Biometrics Industry Analysis, Statistics, Trends, and Forecast Report by 2024

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Biometrics Market Research Reports and Industry
Analysis from 2017 to 2024 Global Market
Insights Inc.
Fuel Cell Market size worth 25.5bn by 2024
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Key Insights from Biometrics Market

• Biometrics Market size was valued at over USD 12
  billion in 2016, and estimated to surpass USD 50
  billion by 2024. Increasing adoption of
  technology in the security vertical and the
  confluence of organizations to meet
  authentication standards has added a renewed
  dynamism to biometrics market. With the
  biometrics technology having marked its presence
  across the security landscape, it is now rapidly
  penetrating its way into consumer, government,
  and industrial systems. Based on the concept of
  statistical analysis of biological data, the
  biometrics technology is proclaimed to be less
  prone to cybercrimes and hacking.
• Recently, Mexicos National Banking and Security
  Commission has announced a new regulation in the
  country that would require all the banks to
  deploy fingerprint scanners for the clients by
  2018. Another instance is of FacePhi Biometria,
  where the company is seen signing deals to bring
  its selfie-based authentication system especially
  in the financial sector. Similar moves are likely
  to materialize in the coming years, in turn,
  propelling biometrics industry size.

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Continued...

• Global Market Insights, Inc., claims that
  biometrics market will exceed USD 50 billion by
  2024, having been pegged at USD 12 billion in
  2016. High acceptance of biometrics in various
  verticals such as mobile banking and other
  financial services has further favored the growth
  of biometrics market. As the cybercrimes and
  identification errors are captivating the
  industry verticals, there has been a significant
  upsurge in the adoption of biometrics to ensure
  data security and privacy. Lately, there has been
  a plethora of fraudulent cases and data breaches
  in the financial sector. JP Morgan Chase for
  instance was one of the major victim, where the
  hackers accessed the critical data of
  approximately 83 million customers.
• Such potential threats of data breach have led to
  greater demand for biometrics technologies in the
  banking finance sectors. As per the report,
  biometrics industry share is set to gain
  lucrative avenues from banking and finance
  sector, projected to register a healthy growth
  rate of 22 from 2017-2024. Apart from this,
  biometrics industry is also likely to demonstrate
  noticeable growth in healthcare, transportation,
  consumer electronics, and defense services

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U.S. Biometrics Market Size, By Product, 2013
2024 (USD Billion)

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Continued...

• With the significant expansion of its vast
  application arena, it is quite evident that
  biometrics technology is gaining lot of
  popularity as it works on identification of
  individuals biological information. This
  technology uses physiological and/or behavioral
  characteristics of people to authenticate their
  identity. As every individual is unique, this
  technology uses separate identifiers such as face
  recognition, fingerprint, palm veins, hand
  geometry, DNA, iris recognition, voice and
  retina. Many companies have adopted these
  techniques to improve the security features.
• For instance, Samsung and LG have incorporated
  iris scanners into their smartphones on a wider
  scale. The voice recognition technology is also
  seen gaining considerable traction in the mobile
  banking and commercial sector. The voice
  recognition segment of biometrics market is
  expected to register a CAGR of 22 over
  2017-2024, claim estimates. Over the coming
  years, biometrics industry is expected to witness
  several technological advancements that will make
  authentication more secure and convenient. Below
  mentioned are the three trends that will strongly
  influence the industry growth.

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Continued...

• Mobile payment is touted as the future of
  financial transaction and is thus getting
  incorporated with biometrics to provide a strong
  security interface. Governments and businesses
  are vigorously looking for reliable
  authentication devices such as mobile biometrics
  to speed up human identification processing, in
  turn, providing a commendable impetus to
  biometrics market demand. Such technologies
  running on personal smartphones are sure to offer
  biometrics market the opportunity of clocking
  excellent growth rates in the ensuing years.
• With the rapid growth of online shopping, online
  payment methods are slated to be subject to a lot
  of threats. The biometrics technology is expected
  to do wonders in this segment as accessing of
  user accounts through iris, facial recognition
  and fingerprints could go long way in ensuring a
  secure login than regular pins and credentials,
  validating the contribution of e-commerce in the
  growth of biometrics industry.

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Continued...

• One of the biggest biometrics market trends to
  watch for will be the adoption of this technology
  parallel to the massive expansion of IoT. IoT
  being the biggest emerging concept for both
  businesses and consumers undeniably requires a
  robust security spectrum to protect critical
  data. In response to this, in the coming years,
  the global biometrics market will witness a
  remarkable upsurge with the technology being
  integrated in a wide variety of IoT applications
  ranging from smart homes, banking, healthcare,
  and automotive.
• With the advancements and evolution in the tech
  space, identity management and security are
  certain to be the top-notch priorities of the
  businesses. Taking into account this trend, it is
  unarguable that biometrics industry is set to
  witness a profound profitability quotient in the
  ensuing years.

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