Biometric market worth $14.9B by 2024
Tractica predicts that the worldwide biometrics technology market will grow from $2 billion in 2015 to $14.9 billion by 2024. During that period, the consultancy forecasts that cumulative revenue will total $67.8 billion.
It’s no surprise that the market for biometrics technology is developing rapidly, but it is in no way uniform. The biometrics market comprises at least 13 biometric modalities, 11 major industry sectors, and 142 individual use cases, not to mention more than 100 technology vendors and systems integrators.
Biometrics use cases are split into two distinct threads: consumer-facing use cases are typically high-volume at a low price, while enterprise-facing use cases –including government and defense — are typically much smaller volumes but use more expensive devices. Use cases will define the biometrics market – biometrics does not sell itself and is considered after a use case has been established.
Tractica’s forecasts indicate that key industries in the biometrics market over the next decade are likely to be finance, consumer devices, health care and government. This will be followed by enterprise applications, defense, education, law enforcement, and non-government organizations.
Key use cases that are likely to drive biometrics revenue over the next decade include consumer device authentication, mobile banking, automated teller machines, government IT systems, point-of-sale transactions, pharmacy dispensing, and wearable device authentication.
Biometric modalities that are likely to generate the most revenue include fingerprint, iris image, and voice recognition.
Suprema releases updated biometric platform
Suprema unveiled BioStar 2.1, an update to the biometric security platform that was released in Q1 of 2015. The update provides users with new features and developers the tools to develop a solution suitable for different system requirements. BioStar 2.1 is co-released with four additional solutions: BioStar 2 Mobile, BioStar 2 Cloud, BioStar 2 API and BioStar 2 Device SDK, designed to maximize user convenience and expand development potential.
BioStar 2.1 is offered in two editions: Basic and Standard. The Basic edition includes core biometric user management features and basic access control features. The new update to the Basic Edition enhances usability by including support for BioStar 2 Cloud and filtering options in its monitoring functionality. The Standard Edition expands the access control module by introducing advanced access control features such as anti-passback and fire alarm.
The system is extended with the BioStar 2 Mobile App that is available for both iOS and Android mobile platforms. Using the built-in BioStar 2 Cloud extension, users can use BioStar 2 Mobile to access a local server remotely and perform a number of operations. The app enables system administrators to perform user-related tasks, receive live notifications, control doors remotely and monitor current system activities on any mobile device.
Nok Nok raises $16.5M in Series C financing
Nok Nok Labs announced that it has completed the second and final closing of $8 million in its Series C Financing, raising a total of $16.25 million. This total amount includes the existing $8.25 million raised in December 2014.
New strategic investors were added to the oversubscribed round, including DaouKiwoom Group from South Korea; DOCOMO Capital from Japan; and Thundersoft from China. The round also includes current investors DCM Ventures, Lenovo Group, ONSET Ventures and Raven Ventures and related affiliates. Ik-Rae Kim, the Founder and Executive Chairman of the DaouKiwoom Group, will join the Nok Nok Labs Board of Directors.
This latest round of funding will be used to:
- Expand sales, support and channel infrastructure to support the growing customer pipeline
- Facilitate global opportunities and meet the growing demands in the Asia Pacific region
- Continue technology innovation around and beyond the FIDO specifications
In May, Nok Nok Labs announced that NTT DOCOMO INC. had selected the NNL S3 Authentication Suite to deliver simple and strong authentication to DOCOMO’s ecosystem of millions of customers and mobile devices, to deliver carrier-scale services.