July 24, 2016 -
Acuity Market Intelligence has released new research that finds that the combination of turbulent world events and the proliferation of innovative, disruptive biometric and mobile technology is driving the evolution of digital identity for commerce, payments, the enterprise, and civil applications.
Acuity’s research predicts that there are 750 million biometric smartphones in use today, which represents more than 30% of the total global smartphone base.
The company projects this market to grow to 100% of the 2 billion smartphones shipped annually by 2018 with 100% installed base adoption by 2020.
In addition, Acuity forecasts that more than 800 million biometrically enabled transactions will be completed annually on mobile devices by 2020 to reach nearly $7 billion in annual biometric authentication revenue.
Acuity also predicts that more than 650 million, or 80% of the world’s passports are now ePassports with 826 million or 92% of global passports in circulation incorporating RFID chips and biometrics by 2020.
More than 611 million National eIDs will be issued globally this year — a figure that will eventually increase to 786 million by 2020.
“The proliferation of biometric devices for consumer, enterprise, and civil use, the explosive growth of biometrically enabled transactions, and the global consensus that passwords and tokens have become dangerously obsolete have created an unstoppable force for change,” said Maxine Most, Acuity Market Intelligence principal. “These forces are not only transforming e and m-commerce and on and off-line payments, but enterprise physical and logical access control, home security, border control, the Internet of Things, and civil identity programs as well.”
Most shared these findings and Acuity’s market data in a presentation at Ideco Biometrics’ “The Future of Who I Am” event, held in Cape Town South Africa on July 22.