The latest research report from Acuity Market Intelligence concerning biometric software is predicting massive growth for strong authentication on smart mobile devices. Titled “The Global Biometrics and Mobility Report: The Convergence of Commerce and Privacy,” the report details a very high rate of mobile biometric adoption between 2014 and 2020, forecasting that those years will see 12.9 billion mobile biometric apps downloaded by 2.2 billion users.
Maxine Most, Acuity principal and author of the report, asserts that biometric technology is at the center of what she calls, “a firestorm of converging market forces driving the digital identity revolution.”
“New and complex relationships between identity, mobility, and commerce are redefining global communication and commerce ecosystems and require frictionless, yet highly reliable security,” says Most.
She continues: “As biometrics become standard on smart mobile devices and consumers are increasingly accustomed to relying on biometric security, continually updated, highly secure biometric apps will be downloaded to ensure the highest mobile security standards are maintained.”
Delving further into Acuity’s stats for the forecast period, revenues generated by biometric apps will grow at a CAGR of 148 percent. In 2014 the firm pegs the market at $100 million, but by 2020 the annual revenue generates is expected to hit upwards of $21.7 billion.
The forecast uptick in biometric app generated revenue is gigantic, but those familiar with the current biometric software landscape should not find themselves too surprised by these numbers. Biometric software for mobile devices is becoming absolutely prolific, as smartphones and wearables all hold the potential to have their cameras and microphones leveraged for convenient and strong authentication that is in such high demand.
Acuity is a veteran in this field too, having predicted the mobile biometric revolution before Apple’s initial steps in what would eventually lead to the groundbreaking Touch ID iPhone fingerprint sensor that enables Apple Pay and other consumer innovations.
July 20, 2015 – by Peter B. Counter