Entropy Base Technology Co., Ltd. (Stock Code:301330will be held on2022year8month17The company successfully listed on the ChiNext board of stock. It is a national high-tech enterprise focusing on biometrics as its core technology, and specializes in providing smart access control, smart identity verification, smart office products and solutions. Frost & SullivanFrost & Sullivan,Frost & Sullivan (hereinafter referred to as 'Frost & Sullivan') hereby warmly congratulates the company on its successful listing.
Entropy Base Technology Co., Ltd. (hereinafter referred to as 'Entropy Base Technology') was established on2022year8month17The company was successfully listed on the stock market, with the number of shares issued being37,123,013share, issue price per share43.32yuan.
The company is a national high-tech enterprise focusing on biometrics as its core technology, specializing in providing smart access control, smart identity verification, smart office products and solutions. The company is committed to integrating core biometric technologies such as fingerprints, faces, veins, and irises with computer vision, radio frequency, Internet of Things, and other technologies. It offers intelligent terminals, industry application software, and platforms with identity recognition and verification functions to multiple sectors including commerce, transportation, finance, education, healthcare, and government affairs. The company focuses on commercializing its proprietary biometric core technology products, empowering traditional access control, identity verification, and office fields, and can provide one-stop solutions for enterprise-level users that include intelligent terminals, industry application software, and platforms. Frost & Sullivan has long been paying attention to the global and Chinese biometric industries, publishing a large number of research reports that are widely cited in the prospectuses of leading ChiNext-listed companies in the industry, helping customers accelerate their growth.
Overview of the Biometric Industry
Biometric technology is a computer technology that uses human biological characteristics for analysis and distinguishes individuals. It involves the close integration of computers with high-tech means such as optics, acoustics, biosensors, and biostatistics principles. It utilizes the inherent physiological characteristics (fingerprint, face, iris, etc.) or behavioral traits (voice, gait, etc.) of the human body to identify personal identity. Universality, uniqueness, stability, and operability are important conditions for the recognition of human biological characteristics. Biometric technology has the characteristics of being difficult to lose or discard, not easy to forge or steal, and available anytime and anywhere. Due to its unique features, biometric technology can be widely applied in many fields from public safety, social security, education, healthcare to finance, commercial security, transportation, online consumption, and more.
Global Biometric Market Size
Driven by both market demand and technological development, biometric technology has achieved rapid global development. The global biometric market size has grown from2015year108Billion US dollars rose to2019year209billion US dollars, with an average annual compound growth rate of17.9%Biometric technology is being rapidly promoted and applied in fields such as finance, telecommunications, information security, and e-government. It mainly focuses on biometric identity verification and access control scenarios, including the widespread use of biometric technology by governments for border security, e-passports, criminal investigation, and other aspects. Additionally, cloud computing and e-commerce have also brought about huge demand, with services such as mobile payment and online transfers further expanding the biometric technology market.
In the future, with the accelerated development of the artificial intelligence market, the application fields of biometric technology will continue to enrich and enter a stage of large-scale application. The global biometric market is expected to grow at a rate of19.1%The average annual compound growth rate from2020year240Billion US dollars rose to2024year483Billions of dollars. The rapidly growing global market will also provide a favorable market environment and development opportunities for China's biometric industry.
From the perspective of technology types, the most widely used biometric technologies in the market currently refer to fingerprint recognition and face recognition. These two technologies offer high convenience of use and a lower cost advantage for devices.2019The market share percentages for the years are approximately56.0%and21.1%In terms of regional distribution, the Asia-Pacific region occupies the global biometric market38.3%Market share, followed by North America30.6%), Europe22.0%) and other regions9.1%).
Global Biometric Market Size and Forecast
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
The gradual advancement of identity recognition projects and border management measures in various countries, along with the continuous popularization of Internet of Things devices and e-commerce applications, are the main driving forces behind the rapid development of the biometric market in the Asia-Pacific region. According to a Frost & Sullivan report,2015Year to2019In [year], the market scale of biometrics in the Asia-Pacific region grew from41USD billion growth to80billion US dollars, with an average annual compound growth rate of18.2%, and is expected to2020Started in22.3%The compound growth rate of2024Annual achievement208billion US dollars, and its proportion in the global biometric market scale is expected to be at2024Annual achievement43.1%.
