Global biometrics market to reach $14.9 billion by 2024

By Aditi Pai
Share

Tractica BiometricsAs more and more health sensors are built into mobile devices, the global biometrics market is ramping up. The most recent prediction is that the market will hit $14.9 billion by 2024, up from $2 billion in 2015, according to a report from Tractica.

The biometrics market will see a compound annual growth rate (CAGR) of 25.3 percent and cumulative revenue of $67.8 billion for the ten-year period, according to the firm.

Tractica said the top industries that will use biometric technology over the next ten years include finance, consumer devices, healthcare, and government followed by enterprise applications, defense, education, law enforcement, and non-government organizations. 

“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 company explained that the use cases that will drive biometrics revenue the most over the next decade include consumer device authentication, mobile banking, automated teller machines, government IT systems, point-of-sale transactions, pharmacy dispensing, and wearable device authentication.

Last month, Tractica reported that the number of people using home health technologies will increase from 14.3 million worldwide in 2014 to 78.5 million by 2020. In Tractica’s view, home health technologies include offerings that allow providers to remotely monitor patients with chronic conditions, use technology to improve care for elderly people, and conduct virtual visits with a physician. Tractica added that within the home health technology space, medical monitoring, diagnosis, and treatment will be the largest markets between 2014 and 2020.