The popularity of biometrics technology is growing in popularity at enterprise organizations, which are beginning to utilize the technology for IT security, physical building access, time and attendance tracking, and identification purposes. Hybrid approaches, such as doorway to desktop – a combination of on-site and IT security – are also being employed by organizations.
According to a new report from the Boulder, Colo.-based Tractica, as enterprises around the world become more comfortable integrating biometrics into their processes and systems, annual sales of enterprise biometrics devices and software licenses will increase from $12.7 million in 2015 to $142 million in 2024.
The market intelligence firm forecasts that as technological capabilities increase and costs decrease, enterprise IT security will be the most dominantly used biometrics application during the forecast period, however other use cases will gain traction as well.
“Biometrics technologies fit every industry,” Tractica Principal Analyst Bob Lockhart said. “Regardless of the vertical market, companies have IT systems that require logon, physical facilities with restricted access, or employees who clock in and clock out. Biometrics can make all of those processes faster and more secure.”
Tractica's report, “Biometrics for Enterprise Applications,” examines the market for biometrics enterprise applications horizontally across all industries, and includes 10-year forecasts for the 2015 to 2024 period.
The London-based consulting firm Goode Intelligence predicted by the end of this year, some 450 million financial institution customers globally will be using biometrics and that it will be the principal banking authentication method by 2020.
In a report titled, “Biometrics for Banking; Market and Technology Analysis, Adoption Strategies and Forecasts 2015-2020,” Goode Intelligence revealed that biometrics in banking is already a maturing industry with many successful implementations around the world.
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Roy Urrico
Roy W. Urrico specializes in articles about financial technology and services for Credit Union Times, as well as ghostwriting, copywriting, and case studies. Also: writer/editor of a semi-annual newsletter for Association for Financial Technology since 1997 and history projects funded by the U.S Interior Department, National Park Service and Warren County (N.Y.).
