Biometrics Research Group projects $10 billion in mobile biometrics revenue in 2018
Biometrics Research Group, Inc., publisher of BiometricUpdate.com, yesterday released an updated Special Report that provides an overview and synopsis on mobile biometric applications.
Mobile biometric applications operate on mobile devices such as smartphones and tablets, with “apps” utilizing embedded software and sensors to make secure use of those devices and apps more convenient. They do so by enabling the owner of a device to use their biometrics to authenticate their identity as an enhancement or alternative to passwords. The report defines the mobile biometrics market and the forces contributing to its exponential, global growth.
Biometric Update Special Reports typically provide analysis and competitive industry intelligence for the global biometrics industry, by examining market size, multiple industry segments, venture capital and other business opportunities, along with providing in-depth profiles on the best emerging companies and solutions.
The research vendor’s Special Reports are sponsored by leading firms within the biometrics sector and this specific report was sponsored by Aware, Inc.
According to this new BiometricUpdate.com Special Report, Biometrics Research Group, Inc. projects that revenue associated with mobile biometrics will total US$10 billion based on 3.2 billion users. This projection has increased from our last research report on mobile biometrics released in 2016, in which we projected that biometrics in mobile devices will generate approximately US$9 billion worth of revenue by 2018 for the biometrics industry.
The firm expects mobile biometrics to continue to experience exponential growth due to increased consumer demand for convenient security, particularly where secure use of mobile devices is especially critical, such as for mobile banking and commerce. The research vendor projects that by 2020, 700 million users will make US$750 billion in annual transactions with mobile devices, driven by the improved customer experience and security provided by biometrics.
Biometrics Research Group continues to believe that mobile biometrics will transition between 2015 to 2020 from a consumer adoption phase to full maturity, enabling the technology to overtake existing authentication technologies. By 2020, we also estimate that biometrics will be ubiquitous globally, installed in 100 percent of mobile devices.
A driving force for the wide implementation of mobile biometrics will be the continued rapid expansion of smartphone users. Biometrics Research Group, Inc. estimates that smartphone manufacturer shipments in the U.S. were 79 million in 2011, rising to 155 million units in 2014, and will grow to 175 million units by 2018. The firm expects this trend to be mimicked globally.
The report also finds that the adoption of standards such as FIDO will further drive competition, innovation, and ultimately adoption of new biometric authentication methods. The report on mobile biometric applications also includes a white paper provided by Aware, Inc. that details how authentication standards will change security and mobile payments, and explores deterrence of fraud with mobile authentication, spoof detection for mobile facial biometrics, and the different benefits and types of implementations of mobile biometric authentication.
A number of product and service leaders are also identified in the report, including: Aware, Inc., EyeVerify, Veridium, Apple, BioEnable, Fingerprint Cards, Google, Nuance, Precise Biometrics, Safran Identity & Security, ValidSoft, and VoiceVault.