Report: Biometric market revenues to top $67B globally over the next 10 years

May 13, 2015
Fingerprint, iris and voice recognition solutions expected to generate the greatest revenue

According to a recently published report by market research firm Tractica, the global biometrics market is expected to increase from $2 billion in 2015 to $14.9 billion by 2024, with a compound annual growth rate of 25.3 percent and cumulative revenue for the 10-year period totaling $67.8 billion.

“The biometrics market is finally here to stay,” Tractica Principal Analyst Bob Lockhart said in a statement.  “After a long wait, use cases that were once a gleam in the eye are reality.  Biometric voter registration removes barriers of poverty and illiteracy, and it can run on a tablet.  Consumers can authenticate financial transactions with a fingerprint, voice, eyes, or even an electrocardiogram, all with far lower risk than passwords that can be stolen and used on the other side of the world.”

The firm predicts key industries in the biometrics market over the next decade will likely 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, according to Tractica,  include consumer device authentication, mobile banking, automated teller machines (cashpoints), government IT systems, point-of-sale transactions, pharmacy dispensing, and wearable device authentication.  Biometric modalities that are likely to generate the most revenue include fingerprint, iris image, and voice recognition. 

Click here for more information about Tractica or to download a free executive summary of the “Biometrics Markets Forecasts” report.