January 28, 2015 -
Acuity Market Intelligence has released new research that reveals biometrics in mobile payments, banking, and many other mobile services and applications are positioned to drive the globalization of mCommerce, with global mobile biometric market revenues reaching $33.3 billion annually by 2020.
The report, entitled “The Global Biometrics and Mobility Report: The Convergence of Commerce and Privacy”, projects that the mobile biometric marketplace will grow become more complex, broadly based, and larger than previous forecasts indicate.
In the report, Acuity divides the mobile biometrics into three major sectors, including biometric sensors embedded in smart mobile devices; biometric apps offered directly by biometric vendors, or downloaded to smart devices via mobile service providers; and biometric authentication for payment and non-payment transactions provided via secure cloud-based services linked to biometric apps on smart devices.
The projected $33.3 billion in annual global revenues includes 4.76 billion biometrically enabled smart mobile devices generating $6 billion in biometric sensor revenue, says the report.
Additionally, Acuity projects that 4 billion biometric app downloads will generate $20 billion in annual revenues from direct purchase and software development fees.
Finally, the report forecasts there will be 825 billion biometrically secured payment and non-payment transactions by 2020 generating $6.8 billion in authentication fees.
“Biometrics are a natural fit for the smart mobile devices we literally hold onto nearly every waking hour,” said Maxine Most, Acuity Market Intelligence principal and leading independent biometric market analyst. “The explosion in the use of smart devices over the past five years, along with anticipated growth over the next five — especially in developing economies where sub $100 smart phones have begun to alter the mobile landscape — will bring biometrics into the daily lives of half the global population. By 2020, 100% of smart mobile devices will include embedded biometric sensors as a standard feature.”