Mobile biometrics devices and software revenue to hit $3.5b by 2024: Tractica
Tractica has published a new report titled “Biometrics for Mobile Devices”, which forecasts the worldwide mobile biometrics market will grow from $249 million in 2015 to reach $3.5 billion by 2024.
The report analyzes the market trends and technology issues relating to biometrics for mobile devices, as well as provides 10-year forecasts for mobile biometric hardware and software during the period from 2015 through 2024.
In the report, Tractica principal analyst Bob Lockhart forecasts that the cumulative revenue for the 10-year period will total $17.5 billion, including revenues from mobile biometric devices and software application.
“Biometrics for mobile devices has finally reached a tipping point,” says Lockhart. “The march began with the release of the Apple iPhone in 2007 and, later, the iPad, each subsequently matched by Android competitors. These smartphones and tablets finally have enough processing power and hardware capabilities to put biometrics directly into their users’ hands.
“Many core biometric technologies have been around for a long time, but vendors have had nowhere to use them, and the conditions are now right for mobile devices to provide a path to market. This sector is a classic example of use cases finally catching up to the technology.”
Lockhart also identifies finance and government as two primary industries that will drive growth in the mobile biometrics market.
Finance applications include online banking, in which institutions are offering biometric authentication in addition to a PIN for sensitive transactions, while government applications include identifying people from national fingerprint databases.
Other key markets include healthcare, where biometrics can authenticate caregivers and identify patients, and contact centers, where voice authentication of customers can be used by nearly anyone in any industry.
The report also forecasts segmented by world region, include mobile biometric hardware unit shipments, device pricing and revenue, software application licenses, application pricing, and application revenue.