Quest to Revolutionize Guest Journey Drives $72 Billion Revenue for Biometric Digital Identity in Travel and Hospitality
Saturday, January 4, 2025
The Prism Project's research evaluating 130+ market players signals a paradigm shift in how identity verification, payments, and access are managed from Couch-to-Destination.
DENVER, Jan. 1, 2025 /PRNewswire-PRWeb/ -- The Prism Project's Biometric Digital Identity Travel and Hospitality Prism Report, published by Acuity Market Intelligence, presents proprietary market analysis, including evaluations of more than 130 vendors and organizations operating in and supporting the global digital identity ecosystem, and market forecasts projecting $72 billion in global revenue from 2024 through 2028. A 92% revenue CAGR propelled by 263 billion biometric-enabled transactions reflects a travel and hospitality industry on the brink of a guest journey revolution. A revolution driven by a vision of travel and hospitality that puts human identity at the center as biometrics redefine how we travel, stay, and play.
Designed to illuminate the rapidly evolving landscape of biometric digital identity in travel and hospitality, this report is a valuable resource for industry stakeholders and technology innovators. It empowers influencers and decision-makers to understand, evaluate, and implement biometric digital identity technologies. The report delivers actionable insights into how biometrics can be leveraged to address critical challenges in travel and hospitality, from fraud prevention and automation to enhancing guest experiences and meeting regulatory requirements.
Transformative Impact of Biometrics
"While air travel continues to maintain sector dominance, biometric digital identity is on course to revolutionize the travel and hospitality industry far beyond the airport," said Maxine Most, founder of The Prism Project and Acuity Market Intelligence and report author. "The explosive market growth reflects how biometrics are transforming the entire guest journey, uniting historically siloed touchpoints across booking, transit, accommodations, and entertainment while improving security and combating fraud."
The report assesses six key travel and hospitality sectors and evaluates five key regions.
Sector highlights:
-- Air Travel: Largest segment with 47% revenue market share.
-- Hotels and Resorts: Significant contribution with 33% revenue market
share.
-- Casinos, Sports Venues, Theme Parks, and Conference Venues: The
remaining 20% of the market.
Regional highlights:
-- APAC dominates with 29% of total revenue.
-- Europe and North America each contribute 26% of total revenue.
-- Emerging Regions LATAM and MEA have strong growth potential with a
combined 19% revenue share.
Introducing the Couch-to-Destination Journey
The report introduces the Couch-to-Destination Journey framework. This framework illustrates how biometric solutions anchor a guest's identity at the beginning of their journey, allowing every subsequent transaction to balance security, privacy, and user convenience while carrying forward the assurance that they are who they claim to be.
"The Couch-to-Destination Journey is envisioned as an uninterrupted corridor, threading together four historically distinct ecosystems--departure, arrival, local transport, and destination--via their common element: a guest empowered by biometric digital identity," Most said. "The ideal couch-to-destination guest journey is not a complex web that a user must navigate as the cost of traveling or doing business; it's a seamlessly integrated straight line maintained by the trust, security, and privacy of biometrics at the core."
What's Inside The Travel and Hospitality Prism Report
-- Holistic Insights: Travel and hospitality industry analysis framed
around common challenges and biometric solutions.
-- Market Forecasts: Original research predicting an impressive 92% CAGR
with total market revenue reaching $72 billion by 2028.
-- Prism Market Landscape Model: Travel and hospitality-specific version of
the proprietary Biometric Digital Identity Prism market framework.
-- Vendor Evaluations: Proprietary assessment methodology applied to more
than 130 vendors and organizations operating in and supporting the
global travel and hospitality digital identity ecosystem.
-- Real-World Use Cases: Deployed solutions showcasing how biometric
digital identity vendors are delivering enhanced guest experiences,
improving efficiency, and increasing security at critical touchpoints.
Part of the 2024 Prism Reports Series
The Travel and Hospitality Prism Report is one of four Biometric Digital Identity Prism reports released by The Prism Project in 2024, alongside the Financial Services Prism Report, the Government Services Report, and the Flagship Prism Report.
Each report builds on the Biometric Digital Identity Prism, a proprietary market landscape framework that helps influencers and decision-makers understand, evaluate, and implement digital identity technologies and solutions. The Prism is the only truly biometric-centric market model for understanding and evaluating the global digital identity ecosystem. It is 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.
Together, these reports provide in-depth analyses of biometric digital identity's transformative potential across critical industries, addressing unique challenges and opportunities in each domain.
All reports are available for download after a brief registration at www.the-prism-project.com/reports.
The Role of Collaboration in a Transformative Era
The success of the Travel and Hospitality Prism Report is rooted in the collective commitment and forward-thinking contributions of its sponsors and partners, a who's who of the global digital identity intelligentsia. These include:
Anonybit, AuthenticID, Aware, IDEMIA, Identity Week, ID Tech, iiDENTIFii, Incode, Innovatrics, Indicio, Inverid, iProov, Peak IDV, SITA, and Wicket.
These industry leaders are helping enterprises worldwide adopt consumer-centric biometric solutions that enhance the guest journey by streamlining access while fostering trust. Their dedication to innovation and service excellence aligns with The Prism Project's vision for a secure, inclusive future where identity solutions empower businesses and consumers alike.
A Platform of Independence and Integrity
While sponsorship provides organizations with increased visibility and opportunities for profiles and case studies, The Prism Project maintains strict independence and unbiased assessments. Sponsorship does not influence vendor evaluations or rankings within the report, ensuring readers receive transparent and objective insights.
About The Prism Project - The Prism Project (www.the-prism-project.com) is at the forefront of biometric and digital identity research and education. Created by Acuity Market Intelligence, it bridges the gap between the identity technology intelligentsia and organizations seeking innovative solutions for digital transformation. Through industry collaboration and comprehensive research, The Prism Project empowers influencers and decision-makers to forge a secure, human-centric digital identity future.
About Acuity Market Intelligence - Acuity Market Intelligence (www.acuitymi.com) is a trusted research and strategic advisory firm specializing in biometrics, identity, and digital transformation. Known for actionable insights and proprietary market forecasts, Acuity helps organizations navigate the rapidly evolving digital identity landscape with confidence and clarity.
For further information, interviews, sponsor inquiries, or to download Prism reports, visit www.the-prism-project.com or contact info@the-prism-project.com.
Media Contact
Maxine Most, The Prism Project, 1 3034491897, info@the-prism-Project.com, www.the-prism-project.com
LinkedIn
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SOURCE The Prism Project
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