FB pixel

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.

Article Topics

 |   |   |   |   | 

Latest Biometrics News

 

Tech5 to provide decentralized DPI for Honduras

Having acquired patent protection for its decentralized system for digital identity issuance and verification, Swiss biometrics provider Tech5 has scored…

 

Xperix to reveal ultra-compact FAP 60 biometric scanner at ID4Africa 2025

Xperix is expanding its portfolio of fingerprint biometric scanners with the introduction of a new optical FAP 60 scanner the…

 

Sri Lanka to call tenders for MOSIP implementation

Tenders for implementation of MOSIP (Modular Open-Source Identity Platform), an open-source software system that will be used to create and…

 

Decentralized identity needs its iPod moment, identity veteran says

The message came from Charles Walton, principal at Agosti Group and former SVP of Identity at Avast and Mastercard. He,…

 

Thales driving digital inclusion, behind one in every three smart civil IDs

Thales is marking its dominant presence in digital identification with the company behind one in three civil IDs delivered each…

 

Clearview betting on political ties to grow federal contracts

When Hal Lambert, a Republican political financier with longstanding ties to conservative circles, was announced as co-CEO of Clearview AI…

Comments

Leave a Reply

This site uses Akismet to reduce spam. Learn how your comment data is processed.

Market Analysis

Most Viewed This Week

Featured Company

Biometrics Insight, Opinion

Digital ID In-Depth

Biometrics White Papers

Biometrics Events