New report suggests a growth in revenues for biometrics

In ‘Biometrics and Banking’ report, Biometrics Research Group estimated that total revenues for biometrics supplied to the global banking sector totaled USD 900 million by the end of 2012. They projected that total revenues in the sector increased to USD 1,8 billion by the end of 2015. This means that biometric revenue from the banking sector constituted approximately 12% of the entire USD 7 billion marketplace in 2012 and is likewise projected to make up 12% of the market in 2015.

By the end of 2016, report estimates revenue will continue to increase to USD 2,2billion and the ?nancial biometrics market will eventually account for almost a third of total biometrics market revenues globally by 2020. Biometrics Research Group also projects that the market will grow at a compound annual growth rate (CAGR) of more than 50% from 2016 to 2020.

Biometrics Research Group believes that revenue growth surrounding biometrics in the global banking sector will be driven by an increased emphasis on protecting ?nancial transactions from fraud, identity theft and security breaches.

Identity theft victims reported a total of USD 24,7 billion in direct and indirect losses attributed to all incidents of identity theft experienced in 2012. Although government and civil identity applications have been early adopters and the largest implementers of biometrics over the past decade, commercial and consumer sectors have become important target markets, especially in regards to ?nancial services.