Biometrics for finance applications revenue to reach $2.2B by 2024
Tractica announced it has published a new report titled “Biometrics for Finance Applications”, which examines the global market for biometrics in the finance industry, including 10-year forecasts for the period from 2015 through 2024.
According to the report’s forecasts, revenue for the global biometrics finance market will grow at a CAGR of 38% from a base of $126 million in 2015 to reach $2.2 billion by 2024.
The global market will have a cumulative revenue of $11.7 billion for the 10-year period. Biometrics app downloads are especially ready to break out of the starting blocks.
The report analyzes six use cases specific to finance, focusing on consumer-facing use cases to improve security and convenience simultaneously.
The report covers a range of topics including market size by region and worldwide, total number of hardware device shipments and revenue, software application licenses and revenue, key regulatory issues, and the primary biometrics modalities.
Additionally, common barriers in biometrics markets include consumer acceptance of biometrics and competition among modalities for a fixed amount of business.
The report highlights a number of use cases in finance biometrics including cashpoint/ATM, fraud identification, regular mobile banking, high-value second factor mobile banking, point-of-sale transactions, and unstaffed bank branches.
Meanwhile, the report identifies personal data privacy laws, financial data privacy laws, payment card industry data security standards as being among the top regulatory issues.
The report also analyzes key case studies, including eye white for mobile banking, face and voice biometrics for mobile banking, voice recognition for high-value transactions, and fingerprint authentication for microcredit loans.
In terms of key biometric modalities for finance industry use cases, the report lists ECG wristband, eye white recognition, facial recognition on mobile devices, fingerprint on standalone devices, fingerprint on mobile device, iris recognition on standalone devices, iris recognition on mobile devices, vascular imaging, and voice recognition.
The report highlights the industry’s key players, including 3M Cogent, Aurora Biometrics, Cognitec, Crossmatch, EyeVerify, FaceFirst, Fujitsu, HID Biometrics (Formerly Lumidigm), Hitachi, Honeywell, Iris ID, IrisGuard, IriTech, M2SYS, NEC, Nuance, Qualcomm, Suprema, Synaptics, VerifyMe, VoiceTrust, and VoiceVault.
“Many industries are getting close to adopting biometrics but finance is there now,” said principal analyst Bob Lockhart. “Cash machines with fingerprint readers, vein imaging, and iris imaging are increasingly deployed, especially where fraud is high and law enforcement is low. Innovative point-of-sale authorization requires a fingerprint, facial recognition, and even an electrocardiogram. And mobile banking can be authorized through many types of biometrics, only readable from the customer’s own device.”
Previously reported, Tractica published a new report entitled “Facial Recognition,” which predicts that annual facial recognition devices and licenses will increase from 28.5 million in 2015 to more than 122.8 million worldwide by 2024.