Mobile biometrics market to exceed $50.6B in revenue in 2022
Acuity Market Intelligence released a new research report which forecasts annual revenue from the mobile biometrics market will grow at nearly 41 percent CAGR from $6.5 billion in 2016 to $50.6 billion in 2022.
The market — which is comprised of biometrics embedded in mobile devices, biometric app downloads, and biometric transactions authentication — will amount to revenues exceeding $193 billion for the total forecast period.
“The potential for consumer use of mobile biometrics dwarfs any previous application of biometrics,” said Maxine Most, Acuity principal and lead analyst. “More than 1.9 billion biometrically enabled mobile devices will be in circulation by the end of 2017. This will grow to an unprecedented 5.5 billion devices by 2022 as this massive, globally available platform remains the driving force behind worldwide biometric adoption.”
Acuity analysts project that by 2020, biometrics will be standard on 100 percent of the nearly 2.4 billion mobile devices sold each year.
By that same year, 98 percent of all mobile devices will be biometrically enabled generating 16.7 billion biometric app downloads.
In addition, there will be more than 1.37 trillion payment and non-payment mobile devices transactions that require some level of biometric authentication.
“As the Equifax debacle and fallout goes viral on social media, and Apple once again redefines the biometrics landscape with the introduction of 3D FaceID on the iPhone, the casualties of inadequate digital security mount and drive demand for better identity solutions,” Most said. “Mobile biometrics are just beginning to address the digital identity challenge. To date, biometrics have been widely adopted as a convenient PIN alternative for unlocking smartphones. By 2018, the introduction of hardened mobile biometric security and the emergence of biometrics identity service providers (BISPs) will shift market focus from on-device authentication to Cloud-based, server-side solutions that will begin to replace traditional digital identity schemes altogether.”
Acuity released a research report earlier this year, titled “The Global National eID Industry Report: 2017 Edition“, which forecasted that the global market for national electronic ID (eID) programs will exceed $54 billion in revenues between 2016 to 2021.