Global Biometric Sub-market Size and Forecast
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
China Biometric Market Size
Although China's biometric market started later than Western countries, it has accelerated its layout in the biometric market due to government support, the rapid development of smart terminal devices, and the mobile internet industry. In recent years, China's biometric industry has achieved relatively rapid growth. Computer technology based on deep learning algorithms provides powerful computing and analysis capabilities for biometric applications, while also improving the accuracy of biometric technologies. The development and popularization of domestic mobile devices have brought huge demand to the biometric technology market.5GThe popularization of portable application terminals has enriched the application scenarios of biometric technology. Commercial scenarios such as screen unlocking, smart payments, and account logging have emerged continuously, becoming a research hotspot.
The market scale of biometric identification in China has grown from2015year106RMB billion growth to2019year224yuan, with an average annual compound growth rate of20.6%In recent years, the focus of development for various manufacturers has gradually shifted towards independently developing core algorithms and patents, making the industry more mature. In the future, with technological innovation and a continuous increase in application scenarios, China's biometric market is expected to maintain a high-speed growth trend.2024The market scale of China's biometric industry will grow to600Yuan, with a compound annual growth rate for the next five years of22.6%.
Market Scale and Forecast of Biometric Identification in China
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
Overview of the Biometric Technology Industry
Global Biometric Technology Market Size
At present, the top three technologies in terms of market share in the global biometric field are fingerprint recognition, face recognition, and iris recognition.2019The market share percentages for the years are56.0%,21.1%and8.6%Fingerprint recognition has a long history of development and is the most mature technology. It has been widely applied in multiple fields, accounting for half of the global biometric market in terms of market size.2015year65Billion US dollars rose to2019year117billion US dollars, with an average annual compound growth rate of15.8%With the rise of smartphones and breakthroughs in under-display fingerprint technology, the fingerprint recognition market will continue in the future15.9%The average annual compound growth rate,2024The annual market scale is expected to reach236billion dollars.
Although fingerprint recognition will still dominate the biometric market, with the rapid development of technologies such as face recognition, iris recognition, vein recognition, and voiceprint recognition, the proportion of fingerprint recognition will be reduced by2019year56.0%gradually declining to2024year48.9%past5During the year, technologies such as face recognition and iris recognition developed rapidly due to their non-contact nature and high accuracy, with average annual compound growth rates of23.4%and22.5%The growth rate is significantly higher than fingerprint recognition. It is expected that by2024In [year], the market scale of face recognition and iris recognition will reach121billion dollars and48billions. With technological breakthroughs and cost reductions, technologies such as vein and voiceprint recognition will also enter a period of rapid growth, with an average annual compound growth rate exceeding20%.
With continuous breakthroughs in various technologies and the continuous expansion of application scenarios, various biometric recognition technologies are making full use of their capabilities, and the biometric market has broad development prospects.
Global Biometric Technology Market Size and Forecast
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
Market scale of biometric technology in China
In terms of technology types, the most widely used biometric technologies in the Chinese market are fingerprint recognition and face recognition.2019The market share percentages for the years are approximately49.6%and28.6%China's face recognition technology is at the forefront of the world, widely used in airports, high-speed rail stations, commercial buildings, and communities. Some other categories of biometric technologies have received smaller financing due to incomplete application scenarios and technological limitations.
From the perspective of use cases,2019Proportion of the domestic biometric chip manufacturing market in annual revenue40.2%Proportion of the biometric device and supporting solution market59.8%Biometric access control, identity authentication and verification, and biometric office applications are the most significant application areas in the market for biometric devices and supporting solutions.2019The proportion of annual market share is as follows38.8%,23.9%and8.2%.
Market Scale and Forecast of Biometric Technology in China
2015Year to2024Year (estimated)
Source: Frost & Sullivan report
Global and China Biometric Access Control Industry Overview
Biometric access control is the application of biometric technology, which involves the collection, storage, processing, statistics, and analysis of data, images, and other information. It enables the control and management of permissions, identity verification, charging, release, rejection, recording, and alarm notifications for people, vehicles, objects, and other targets at entrances and exits through these processes.
