Analysts positive on biometrics industry future
Tractica has published a new report entitled “Biometrics Market Forecasts” that estimates that the global biometrics market will see a total, cumulative revenue of $67.8 billion over the next 10-year period.
In the report, Tractica divides biometrics use cases into two separate threads: consumer-facing use cases, which are typically high-volume at a low price, and enterprise-facing use cases (including government and defense), which are normally much smaller volumes but use more expensive devices.
Tractica forecasts that the global biometrics market will increase from $2.0 billion in 2015 to $14.9 billion by 2024, which amounts to a compound annual growth rate (CAGR) of 25.3% and cumulative revenue for the 10-year period totaling $67.8 billion.
“The biometrics market is finally here to stay,” said Tractica principal analyst Bob Lockhart. “After a long wait, use cases that were once a gleam in the eye are reality. Biometric voter registration removes barriers of poverty and illiteracy, and it can run on a tablet. Consumers can authenticate financial transactions with a fingerprint, voice, eyes, or even an electrocardiogram, all with far lower risk than passwords that can be stolen and used on the other side of the world.”
The report finds that key industries in the biometrics market over the next decade are likely to be finance, consumer devices, healthcare, and government, followed by enterprise applications, defense, education, law enforcement, and non-government organizations.
The 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.
Meanwhile, the biometric modalities that are likely to generate the most revenue include fingerprint, iris image, and voice recognition.
The report is based on a comprehensive 10-year market forecast for biometrics hardware and software during the period from 2015 through 2024, based upon analysis of 142 distinct use cases.
Each use case is forecast by world region and derived from separate forecasts for each OECD income level within a region, while biometrics revenue and device shipment forecasts are further grouped by industry, modality, device type, and use case.