LONDON, Dec. 31, 2015 /PRNewswire/ -- Just within the past couple of years, the biometrics market has become firmly established as advances in technology and improved mobile devices enable use cases that were previously thought impossible, or in some cases never even imagined. For instance, voter registration in low-literacy economies or identifying persons of interest in a crowd would be nearly unthinkable without biometrics. Biometrics use cases split into two distinct threads: consumer-facing use cases are typically high-volume at a low price, while enterprise-facing use cases (including government and defense) are typically much smaller volumes but use more expensive devices. Regardless, use cases define the biometrics market – biometrics does not sell itself and is considered after a use case has been established. Biometrics presents the opportunity to identify or authenticate individuals with greater confidence through a normally frictionless process. Many industries are now seizing this opportunity.
Tractica's forecasts indicate 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. Key use cases that are likely to drive biometrics revenue over the next decade include consumer device authentication, mobile banking, automated teller machines (cashpoints), government IT systems, point-of-sale transactions, pharmacy dispensing, and wearable device authentication. Call center use cases apply across nearly all industries. Biometric modalities that are likely to generate the most revenue include fingerprint, iris image, and voice recognition. Tractica forecasts that the global biometrics market will increase from $2.0 billion in 2015 to $14.9 billion by 2024, with cumulative revenue for the 10-year period totaling $67.8 billion.
This Tractica report is based on a comprehensive and detailed 10-year market forecast for biometrics hardware and software during the period from 2015 through 2024. The forecasts are based upon analysis of 142 distinct use cases, each of which is forecast by world region and derived from separate forecasts for each OECD income level within a region. Biometrics revenue and device shipment forecasts are further segmented by industry, modality, device type, and use case.
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