Acuity Market Intelligence today released revised forecasts for the mobile biometrics market. Annual revenues from biometrics embedded in smart mobile devices, biometric app downloads, and biometric authentication of transactions will grow from $1.6 billion in 2014 to $34.6 billion in 2020 representing a CAGR of nearly 67% with total forecast period revenues exceeding $117 billion.
According to Maxine Most, Acuity Market Intelligence Principal and lead analyst, "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. 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," says Most, a biometric identity expert with more than a dozen years of intensive focus on this now burgeoning marketplace. "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."
"Acuity projects that by 2020, biometrics will be standard on 100% of the nearly 3 billion consumer smart mobile devices sold each year. With an installed base of 4.8 billion, more than 89% of all smart mobile devices in use will be biometrically enabled. In addition, 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," Most says.