Tractica predicts most lucrative biometrics sectors
04 January 2016 14:35 GMT

Tech-focused research group Tractica has projected that the biometric applications that will generate the most revenue up until 2024 include fingerprint, iris image, and voice recognition.

Meanwhile, key industries in the biometrics market over the next decade will include finance, consumer devices, healthcare, and government.

The sectors would then be followed by enterprise applications, defense, education, law enforcement, and non-government organizations, said the group.

“Just within the past couple of years, the biometrics market has become firmly established as advances in technology and improved mobile devices enable use cases that were previously thought impossible, or in some cases never even imagined.

“For instance, voter registration in low-literacy economies or identifying persons of interest in a crowd would be nearly unthinkable without biometrics.

“Biometrics use cases split into two distinct threads: consumer-facing use cases are typically high-volume at a low price, while enterprise-facing use cases (including government and defense) are typically much smaller volumes but use more expensive devices”.

Tractica forecasts that the global biometrics market will increase from $2.0 billion in 2015 to $14.9 billion by 2024, with cumulative revenue for the 10-year period totaling $67.8 billion.