Global Biometric Entrance-Exit Market Size
In recent years, with the continuous improvement of urban, corporate, and community demands for security, convenience, and intelligent management, as well as the widespread application of various biometric technologies such as fingerprint and face recognition in access control management, the intelligent transformation and construction of many offline scenarios, including smart transportation, smart buildings, smart communities, smart parks, and smart parking areas, have been accelerating. This has led to rapid development in the biometric access control market. The global biometric access control market size has grown from2015year27Billion US dollars rose to2019year48billion US dollars, with an average annual compound growth rate of15.5%.
In the future, based on management's consideration of labor costs, the current combination of manual and equipment management in the field of access control will gradually develop towards self-service and unmanned operations. As an important market for biometric devices and supporting solutions, the biometric access control market is expected to continue maintaining a rapid growth trend. The global scale of the biometric access control market is expected to be20.5%The average annual compound growth rate is from2020year57USD billion growth to2024year120billion dollars.
Global Biometric Entrance-Exit Market Size and Forecast
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
Market scale of biometric access control in China
With the large-scale development of smart communities, smart buildings, and smart cities, more and more access control venues are realizing efficient and secure passage management through intelligent access control systems. China's access management system has evolved from traditional guard management and analog signal monitoring to a new generation of biometric intelligent access management platforms, which have been widely applied in multiple fields such as smart parking lots, smart access control, intelligent passage gates, smart toll collection, and smart patrol services. The market scale of biometric access control in China has grown from2015year28Rapid growth of hundreds of millions to2019year52yuan, with an average annual compound growth rate of during that period16.7%.
Meanwhile, as an important part of the China biometric device and supporting solution market, the market scale of biometric access control accounts for36.8%Gradually climbing38.8%In the future, with the further development of various biometric technologies and their deeper penetration into access control management, the market scale of biometric access control in China is expected to expand further to2024year142yuan,2020Year to2024The annual average compound growth rate over the years reached23.0%.
Market Scale and Forecast of China's Biometric Access Control
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
Chinese Biometrics-Access control market size
As a major sub-market within the field of access control - the access control market shows a trend towards diversified and intelligent products. Over the years, with the development of card technology and biometric technology, access control systems have undergone leapfrog development and entered a mature phase. Systems such as card-based access control, biometric access control, and chaotic keyboard access control systems have emerged, each with its own strengths in terms of security, convenience, and manageability, and their application fields are becoming increasingly broad.
2019The market scale of China's biometric access control accounted for51.9%The market scale of biometric access control in China ranges from2015year14Rapid growth of hundreds of millions to2019year27yuan, with an average annual compound growth rate of during that period17.8%In the overall access control market, the biometric access control market share is also on the rise, from2015year16.7%Rapid rise to2019year20.3%In the future, with the acceleration of the construction of smart buildings and smart communities, biometric access control will further penetrate into the field of access control. The scale of smart biometric access control in China will further expand to2024year75yuan,2020Year-end2024The annual compound average growth rate for the period is23.7%.
Chinese Biometrics-Market size and forecast of access control
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
Global and China Biometric Office Market Overview
The biometric office market utilizes technologies such as biometrics, artificial intelligence, and cloud computing to provide a series of intelligent office scenario products for creating a new type of office system that is 'secure, efficient, energy-saving, healthy, and intelligent'.
Attendance management is currently the most significant application area of biometric technology in the biometric office market, and it is also the most well-known application of biometric technology. In the early days, the attendance management market mainly used fingerprint recognition technology, which has low technical barriers and is maturely developed. However, with the development of some other biometric technologies, face recognition and vein recognition, due to their non-contact nature, have also begun to gradually enter the attendance management market.
Cloud office refers to the establishment of offices based on cloud computing technology, integrating features such as instant messaging, group discussions, attendance and leave management, document storage and sharing, work approval, expense control and reimbursement, and personnel management. The aim is to reduce office costs, improve office efficiency, and achieve low-carbon emissions. Especially2020After the outbreak of the COVID-19 pandemic in 2020, cloud attendance systems, cloud meetings, and various other systems and devices that support mobile and online office work have developed rapidly.
Global Biometric Office Market Size
With the improvement of enterprise informatization levels, the emergence of intelligent office requirements, as well as the continuous development and upgrading of biometric technology, the biometric office market has developed rapidly. The global biometric office market size has grown from2015year8Billion US dollars rose to2019year14billion US dollars, with an average annual compound growth rate of15.0%In the future, with the integrated development and application of various technologies such as biometric technology and Internet of Things (IoT), the global level of office intelligence will be further enhanced, and the biometric office market will embrace broad development prospects.
