Market report for cloud biometrics for financial authentication

Cloud Biometrics Use to Soar in Two Years: Report (Infosecurity Magazine)

“Over half a billion customers worldwide will be using cloud-based biometrics to securely authenticate with their banks within two years, according to a new analyst report.

London-based Goode Intelligence’s Biometrics for Banking report details what might happen to the market over the next five years.

It claims that by the end of 2020, 1.9 billion bank customers will be using biometrics to: withdraw cash from ATMs, prove their identity over the phone, access banking services through smart devices and more. Sometimes a combination of biometrics will be needed, for example to initiative a transfer of funds from a web-based interface.”

We’re also seeing a lot of activity on this front and adoption of our IdentiTrac Web API.

Market forecast: Biometrics in Healthcare 2018 – 2025

Healthcare Biometrics Market Size, Share & Trends Analysis Report (Grand View Research)

“The global healthcare biometrics market size was valued at USD 2.1 billion in 2016 and is expected to witness a CAGR of 24.2% over the forecast period. The major driving parameters attributing to the growth of this market are rising healthcare IT application combined with increasing awareness and demand for cyber security and biometric development catering to the healthcare facilities.”

Forecast: Global Biometrics Market in Hospitality Sector 2016-2020

Market outlook of the biometrics market in the hospitality sector (Research and Markets)

The market research analyst predicts the global biometrics market in the hospitality sector to grow at a CAGR of around 27% during the forecast period. With the increase in cases of time theft, data theft, and other criminal activities in the hospitality sector, the demand for security technologies including a highly reliable and accessible personal authentication and identification systems has increased. Biometrics has emerged as a suitable security and monitoring solution to meet this need as it is based on the behavioral and physiological characteristics of an individual, which is difficult to replicate. Biometrics in the hospitality sector is seen as the most accurate and reliable system because it eliminates manual inputs, identity card exchange, and time theft.

Biometrics market forecast 2015-2021

Global Biometric Market 2015 at $7.0 Billion, Rising to $44.2 Billion by 2021 (University Chronicle)

Biometric modalities include hybrid fingerprint / palm print, facial recognition, iris image, and voice recognition. The global biometrics market is $7.0 billion in 2014, rising to $44.2 billion by 2021. Biometrics revenue and device shipment forecasts are segmented by modality and market segment. There are four market segments, law enforcement, border control which includes government ID systems, workplace access, and consumer ID.

According to Susan Eustis, leader of the team that prepared the study, “Biometrics represent a multi-billion dollar industry because the devices provide personal identity protection. Biometrics is used by civil authorities to permit the organization of people into units of government that are a cohesive group of people, not intruded upon by outsiders. Biometrics provides a cornerstone of law enforcement agencies with fingerprint ID.”

Market analysis from IndustryARC

Next Generation Biometrics Market is estimated to be $5.9 billion in 2014 and is growing at a healthy CAGR of 22% (IndustryARC)

The market is characterized by established brands with high revenue; high R&D capital reserves and well instituted distribution channels. But, the market place is also being disrupted by firms with innovative solution that have emerged to solve specific problems. With cost effective solutions offering greater security, companies will be able to position themselves uniquely.

Forecast: Global Smart Security Market 2015-2019

Latest report on the global smart security market that is estimated to grow at a CAGR of 18.59% over the period 2014-2019 (Sandler Research)

Smart security solutions are used to monitor the activities and behavior of people in areas that are more prone to unauthorized access or damage, such as enterprises, educational institutions, commercial buildings, and utility infrastructure. Smart security includes advanced security systems such as IP surveillance cameras, biometric access control systems, integrated perimeter intrusion prevention systems, and wireless alarms. Thus, these solutions can secure an area from miscreants, terrorist activities, and data theft.

Adoption of intelligent security solutions for cities and their infrastructure not only provides security but also peace of mind to the residents.

The analysts forecast global smart security market to grow at a CAGR of 18.59% over the period 2014-2019.

The automation revolution will be biometric (cont’d)

Self-Service Technology Market is Expected to Reach $31.75 Billion, Globally by 2020 (Press Release via NJ.com)

The technological advancements such as wireless communication and remote management would also facilitate the overall market growth. In addition, the integration of biometric security services such as fingerprint recognition, which ensure secured financial transactions, would boost the market growth.

Forecast: Key biometrics industries and applications – 2024

Biometrics Market Forecasts (Tractica)

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.

Forecast: Mobile biometrics revenue $3.5 billion by 2024

Starting from a base of $249 million 2015, global mobile biometrics revenue is forecast to reach $3.5 billion by 2024, with cumulative revenue for the 10-year period totaling $17.5 billion. (EFY Times)

Biometrics for mobile devices have finally reached a tipping point. The march began with the release of the Apple iPhone in 2007 and later the iPad, each subsequently matched by Android competitors. These smartphones and tablets finally have enough processing power and hardware capabilities to put biometrics directly into their users’ hands. Biometrics, whether for mobile devices or large stationary systems, typically perform one of two functions: authentication, proving that someone is who they claim to be, or identification, figuring out who someone is. Nearly all consumer-facing use cases are authentication and nearly all identification uses are enterprise-facing, especially government use cases. Somewhere in the middle, financial institutions are offering their users the chance to authenticate to online banking systems with their voices or with their eyes, in place of keying a personal identification number (PIN).

Forecast: Global Government Biometric Systems Market

The Global Government Biometric Systems Market 2015-2025 (Market Reports Store)

Key Findings
◾The global biometric systems market is estimated to value US$4.4 billion in 2015 and increase at a CAGR of 8.70% during the forecast period, to reach a peak of US$10.2 billion by 2025.

◾The market is expected to be dominated by North America, followed by Asia-Pacific and Europe.

◾Fingerprint recognition is expected to account for the largest share of expenditure in the global Government Biometric Systems market going forward, followed by facial recognition and Iris.

That Compounded Annual Growth Rate (CAGR) is probably one of the lowest I’ve ever seen in the biometrics sector. It, however, doesn’t come as much as a surprise. The number of government customers is pretty much capped at around 200. Governments were some of the earliest adopters of biometric solutions, so most of the 200 potential customers are already in the market. Prices paid by these customers, generally, should be falling or stable. So, there are a whole host of reasons for this low estimate for growth in the government biometrics sector.

Forecast: Health care biometrics worth US $5B by 2020

Special Report: Biometrics in Healthcare (Biometric Update)

This report examines how biometric technology is applied to the health care industry, mainly in the United States. This report notes that “health care biometrics” is utilized for access control, identification, workforce management or patient record storage. Biometrics in health care often takes two forms: providing access control to resources and patient identification solutions. The growing demand for biometrics solutions is mainly driven by the need to combat fraud, along with the imperative to improve patient privacy along with health care safety. Biometrics are also increasing being used for medical monitoring and mobile health care.

– Rawlson O`Neil King Lead Researcher, Biometrics Research Group, Inc.

Also, and unlike with most of these market analyses, Biometrics Research Group has made the entire report available for free via download at the link above.

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