In 2015, we have witnessed breakthroughs and initials in the field of biometric technology. As a new year has started, let’s take a look back of notable developments and events in last year to see an overall picture on how they have affected the adoption of biometrics in major vertical sectors and how they have affected our way of living.
Banking and finance
It’s not very surprised that banking and finance is one of the most interesting sectors in 2015, which is predicted earlier to be second only to Government sector in driving biometrics. After the launching of Apple Pay, two other major mobile payments services have been launched is Samsung Pay and Android Pay. Also, according to a recent report from research and consulting firm Aite Group, by the end of 2015, 6 of the largest 19 banks in the U.S. will enable biometrics for mobile banking. It is obvious that using biometrics would enhance customer experiments and transaction security greatly. Banks and financial institutions also need a way to combat identity theft and transaction fraud cases. As reported by Goode Intelligence, today, millions of customers (120 million plus during 2015) are using mobile biometrics on a daily basis to provide secure and convenient user authentication and transaction authorization. The report predicts that this trend is set to continue and accelerate.
One of the most important leverages for the mobile payment mentioned above is the innovations of mobile devices or wearable devices in general. In 2015 we have seen iris, fingerprint, face, voice and multi-modal authentication built-in devices available to consumers across the globe which enables the ultimate access for users to their personal data. According to FindBiometrics, nary a week went by without at least one announcement of a new smartphone featuring some kind of biometric security. The 2014 report of Acuity Market Intelligence projects that by 2020, global mobile biometric market revenues will reach $34.6 billion annually. Acuity Market Intelligence also forecasts that rising demand for smartphones, tablets and wearable mobile devices that incorporate biometrics will drive a global market of 2.5 billion users with nearly 4.8 billion biometric devices by 2020.
Another sector is getting much attention from both citizen and government in 2015 is border control and immigration, especially when the “biggest refugee and migration crises since World War II” and the Paris terrorist attacks occurred. National security concerns become momentum for the government to strengthen the border control and immigrants accesses. For those reasons, many governments around the world have already adopted biometric based systems. Besides, advanced technology used in airport control, passport and visa also did a great help to customers in terms of enhancing travel experiments. According to a report by Visiongain, the use of biometric security for border control has generated $16.4 billion of revenues in 2015. In this year, we also see some governments have agreed to share biometric data in order to detect suspected terrorists.
Generally speaking, 2015 is quite vibrant for biometric market and we’re really looking for an even more interesting year of 2016 ahead with more biometric fintech innovations, massive consumer price point multi-modal mobile devices, or in other words, a more secure and convenient living environment.