June 23, 2016 -
Rawlson King, a contributing editor and lead researcher at BiometricUpdate.com, talked to Cris Sheridan, Senior Editor at Financial Sense, about the latest developments and trends in the biometric sector concerning the financial service technology.
The 30 minute discussion focused on the campaigns by Microsoft and Google to eliminate the password, along with other technological developments that will influence the use of biometrics authentication to secure banking services.
Biometrics Research Group, Inc., publisher of BiometricUpdate.com, recently released an updated overview and synopsis of the biometrics market for the global financial sector. The report states that revenue growth surrounding biometrics in the global banking sector will be driven by an increased emphasis on protecting financial transactions from fraud, identity theft and security breaches.
Although government and civil identity applications have been early adopters and the largest implementers of biometrics over the past decade, commercial and consumer sectors have become important target markets, especially in regards to financial services. The adoption of biometrics by the financial services sector can be attributed to the need to off-set increased fraudulent activity and identity theft.
According to the Special Report, Biometrics Research Group projects that by the end of 2016, revenue will research US$2.2 billion and the research vendor further estimates that the ﬁnancial biometrics market will eventually account for almost a third of total biometrics market revenues globally by 2020. Biometrics Research Group also projects that the market will grow at a compound annual growth rate (CAGR) of more than 50 percent from 2016 to 2020.
Biometrics Research Group, Inc. previously estimated that total revenues for biometrics supplied to the global banking sector totaled US$900 million at the end of 2012. The firm then subsequently projected that total revenues in the sector increased to US$1.8 billion at 2015 year-end. This means that biometric revenue from the banking sector constituted approximately 12 percent of the entire US$7 billion marketplace in 2012 and likewise made up 12 percent of the market in 2015.
The report, published on BiometricUpdate.com, was sponsored by HID Global and Biometrics in Banking & Financial Services by IQPC. The report has been released free-of-charge to industry stakeholders.
Biometric Update Special Reports provide analysis and competitive industry intelligence for the global biometrics industry including market size, multiple industry segments, venture capital and other business opportunities, along with in-depth profiles on the best emerging companies and solutions. The are published on a regular basis to provide vital industry intelligence to the entire biometric sector.