Goode Intelligence forecasts mobile & wearable biometrics to surpass $6.2B by 2022
Goode Intelligence published a new analyst report forecasting that revenues for mobile & wearable biometric authentication will surpass $6.2 billion in revenues by 2022.
In “Mobile & Wearable Biometric Authentication Market Analysis and Forecasts 2017-2022 (third edition)”, Goode Intelligence also predicts that by 2022 over 3.3 billion users will be benefiting from biometric authentication.
Over the six years since Goode Intelligence has covered the market, it has grown significantly year-on-year with mobile biometric authentication becoming a regular security feature in several applications.
“The market is still evolving with a number of different models that developers and service providers can adopt to provide convenient friction-free user authentication,” Alan Goode, author of the report and founder of Goode Intelligence said. “It is part of the wider ‘password replacement’ movement that includes other two-factor (2FA) and multi-factor authentication technologies.
“Password and knowledge-based user authentication mechanisms still dominate but with many of the largest digital providers moving to offer 2FA and two-step verification (2SV) services the time is right for a new era of convenient user authentication. SMS-based 2SV dominates the consumer 2FA market but there are signs with rising adoption levels that the additional cost of terminating SMS application to person (A2P) 2FA messages and the friction it adds to the authentication experience is creating opportunity for mobile biometric authentication solutions; especially with the rise and variety of device-based biometric authentication services.”
Based on discussions with industry stakeholders, Goode says that wearable device biometric authentication technology is some “years behind the smart mobile device market”.
However, Goode believes that biometric identity and authentication technology will eventually appear on commercially available consumer wearable devices “as early as late 2017 or during 2018”.
In addition to covering the latest developments in the sector, the report also focuses on recent industry trends including the emergence of multimodal biometric authentication, the importance of liveness and anti-spoof technologies and how this is being integrated, the impact of new smart mobile device design on hardware biometric sensor design and integration, current M&A activity, and the average selling price (ASP) for the fingerprint sensor market.
In addition, the report analyzes the adoption of both biometric hardware (biometric sensors and camera components) and biometric software applications including hardware (fingerprint sensor, heart (ECG) and iris recognition) and software (behavioral, eye vein, face, sensorless fingerprint and voice).
The report covers all major biometric technologies with a review of the active vendors offering these biometric solutions and the companies that are incorporating them into their authentication platforms.
The industry’s top players include Daon, Encap Security, HYPR, Nok Nok Labs, RSA, VASCO, Veridium, BehavioSec, Biometric Signature ID, BioCatch, Delta ID, EyeLock, FotoNation, SRI International/Princeton Identity, EyeVerify, Applied Recognition, KeyLemon, Fingerprint Cards, Goodix, IDEX, Precise Biometrics, Qualcomm, Silead, Sonavation,, Synaptics, Vkansee, Diamond Fortress, IDair, Veridium, Nymi, B-Secur, Nuance Communications, VoiceVault and VoiceTrust.