Financial Services Second Only to Gov’t in Driving Biometrics

Fingerprint protection icons on green background.The financial services sector is the number-two leader in the biometrics market and is poised for significant growth, according to a new report from Tractica. In a synopsis, the market research firm asserts that after the government, the financial services sector offers “the most mature market for biometrics technology”, and that the trend is expected to ramp up.

Tractica predicts that biometric device shipments in the sector will rise from 4.7 million units this year to 43.7 million in 2024, attributing the huge increase mainly to the encouraging success of initial deployments and decreasing costs. Moreover, for the same period, revenues in the financial services biometrics market will rise from $126 million to $2.2 billion.

As principal analyst Bob Lockhart notes, “Many industries are getting close to adopting biometrics but finance is there now.” Indeed, the industry has been at the forefront of the rise of biometrics, with technologies like voice recognition being used in banks’ call centers, and fingerprint scanning used to authenticate mobile payments. Going forward, Lockhart points to ATMs “with fingerprint readers, vein imaging, and iris imaging,” as well as further innovations in point-of-sale authorization and mobile banking. Given biometric technologies’ utility in security and authentication applications, it only makes sense that it would find a ready market in protecting one of the things people care about most – their money.

August 26, 2015 – by Alex Perala