Mobile biometrics market to grow to $34.6B by 2020: Acuity Market Intelligence report
Acuity Market Intelligence published “The Global Biometrics and Mobility Report: The Convergence of Commerce and Privacy Market Analysis and Forecasts 2014 to 2020“, in which it revised forecasts for the mobile biometrics market.
The report found that annual revenues from biometrics embedded in smart mobile devices, biometric app downloads, and biometric authentication of transactions will spike from $1.6 billion in 2014 to $34.6 billion in 2020.
This significant increase in the mobile biometrics market represents a CAGR of nearly 67% with total forecast period revenues exceeding $117 billion.
“Today’s mobile biometrics are primarily a convenience factor providing an easy pin alternative for device, application, and account access, as well as mobile payment authorization,” said Maxine Most, Acuity Market Intelligence principal and lead analyst. “By 2017, hardened biometric security on mobile devices will begin in earnest and we will see a genuine transformation in identity and commerce and the true end of ‘the password as we know it.
“The potential for consumer use of mobile biometrics and the associated revenue potential is magnitudes greater than any previous application of biometrics. This massive, globally available platform will provide an unprecedented opportunity for sustained sensor, software and app based revenue as well as enormous potential for biometric authentication services for high-risk and high-value transactions.”
The report segments the mobile biometrics market into three major sectors, including biometric sensors embedded in smart mobile devices; biometric apps offered by biometric vendors, mobile service providers and online identity providers downloaded to smart devices; and biometric authentication for payment and non-payment transactions provided via secure cloud-based services linked to smart device.
Acuity projects that by 2020, biometrics will be a standard feature on 100% of the nearly 3 billion consumer smart mobile devices sold each year, said the report.
With an installed base of 4.8 billion, more than 89% of all smart devices in use will be biometrically enabled, said the report.
Meanwhile, more than 5.5 billion biometric apps will be downloaded annually, and more than 800 billion transactions that require some level of biometric authentication will be processed on mobile devices each year, according to the report.