More than 212 million biometric authentication devices will be shipped over the next decade for use in financial services, according to recent Tractica market research.
As users find initial biometrics deployments effective, and costs continue to decline, the payments and financial industries will see shipment of devices increase to 43.7 million annually by 2024, up from the 2015 total of 4.7 million, according to Tractica.
Over that same time period, revenue from biometrics hardware and software will increase to $2.2 billion in 2024 from $126 million in 2015, Tractica reported.
"Many industries are getting close to adopting biometrics but finance is there now," Bob Lockhart, principal analyst for Tractica, stated in an Aug. 25 press release. "Cash machines with fingerprint readers, vein imaging and iris imaging are increasingly deployed, especially where fraud is high and law enforcement is low."
Innovative point of sale authorization requires a fingerprint, facial recognition, and even an electrocardiogram, Lockhart said. "And mobile banking can be authorized through many types of biometrics, only readable from the customers own device, he added.
Tractica's full report forecasts revenue, device shipments and software licensing volumes.
Recent biometric deployments include a pilot by MasterCard and First Tech Federal Credit Union to test the use of "selfie" photos and fingerprint scans as second-factor authentication tools for e-commerce transactions.
Technology provider Nymi has also been actively developing its biometric wristband as a payment device.