Biometric Device Shipments for Financial Industry to Hit 212m units by 2024- report

Shipments of biometric devices for the financial industry will rise from 4.7 million units in 2015 to 43.7 million annually by 2024, according to a new report from technology consulting firm Tractica.

During that period, cumulative shipments will total 212.4 million devices. At the same time, Tractica anticipates that revenues for financial biometrics hardware and software will increase from $126 million in 2015 to $2.2 billion in 2024.

"Many industries are getting close to adopting biometrics but finance is there now," Bob Lockhart, Tractica principal analyst, said in a statement. "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. And mobile banking can be authorized through many types of biometrics readable only from the customer's own device."

A Tractica report, "Biometrics for Finance Applications," examines the market for biometrics in the financial industry, including 10-year forecasts for the period from 2015 through 2024. The report examines six use cases specific to financial services, focusing on consumer-facing use cases to improve both security and user convenience. The report also forecasts revenue, device shipments, and software licensing volumes.