Biometrics Research Group, Inc releases report on mobile biometrics market
This week Biometrics Research Group, Inc. released a Special Report that examines the growing drivers for mobile biometrics authentication and standardization. The firm’s Special Reports are sponsored by leading firms within the biometrics sector.
Biometrics Research Group, Inc. is headquartered in Toronto with a team of writers, researchers, editors, producers and research analysts delivering independent coverage about the global biometrics industry six days a week.
The firm publishes BiometricUpdate.com, the leading online news property that publishes breaking stories, analysis, and research about the global biometrics market.
As a service, the news site also publishes Special Reports that provide analysis and competitive industry intelligence for the global biometrics industry including market size, multiple industry segments, venture capital and other business opportunities, along with in-depth profiles on the best emerging companies and solutions.
According to the firm’s new Special Report, the inclusion of biometrics in mobile devices will generate approximately US$9 billion worth of revenue by 2018 for the biometrics industry, not just through unlocking mobile devices through security applications, but also through multi-factor authentication services and the approval of instant electronic payments.
Biometrics Research Group, Inc. also predicts that worldwide revenues within the mobile biometrics sector will total US$45 billion by 2020 and that 650 million people will be using biometrics on mobile devices by the end of 2015. Biometric smartphones will increase tenfold, from 200 million users in 2015, to two billion users by 2020. The firm notes that the overall biometric market will continue to expand, with a CAGR of 20.1 percent until 2020.
Biometrics Research Group, Inc. believes that IT consumerization will ultimately act as a catalyst for total industry revenue growth for mobile biometrics. A major contributing factor to mobile biometrics growth will be increasing demand for personal devices that can conduct safe financial transactions, along with accommodating growth of the “bring your own device” trend to the enterprise. These factors will lead to biometric authentication standardization, such as that being offered by FIDO Alliance, on mobile devices.
The report concludes that the move by more smartphone manufacturers to embed biometric capabilities into their devices alongside interoperable authentication standards such as FIDO will contribute to the rapid and widespread adoption of mobile biometrics authentication technologies.
Mobile biometric modalities will propagate due to increased smartphone sales and will mainly be used to protect mobile commerce and banking transactions. Industry surveys have found that about one-third of U.S. consumers view biometrics as an effective security feature. Enterprises will leverage both consumer confidence and the rapid adoption of embedded mobile biometrics to protect computing resources as “bring your own device” (BYOD) corporate policies become more prevalent.
Read the Mobile Biometrics Market Analysis report online now or download it for later.