The financial sector is the most mature market for biometrics technology outside of the government. A longtime leader in adopting cyber security, the finance industry is now turning to biometrics to provide additional levels of security as the risks of theft and fraud continue to mount.
A new report from Tractica forecasts that, as initial deployments prove successful and costs continue to decline, shipments of biometrics devices for the finance industry will rise from 4.7 million units in 2015 to 43.7 million annually by 2024. During that period, cumulative shipments will total 212.4 million devices. At the same time, the market intelligence firm anticipates that finance biometrics hardware and software revenue will increase from $126 million in 2015 to $2.2 billion in 2024.
“Many industries are getting close to adopting biometrics but finance is there now,” says 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.”
Tractica’s report, “Biometrics for Finance Applications”, examines the market for biometrics in the finance industry, including 10-year forecasts for the period from 2015 through 2024. The report examines six use cases specific to finance, focusing on consumer-facing use cases to improve security and convenience simultaneously. The report forecasts revenue, device shipments, and software licensing volumes. An Executive Summary of the report is available for free download on the firm’s website.