In addition,2020The global COVID-19 pandemic that broke out at the beginning of the year will drive the application of contactless biometric technologies in the office space. The global biometric office market is expected to grow at20.7%The average annual compound growth rate is from2020year16USD billion growth to2024year34billion dollars.
Global Biometric Office Market Size and Forecast
2015Year-end2024Year (estimated)
Source: Frost & Sullivan report
Market scale of biometric office applications in China
With the application of biometric technology in various office areas such as attendance devices, visitor registration devices, and meeting sign-in devices, the market scale of biometric office products in China has expanded. Biometric attendance devices are an important part of the biometric office market, initially mainly consisting of fingerprint recognition systems. Currently, face recognition attendance devices and multi-modal fingerprint-face recognition attendance devices are also widely used. In addition, iris recognition technology and vein recognition technology play a significant role in specific attendance fields (such as underground operations, bank vaults, etc.).
The market scale of biometric office solutions in China has been2015year6Rapid growth of hundreds of millions to2019year11yuan, with an average annual compound growth rate during this period of16.4%Meanwhile, the proportion of biometric office solutions in China's biometric equipment and supporting solution market has decreased from7.9%Gradually rising to8.2%In the future, with the further development of various biometric technologies and their deeper penetration into the office field, the market scale of biometric office applications in China is expected to expand further to2024year28yuan,2020Year to2024The annual average compound growth rate over the years reached21.1%.
Market Scale and Forecast of Biometric Office Automation in China
2015Year to2024Year (estimated)
Source: Frost & Sullivan report
China Biometric Office-Attendance market size
Traditional attendance systems mainly include manual attendance, barcode attendance, card reading attendance, etc. Manual attendance involves a large workload and low efficiency, while barcode attendance and card reading attendance are prone to issues such as impersonation by others for attendance recording, as well as attendance cards./The situation of barcode loss incurs high attendance costs. With the continuous standardization of the workplace, intelligent attendance has also become popular, which requires an implementation method for office attendance that is faster, more convenient, and more accurate.
Today, fingerprint recognition and face recognition technology are increasingly being combined with attendance machines.2019The market share of China's biometric attendance market in the Chinese biometric office market in81.8%(including cloud attendance systems). The market scale of biometric attendance systems in China is from2015year5Rapid growth of hundreds of millions to2019year9yuan, with an average annual compound growth rate of during that period15.8%In the overall attendance market, the biometric attendance market share is also on the rise, from2015year29.4%Rapid rise to2019year32.1%.
In the future, with the acceleration of biometric office construction, as well as the upgrading and integrated development of various biometric technologies, especially the development of contactless biometric technologies spurred by the pandemic and cloud attendance software systemsWith the development, the market scale of biometric attendance in China will further expand to2024year25yuan2020Year-end2024The annual compound average growth rate for the period is22.8%.
China Biometric Office-Attendance market scale and forecast
2015Year to2024Year (estimated)
Source: Frost & Sullivan report
Frost & Sullivan company inTMTThe firm has rich research experience and has assisted well-known enterprises in successfully listing on the capital market. Successful listings include: Xuanwu Cloud Technology (2392.HK), Huitongda9878.HK), innovative wisdom2121.HK), Shangtang Technology0020.HK), Qinhuai DataNASDAQ:CD-ROM), Mingyuan Cloud0909.HK), Genesis Group1849.HK), WeCom Group2013.HK), Wankala Union (1762.HK), Yaxin Technology1675.HK), Hongya Holdings1723.HKAurora MovingNASDAQ:JG), Jingguan Holdings8606.HK), Qiyi Technology1739.HK), WeCom Finance (2003.HK), Huifu Tianxia(1806.HK),Atlinks（8043.HK),Zioncom（8287.HK),ISP Global（8487.HK),Vobile（3738.HK), Aibo Technology2708.HK),iClick（NASDAQ:ICLK), Shengye Capital6069.HK), Anling International8410.HK), Anke Systems8353.HK), Junmeng International8062.HK), Feisida8342.HK),Future Data（8229.HK) and Asiy Backup8290.HK) etc.
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