Market Trends of Consumer Biometrics Industry
This section covers the major market trends shaping the Consumer Biometrics Market according to our research experts:
Fingerprint Sensing Modules to Hold the Major Share
- Devices used for fingerprint biometrics provide the users with increased convenience, availability, and reachability of embedded biometrics. The demand for fingerprint sensing modules for consumer authentication is expected to witness significant growth over the forecast period on account of the increasing demand for biometric technology for access management, need for better security, and change in consumer preference for new technologies with a personalized experience.
- Smartphones, in that row, have witnessed an increasingly growing trend in this technology over the past five years. This technology has been leveraged to facilitate online transactions, authentication, and many other services.
- A survey conducted on 1,000 US adults by Veridium to understand biometric consumer sentiment indicated that their most preferred form of biometric identification on their phones is the fingerprint, at 63%. Other forms of identification are ranked way below, such as facial recognition (14%), traditional passwords and PINs (8%), and voice recognition (2%).
- The market studied has seen various technological developments in smartphones from a separate fingerprint scanner to an in-display fingerprint scanner. Vivo, a Chinese Smartphone brand, was the first to implement in-display fingerprint. Starting with the launch of the iPhone 5S, which had a TouchID capacitive technology, many other next-generation smartphones have incorporated multiple biometric options that users can set for different purposes.
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Asia-Pacific to be the Largest and Fastest Growing Market
- Asia-Pacific has the largest population of all the regions. With an increase in the urban population and increased purchasing power, Asia-Pacific is expected to be one of the largest and fastest growing markets for consumer biometrics.
- Major smartphone companies, including Huawei, Apple, Samsung, Xiaomi, and Lenovo has its manufacturing facilities in China. With the continuous increase in smartphone sales, the demand for fingerprint sensors to be embedded into smartphones is expected to increase in the country.
- Seeking the growing opportunities in the market, the companies in the region are manufacturing biometric sensors. For instance, in December 2019, Chinese sensor manufacturer Goodix introduced its latest ultra-thin optical in-display fingerprint sensor by integrating it in Oneplus 7T pro 5G Mclaren.
- Automotive companies in the region are actively investing in integrating consumer biometric solutions in their upcoming vehicles. For instance, Xiaopeng Motors has introduced its P7 model, which has an embedded fingerprint sensor in the handlebar.
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