44 Surprising Facts About Biometrics - That Will Change Your Mind

44 Surprising Facts About Biometrics - That Will Change Your Mind

• biometrics technologies’ revenue in 2022 was $43B.
• 245M Americans use biometric technology on their smartphones.
• the global biometric system market is forecast to reach $83B by 2027.
• over 80% of Americans are concerned their biometric information will be misused.
• 81% of consumers see biometrics as a more secure method of identity verification.
• 59% of respondents reuse passwords across sites, while 13% use the same one for everything.
• fingerprint scanning is the most prominent biometric technology, with 70% of Americans using it.
• 70% of people surveyed by iProov use or would like to use face authentication for mobile banking.
• the most widespread use of biometrics is unlocking a device, with 42% of Americans pointing to it.
• the public sector is the biggest end-user of biometric technologies, with ~32% of the market share.
• voice recognition is expected to grow the most among biometric technologies, from $10B to $27B in 2027 (+63%).
• 32% of global consumers have forgotten a password in the last 24 hours (iProov research from upcoming report).
• The number of unique digital wallet users will exceed 4.4 billion globally in 2025, rising from 2.6 billion in 2020.
• Over 50% of users have abandoned online purchases because they forget their password and retrieving it took too long.
• The number of contactless mobile transactions secured by biometrics will increase by over 520% between 2020 and 2025.
• only 30% of experts in the Americas think today’s level of government regulations related to biometrics is strict enough.
• Two-thirds of people have used biometrics and view them as easier and faster to use than traditional passwords according to Visa.
• Continuous miniaturization and integration of biometric sensors into everyday devices like wearables and smartphones are expected.
• 80% of consumers are more likely to engage with an organization online if they have robust identity verification measures in place.
• Biometric systems can be biased based on factors like race, gender, and age. Continuous improvement and unbiased training data are crucial.
• More than half of credit cardholders (53%) say they would switch banks if their current bank doesn’t offer biometric authentication options.
• 72% of consumers globally would rather use face biometrics than passwords for secure online processes (iProov research from upcoming report).
• The global biometric market is projected to reach $70 billion by 2027, driven by increasing security concerns and advancements in technology.
• Biometrics offers a convenient and often more accurate way of identification compared to traditional methods like passwords or physical tokens.
• facial recognition systems are prone to demographic biases. False match rates are between 10 and 100 higher with Black people than with Whites. 
• 38% of people are already using their face to access their mobile banking app. An additional 32% of people would use face biometrics if they could.
• Biometrics isn't just for humans! Zoos and wildlife organizations use facial recognition to identify individual animals and track endangered species.
• 671 million people were already making payments with facial biometrics in 2020, and Juniper estimates a growth of this number up to 1.4 billion by 2025.
• Storing and verifying biometric data raises privacy concerns. Data breaches and potential misuse by governments or corporations are significant worries.
• The use of biometrics for identification dates back to ancient civilizations. Fingerprints were used in trade and contracts in ancient Babylon and China.
• India's Aadhaar program collects fingerprints, iris scans, and facial photos of over 1 billion citizens, making it the world's largest biometric database.
• The widespread use of biometrics raises ethical questions about individual freedom and surveillance. Striking a balance between security and privacy is essential.
• Forrester has spoken with several large US-based organizations in different verticals that allocate over $1 million annually just for password-related support costs.
• Biometrics can be used to verify in-person and remote payments, but Juniper Research anticipates that over 60% of biometrically-verified payments will be made remotely by 2024.
• 75% of 18-24-year-olds have used someone else’s password to gain access to a service or device. 10% have done so without permission. Overall, 50% of people have use others’ passwords.
• Biometric authentication will be used to secure $2.5 trillion worth of mobile payment transactions by 2024. That’s an increase of almost 1,000% on the $228 billion transacted in 2019!
• Frost & Sullivan’s latest industry report predicts that due to the rising demand for automated authentication and identification, the biometrics market will reach $54.97 billion in revenue by 2025.
• Over the past few decades, biometrics technology has evolved rapidly. Fingerprint scanners transitioned from analog to digital, and facial recognition gained accuracy with machine learning algorithms.
• Fingerprint and facial recognition are popular, but biometrics encompasses more. Iris scans, vein recognition, voice analysis, and even gait recognition are emerging technologies with unique applications.
• Biometrics goes beyond securing devices and borders. It's used in various fields like healthcare for patient identification, immigration for border control, and even retail for personalized shopping experiences.

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