units.