The market for biometrics in banking is a major contributor to the overall biometrics market and is poised to grow substantially, according to a new report from Goode Intelligence. The market research firm predicts that by 2020 the biometrics in banking market will be generating $5.5 billion in revenue.
Goode Intelligence is effusive in describing the market, asserting that banking applications of biometric technology are “creating a booming biometrics industry with biometric vendors experiencing tremendous growth”. Much of this is attributed to the rise of consumer-led products, such as the biometric capabilities found on a widening range of mobile devices and being leveraged to provide secure mobile banking experiences. The report pays particular attention to Apple and Samsung devices in this application, but it’s worth noting as well that Google’s upcoming Android M mobile operating system will feature native fingerprint scanner capabilities in its API, which could drastically expand the reach of this technology.
Other areas of focus in the report include the use of biometrics for management solutions, as in the case of banks using the technology for employee authentications; and the potential of biometrics in detecting fraud. We’ve recently seen some particularly interesting promise in this area with the emergence of behavioral biometrics/analytics systems, and that area could expand going forward as well, complementing the already considerable array of applications and use cases for biometrics in banking.