Acuity Market Intelligence forecasts that by 2022 more than 5.5 billion biometrically-enabled mobile devices will create a global platform that supports one trillion Cloud-based biometric transactions annually. Acuity expects Cloud-based biometric solutions to drive the mobile biometric market to $50.6 billion in annual revenue by 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.”
Acuity projects annual biometric transaction revenue will increase from $474 million in 2017 to $18 billion in 2022 exceeding a 100% CAGR. Biometric app revenue will grow at 26% during this period as revenue increases from $9.4 billion to $29 billion annually. Mobile biometric transaction volume is forecast to reach 1.4 trillion annually in 2022 – more than 70% cloud based – as biometric app downloads exceed 16.7 billion that year.
“Pushing biometrics to ‘the edge’ of the mobile ecosystem with device-based authentication improves the mobile experience, but with limitations,” says Most, a biometric identity expert with nearly twenty years of intensive focus on this now burgeoning marketplace. “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’s Maxine Most shares insight into the evolving Cloud biometrics marketplace during the “Digital Identity in the Era of Cloud Biometrics” webinar presented by findBIOMETRICS on Wed, Dec 6, at 11 ET.
Acuity makes the case for Cloud biometrics in “Taming the Authentication Beast: Simplifying and Enhancing the Customer Journey with Biometrics in the Cloud.” Download the whitepaper at www.acuity-mi.com/CloudFS.php.
Source – PR Newswire