Biometric Banking a Key BioSec Vertical: Report

Biometrics companies should see continued growth in 2015 in retail, healthcare, industrial, manufacturing, IT and telecom, and other sectors as newer and differently-applied biometrics technologies speed adoption. That’s according to a report by research and consulting firm Frost & Sullivan. The report echoes the enthusiasm for the global biometrics market growth, which Tractica places at $2 billion and predicts will grow to $14.9 billion by the year 2024.

Unsurprisingly the financial services sector according to the Frost & Sullivan study remains among the many to see growth. Their report notes that the Asia-Pacific region is poised to adopt biometric banking technology for ATMs. Other likely areas for growth they see are education, gaming, and hospitality.

Biometrics for banking is sure to get a boost if the U.S. – home to some of the world’s biggest players – gets on board. The U.S. Department of Commerce notes that the financial services industry here – its official combined subcategories being banking, asset management, insurance, and venture capital – is the largest and most liquid in the world. It makes up 7.9 percent or $1.24 trillion of national GDP.

Frost & Sullivan also says that worldwide the larger, more economically advanced regions of North America and Europe will continue to dominate the biometrics market garnering 74 percent of global revenue, fueled in part by government.

They also note that 2014’s top biometric banking method – fingerprints – will lose share as face, palm, and finger vein methods are adopted across different applications.

Research and Markets’ Global Forecast to 2020 on the next generation biometrics market places it around $24.4 billion by that year, at a 2015-20 CAGR of 17.9%. In their study travel and immigration leads the pack in terms of applying biometric technology.