Out of 2.4 billion poor people worldwide[1], about 1.5 billion are not able to prove their identity to formal economies.

“Globalization and population growth increase the pressure to find cost-effective solutions to prove identity. Recent advances in biometrics, from iris scanning to DNA analysis and voice pattern recognition, are likely to play an important technical role in “fixing” this, yet identity is not necessarily something that is fixed.” – Michael Mainelli[2], Executive Chairman, Z/Yen Group

In response to the necessity for new ways to shed light on massive “invisible” population globally, the biometrics market is expected to experience a substantial growth over the coming years[3]. In fact, some estimates suggest that by 2021, the market will reach a value of $30 billion[4] with its primary revenues shifting from the government sector to banking and consumer electronics.

Fingerprint sensors, in particular, are expected to be a major force with shipments forecast to approach 2 billion[5] by 2021, reflecting an overall growth rate of 44%.

“The use of biometrics by government entities is well-established. What’s new in just the past few years is the explosive growth of biometrics outside the governmental realm. Apple’s Touch ID feature (more recently superseded by Face ID) was merely the beginning; now, companies are rolling out biometric solutions for payments, healthcare, communications, and other commercial purposes. When it comes to applying biometrics, the sky’s the limit.” – International Biometrics Identity Association (IBIA)

Biometrics found the most immediate adoption in the financial services industry, with fingerprint logins becoming a commonsense way to access one’s mobile banking account. Taking things a notch

Read more from our friends at Let's Talk Payments: