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 is an innovative framework based
on the foundational conviction that in the age of digital
transformation, the only true reliable link between humans and
their digital data is biometrics.
"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, info@the-prism-project.com,
www.the-prism-project.com
Maxine Most, Acuity Market Intelligence, 1 3034492897,
info@acuitymi.com, www.acuitymi.com
LinkedIn
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SOURCE The Prism Project