NEW YORK, July 20, 2016 /PRNewswire/ -- Biometrics technologies fit every industry. Regardless of the vertical market, companies have IT systems that require logon, physical facilities with restricted access, or employees who clock-in and clock-out. Biometrics can make all of those processes faster and more secure. The emergence of cloud computing, bring your own device (BYOD), and other scenarios mean that many times, system users are not in a controlled environment. Stolen passwords are more dangerous than ever but biometrics can mitigate that risk. Likewise, biometrics can mitigate physical risks such as stolen or shared building access cards and buddy-punching time clocks. Biometrics can make a difference in just about any industry.
The enterprise use cases for biometrics are already understood: for example, system logon, building access, and clocking in. However most have only recently have been attempted with biometrics. Among these use cases, logging on to enterprise IT systems is by far the largest and is often satisfied with an inexpensive software solution or with fingerprint readers, among the most affordable biometrics hardware. Therefore, the horizontal enterprise biometrics market is relatively small compared to industry-specific markets: starting from a base of $183 million in 2015, Tractica forecasts that global enterprise biometrics revenue will reach $1.7 billion by 2024, with cumulative revenue for the 10-year period totaling $7.9 billion at a compound annual growth rate (CAGR) of 28%. Nearly every biometrics vendor has something to offer for these use cases, but most vendors focus on specific industries. With moderate revenues and vendors focused on verticals, it is likely that enterprise use cases will be addressed opportunistically.
This Tractica report examines the market for enterprise applications for biometrics horizontally across all industries, including 10-year forecasts for the period from 2015 through 2024. The report examines five use cases that can occur in any industry, plus a specialized use case for personalized hospitality and entertainment. The report forecasts revenue, device shipments, and software licensing volumes. Within each world region, market forecasts are further segmented by biometric modality and use case. The report also includes profiles of 37 key industry players in the enterprise biometrics market.
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