Biometrics statistics for 2021. Market and industries | Mobbeel
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The use of biometrics has been generalised in a multitude of common processes in recent years due to the development of specific hardware sensors in mobile phones, such as fingerprint detectors or special  facial recognition cameras (3D) or iris recognition (infrared). More recently, following the implementation of PSD2, which requires the use of 2-factor authentication for banking transactions, the use of biometrics has skyrocketed.

The number of companies implementing biometric technology for customer identification is growing all the time, but… Are we aware of the size of the biometrics market, volumes or growth expectations? There is no doubt that 2021 promises to be a turning point in the expansion of the biometrics and cybersecurity industry and in this article we will show you why. Read on to discover some insights and statistics on the biometrics market:

pin We define biometrics as the set of techniques that make it possible to determine a person’s identity by analysing physical traits (voice, iris, face, fingerprint, etc.) or behavioural traits (signature, interaction with digital interfaces, etc.).

pin We define biometrics as the set of techniques that make it possible to determine a person’s identity by analysing physical traits (voice, iris, face, fingerprint, etc.) or behavioural traits (signature, interaction with digital interfaces, etc.).

Statistics on the biometrics industry

According to statista, the market for biometric technologies will steadily grow over the next few years to reach $55.42 billion by 2027. This rapid growth is driven in part by the speed and usability of biometric technologies in many biometric authentication processes, such as online payments, a huge benefit for 44% of respondents to this survey.

In addition, we get from the same specialised portal that spending in the identity verification market is forecast to reach USD 18 billion by 2027, with an estimated growth over 10 years (2017 – 2027) of USD 13 billion.

There is certainly a huge growth that confirms the relentless trend of digitisation of processes that were previously done in person and where it is critical to verify the identity of users and customers.

Statistics by biometric recognition technologies

It is evident that biometrics are here to stay, and that they bring numerous benefits in countless industries and processes. Do you want to know the most interesting statistical data, differentiated by biometric traits? Keep reading…

Download the eIDAS Guide and learn about eIDAS and types of electronic signatures

  

FACIAL RECOGNITION market

The majority of facial recognition processes performed on smartphones will be software-based rather than hardware-based, with an estimated 1.3 billion devices supporting this capability via software by 2024 (source 1, source 2), and an estimated market growth of USD 7 billion by 2024. (statista).

In this booming context, coronavirus has emerged with force to accelerate the adoption of these technologies but also to encourage their evolution in view of the need to recognise the face partially covered by masks. In a recent study carried out by NIST (National Institute of Standards and Technology) based on 90 face recognition algorithms, it was found that the algorithms are able to maintain the ability to extract features with strong discriminative power when masks are used, with false rejection rates varying from 0.3% to 5% in images where the covered surface of the face is 7%.

Another consequence of COVID-19 is the decrease in hardware shipments during the pandemic, resulting in a drop in revenue from biometric device sales of approximately USD 2 million and increased adoption of software solutions, mainly contactless.

In addition, in a US survey conducted by Reservations.com, 42.6% of Americans approve of the use of facial recognition technology at airports to improve security versus 32.5% who disapprove.

This approval of the use of facial recognition technology depending on the situation and context is supported by a recent study by Mastercard and Oxford University in which 77% of participating consumers consider facial recognition a secure system, rising to 93% who consider the use of fingerprints a secure biometric system

 

Voice Recognition market

The voice recognition market is expected to grow to USD 27.16 billion by 2025. (Statista).

The automotive industry will be particularly affected, with around 90% of vehicles sold globally expected to be equipped with a voice assistant by 2028

Many companies identify customers when they contact their call centres with voice biometrics. According to a study by Goode Intelligence, 56% of respondents saw a reduction in the volume of calls to their call centre after deploying biometrics, which is estimated to save USD 6.25 million per year (estimated for a bank with 5 million customers).

Fingerprint recognition market

 

Digital Signatures Statistics

When the EU created a legal framework called eIDAS (Electronic Identification and Signature), defining a common standard and the different types of electronic signature, the foundations for the use of signature digitisation technologies globally were established, enabling the market to reach $951.3 million in 2019 with an expected growth of 24.6% by 2030. If the market continues to grow, as expected, it could reach $9.07 billion by 2023(markets.businessinsider).

This growth is due to the fact that it is in the signature digitisation process where companies most directly appreciate the benefits of going paperless, making processes more efficient and unattended: 

  • Switching to using electronic signatures can lead to around 85% savings in document handling costs. 
  • Response time is reduced by around 80% with the use of electronic signatures. 
  • An estimated 500% increase in customer loyalty due to the use of biometric signatures. 
  • Businesses can improve approval performance by up to 83% with the use of electronic signatures.  

Download the eIDAS Guide and learn about eIDAS and types of electronic signatures

 

Cyberattacks and Cybersecurity Statistics

Biometrics can be a great support for companies’ digital security, improving systems for controlling identity theft attacks. Here are some statistics on cyber attacks that may be of interest to you:

Biometrics statistics by industry and market

Many industries are tapping into biometric recognition to verify the identity of their customers, as well as to help prevent digital fraud. At Mobbeel, we have clients in a variety of industries such as banking, online gaming, cryptocurrencies, healthcare and tourism, among others. Below you will find statistics on the use of biometrics in the most representative industries and markets:

  • Around 28% of the use of biometric technology in the US is by companies from the financial industry.(Source)
  • According to the Juniper Research study, biometric authentication will be able to secure payment transactions of up to USD 2.5 trillion and more than 60% of payment transactions using biometric authentication will be carried out remotely.
  • Payment fraud losses from online payments will grow by approximately 52% by 2024. (Source)
  • Around 72% of hotel operators expect to implement facial recognition technology by 2025, to be used as a means of user interaction and identification. (Forbes).
  • The use of biometric technology to identify passengers can speed up processes in the aviation industry by 40%. (Source).
  • The aviation industry invests $50 billion in IT, including biometric technologies. In 2018, airlines spent 4.84% of their revenues on IT, while airports spent around 6.06%. (Biometric Update).

If you are interested in learning more about the different biometric recognition technologies we have developed with our own technology (facial recognition, voice, signature or fingerprint), please contact us! 

 

Learn about eidas and types of electronic signatures

  • This guide gives a brief introduction to the eIDAS Regulation
  • Discover the types of electronic signature
  • Compare the different types of electronic signatures based on security, user experience, identification, etc.
  • Discover solutions that allow you to sign with legal validity.
  • Learn about biometric signature. Find out the advantages of using biometric signatures.

Learn about eidas and types of electronic signatures