Biometrics for Financial Services Shifts Into New Growth Phase: On Track to Generate $40 Billion from 2024 to 2028

According to new forecasts from The Prism Project (www.the-prism-project.com), revenues for biometric identity in financial services are projected to grow from $3.7 billion to over $14.8 billion annually at a CAGR of 41.2% from 2024 to 2028. Over the same period, transaction volumes for these biometric applications are expected to rise from 132 billion to more than 644 billion annually at a CAGR of 48.5%.

DENVER, June 4, 2024 /PRNewswire-PRWeb/ -- According to new forecasts from The Prism Project (www.the-prism-project.com), revenues for biometric identity in financial services are projected to grow from $3.7 billion to over $14.8 billion annually at a CAGR of 41.2% from 2024 to 2028. This growth includes biometric identity verifications and authentications for both customer and workforce-facing applications. Over the same period, transaction volumes for these biometric applications are expected to rise from 132 billion to more than 644 billion annually at a CAGR of 48.5%.

"The Prism Project forecasts 1.7 trillion biometric financial service transactions generating $40 billion in revenue between 2024 and 2028," said Maxine Most, CEO and founder of The Prism Project and Acuity Market Intelligence. "These conservative forecasts are based on proprietary bottom-up market sizing models built on independently sourced, quantifiable data."

Launched in January 2024 by Acuity Market Intelligence (www.acuitymi.com), The Prism Project aims to help industry influencers and decision-makers understand, innovate, and implement digital identity technologies and solutions. Acuity Market Intelligence is the leading boutique analyst firm focused on biometric digital identity.

"The Prism is a new paradigm for understanding and evaluating the rapidly emerging global digital identity ecosystem," said Most. "In the age of digital transformation, the only true reliable link between humans and their digital data is biometrics. That's the foundational conviction that this innovative framework is based on."

These forecasts are from the newly published Biometric Digital Identity Financial Services Prism Report. Based on extensive vertical market research, including industry surveys, use cases from leading identity providers, and proprietary market forecasts, the groundbreaking report includes:

• A holistic analysis of the financial services industry framed around common pain points and the biometric solutions that can address them.
  
  
• Original market forecasts from Acuity Market Intelligence outlining the opportunity for biometric digital identity in financial services.
  
  
• A financial services version of the proprietary Biometric Digital Identity Prism.
  
  
• Evaluations of vendors operating at the intersection of biometric digital identity and financial services.
  
  
• Case studies demonstrating real biometric digital identity solutions for the challenges facing financial services players.

Maxine Most, a twenty-year biometrics industry veteran, founded The Prism Project after testing the waters with the Flagship Biometric Digital Identity Prism published in September 2023.

"The response to the Flagship Prism Report was overwhelming. We had clearly found a critical marketplace need, so we committed to expanding the model into vertical markets," said Most. "The Financial Services Prism will be followed later in 2024 with the Travel and Hospitality Prism, the Government Services Prism, and the second annual Flagship Prism in October."

The Financial Services Prism and the original Flagship Prism are available for download at The Prism Project website (www.the-prism-project.com). A preview of the Travel and Hospitality Prism, which includes customer facilitation experiences at airports, hotels, casinos, resorts, sports arenas, and convention centers, is also available.

The Prism Project is committed to collaborative industry development and education?the critical pathways to developing a secure, reliable, privacy-enhancing global digital identity ecosystem. The Prism Project has established three critical partnerships to amplify this message and further this goal:

• Peak IDV (https://www.peakidv.com) - Provides expertise in digital identity marketing and sales enablement. It produces dynamic digital video and livestream content, as well as targeted real-time and virtual events, for the evolving digital identity industry.
  
  
• Identity Week (https://identityweek.net) -A home for secure identity and trust, supported by a weekly newsletter focusing on technology advances, regulation, solution integration, and applications across Travel, Finance, Banking, Government, and the Public Sector in Europe, the U.S., and Asia.
  
  
• FindBiometrics (www.findbiometrics.com) - A longstanding voice in the industry, now a fully independent media brand, pioneering new ways to raise the industry's profile while remaining dedicated to education, advocacy, and community building across the biometric digital identity ecosystem.

The Prism Project reports are free to download thanks to the support of sponsors, including leading innovators in the biometric digital identity market: 1kosmos, Anonybit, Asignio, AuthenticID, AuthID, Authsignal, Aware, BioID, Biometria Aplicada, Entrust, FaceTec, Giesecke + Devrient, IDEMIA, iiDENTIFii, IDentity, IDMission, ID R&D, iProve, Incode, Innovatrics, Keyless, Trustmatic, Paravision, Tech5, Veratad, Veridas, and Wicket.

The Prism Project welcomes additional partners and sponsors. Sponsorships for the Travel and Hospitality, Government Services, and this year's Flagship Prism are available. Visit The Prism Project website (www.the-prism-project.com) for more information.

About The Prism Project

The Prism Project (https://www.the-prism-project.com) was founded to promote the Prism market landscape model, a biometric-centric paradigm for understanding the emerging global digital identity ecosystem. The Prism Project publishes four free-to-download reports annually, designed to help influencers and decision-makers understand, innovate, and implement digital identity technologies and solutions.

About Acuity Market Intelligence:

Acuity Market Intelligence (https://www.acuitymi.com) is a strategy, intelligence, and marketing services consultancy focused on emerging technology. Acuity has a proven record of accurately anticipating biometric and digital identity market trends.

Media Contact

Maxine Most, The Prism Project, 1 303 449 1897, [email protected], www.the-prism-project.com

Maxine Most, Acuity Market Intelligence, 1 3034492897, [email protected], www.acuitymi.com

LinkedIn

SOURCE The Prism Project