FB pixel

Analysts positive on biometrics industry future

| Justin Lee
Categories Biometrics Market Reports  |  Biometrics News
 

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.

Article Topics

 |   | 

Latest Biometrics News

 

Digital ID is a tool for fraud prevention, or a system of control: Michael Nash

The way digital identity is commonly presented – as a tool for protecting against fraud and other benign uses –…

 

Medicare beneficiaries get new online identity verification options

The U.S. Centers for Medicare & Medicaid Services (CMS) announced that is rolling out what it calls enhanced login options…

 

Biometric IDV helps secure enterprise identity workflow

Enterprises are facing rising threats from deepfakes and synthetic identities, from attackers posing as employees to fake job seekers. Companies…

 

Trulioo bolsters C-Suite with three senior hires to meet AI demand

Trulioo has appointed a new chief risk and strategy officer, chief transformation officer, and chief financial officer as the company…

 

STCon edges in among established facial recognition accuracy leaders in NIST 1:N

A handful of new facial recognition algorithms have been added to the NIST FRTE 1:N Identification this year, but most…

 

EC’s use case manual explains age verification with EUDI Wallet 

The European Commission has published an age verification Use Case Manual, showcasing how citizens will be able to prove they…

Comments

28 Replies to “Analysts positive on biometrics industry future”

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Continue Reading

Biometric Market Analysis and Buyer's Guides

Most Viewed This Week

Featured Company

Learn More

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events