Fingerprint Biometrics Market to Reach $8.5B by 2026
Recent market research from Imarc has suggested that fingerprint biometrics are on target to enjoy a 14.64% CAGR until 2026. On current trends, this would mean a total market value of $8.5 billion in just five more years, a massive expansion on current biometric performance. Though industry spectators have determined this growth will be limited to certain sectors, the implications of this change could be immense in certain applications.
A Growing Need for Biometrics
The growth of the biometric market owes to many technological elements, but in terms of usability, it’s very much a reflection of modern digital culture. In the 2020s, the digitalisation of home and work cultures are standard, bringing with it certain complications alongside improved convenience. One of the most profound of these complications is found in the growing need for safe and secure passwords. Over time, the efficiency of password theft and cracking has grown substantially, creating a need for longer, safer, and constantly changed passwords. While the concepts behind these changes are well-reasoned in terms of safety, it also raises the complications of memorising many differing logins. Since writing down passwords is considered poor procedure, effective shortcut systems like biometric locking have become increasingly helpful.
Mobile Integration
Though there are many possible hardware solutions through which biometrics can be applied, the most commonly useful systems are bound to mobile phones. As ubiquitous tools in our regular lives, mobiles make a natural fit for biometric implementation. These remove the issues that plague traditional passwords, creating what is essentially passwordless customer authentication with only a few simple steps. Scalable and applicable to a wide range of professional and personal systems, the combination of biometrics and mobiles is a forward-looking solution, and is likely to only grow more pronounced.
Future Necessity
In the ecosystem of online security, there exists a constant push and pull between secure systems and those who would seek to subvert them. Over time, this has led to a slow increase in password complexity, and this complexity is only going to become more so. Given this reality, it was essentially unavoidable that biometric shortcut systems would see greater implementation. The only question from this point is where is the natural balancing point between biometrics and existing safety systems lies. Biometric involvement with ATM PINs, for example, is still vastly underutilised despite not being a new solution. Over time, as these and similar systems become more digitalised and thus more open to possible attacks, biometric solutions should only grow more desirable. This would seem to indicate that a rush to biometric implementation in a much wider range of devices is just a matter of time, but so far there’s no telling when this time could be.
As biometric security systems look to expand into the 2020s, the outcome should be a much safer environment for everyone. Not just a positive development for saving the money of individuals, this change could also foster business growth through increased confidence in modern payment solutions. For this reason, whether your own a business or are just looking for more secure password systems, biometrics could well be worth a look, as they’ll soon be impossible to ignore.
