Biometrics

• In July, New York City instituted a moratorium on face recognition in schools until 2022.
• Biometrics is coming to remote payments as well, with Juniper Research predicting that mobile biometrics will authenticate over $2 trillion of sales by 2023, 57% of biometric transactions will be remote by then.
• Biometrics will enable $2.5 tn worth of mobile payments by 2024, while Goode Intelligence has estimated that in 2020 over 1.1 billion people will use biometrics for mobile financial services, such as payments, accessing banking apps or customer identify verification.
• In another recent Deloitte study, 79% of manufacturers reported that expecting their AI investment to increase over 2021, while 76% expect AI to be integrated into all enterprise applications within three years.
• The global demand for biometric technology in the payments industry is robust and will accelerate during the busy end of year shopping season and as business returns to a new normal in 2021.
• As the world of digital payments continues to evolve and expand as a result of new innovative solutions, we will see biometrics, facial recognition, voice recognition, smart vending solutions becoming more prominent in the world of payments in the coming years.
• The global demand for biometric technology in the payments industry is robust and will accelerate during the busy end-of-year shopping season and as business returns to a new normal in 2021 and beyond.
• Biometric hearables are set to make a substantial impact on the consumer, over-the-counter health, and professional medical markets with a few years, with the market for hearables with biosensors set to reach $5 bn by 2030.
• Hearables are set to make a substantial impact on the consumer, Over-The-Counter health, and professional medical markets with a few years, with the market for hearables with biosensors set to reach $5bn by 2030.
• Over the next five years the Face Recognition Device market will register a 18.2% CAGR in terms of revenue, the global market size will reach $2054.8 million by 2025, from $1054.3 million in 2019.
• About 90% of smartphones will have some form of dedicated biometric hardware in the next four years, enabling payment by phone, facial recognition or a thumbprint scan.
• Global revenue for Face Recognition Device was valued at US$ 422.68 million in 2018, and is expected to generate revenue of US$ 2447.03 million by end of 2027, growing at a CAGR of slightly above 21.82% between 2019 and 2027.
• The global next generation biometrics market was valued at USD 9.61 billion in 2017, and is expected to reach a value of USD 37.65 billion by 2023, at a CAGR of 17.61%, during the forecast period (2018-2023).
• The total biometric device market is expected to reach US$ 28.2 billion in 2020, with the government and security market taking a significant hit of US$ 1.1 billion.
• The next generation biometrics market was valued at USD 16.36 billion in 2019, and it is expected to reach a value of USD 93.88 billion by 2025, at a CAGR of 35.53%, during the forecast period (2020-2025).
• Biometrics will enable $2.5 tn of mobile payments by 2024 - a strong indicator of the continued growth of biometrics in both smartphones and payments.
• Services), Technology (Machine Learning, Context-Aware Computing, NLP, and Computer Vision) was valued at USD $5 Billion in 2017 and likely to reach over USD $40 Billion by 2025, at a CAGR of nearly 30% during the forecast period.
• By 2024, AI will become the new user interface by redefining user experiences where over 50% of user touches will be augmented by computer vision, speech, natural language and AR/VR.
• The global market for automotive biometric identification is forecast to grow from $138 million in 2019 to $303 million by 2024, a 17 percent CAGR.
• The value of mobile payment transactions authenticated with biometrics is projected to shoot up between now and 2023, with more than two-thirds of global shoppers willing to use biometrics to secure their payment transactions.
• Computing, Computer Vision), End-User Industry, and Geography-Global Forecast to 2025, the Artificial Intelligence Market is expected to be valued at USD 21.5 billion in 2019 and is likely to reach USD 190.6 billion by 2025, at a CAGR of 36.6% during the forecast period.
• According to forecasts by Goode Intelligence, nearly 579 million biometric payment cards will be used globally by 2023.
• Despite being a smaller market today, we expect the advanced analytics market to grow 50% over the next five years, including predictive maintenance, computer vision and augmented reality.

Last updated: 17 January 2021