Acuity forecasts one trillion cloud-based biometric transactions by 2022
More than one trillion transactions will be authenticated with biometrics in the cloud by 2022, supported by 5.5 billion biometrically-enabled mobile devices, according to forecasts released Monday by Acuity Market Intelligence in “The Global Biometrics and Mobility Report.”
Annual revenues from biometric transactions will grow from $474 million in 2017 to $18 billion in 2022, a CAGR over 100 percent, Acuity forecasts. Biometric app revenue will grow by 26 percent annually, from $9.4 billion to 29 billion during the period, and biometric app downloads will exceed 16.7 billion in 2022.
“Biometric have become a mainstream convenience for unlocking smartphones and verifying on-device transactions,” according to Maxine Most, Acuity’s Principal and lead analyst. “But the market is evolving towards a hierarchy of integrated biometric authentication methods that range from simple device-based verification to third-party biometric Cloud, or server-side, solutions. These solutions will replace traditional digital identity schemes and provide more secure and reliable identity assurance on a global scale.”
There will be 1.4 trillion mobile biometric transactions annually by 2022, with over 70 percent of them cloud-based, according to the report.
“Pushing biometrics to ‘the edge’ of the mobile ecosystem with device-based authentication improves the mobile experience, but with limitations,” says Most. “The big payoff comes from Cloud, or server-side biometrics, that simplify authentication and reduce friction while linking an individual to a device and platform independent Unique Verifiable Identity (UVI).”
Acuity previously predicted that the mobile biometrics market will grow by nearly 41 percent CAGR through 2022 to over $50 billion.