Mobile Biometric Market Forecast to Exceed $50.6 Billion in Annual Revenue in 2022
Acuity Market Intelligence released our updated forecasts for the mobile biometrics market. The potential for consumer use of mobile biometrics dwarfs any previous application of biometrics.
Annual revenue from biometrics embedded in mobile devices, biometric app downloads, and biometric transactions authentication are projected to grow from $6.5 billion in 2016 to $50.6 billion in 2022 reflecting a CAGR of nearly 41% with total forecast period revenues exceeding $193 billion.
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.
By 2020, biometrics will be standard on 100% of the nearly 2.4 billion mobile devices sold each year.
By 2022, 98% of all mobile devices will be biometrically enabled generating 16.7 billion biometric app downloads and 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.
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.
For detailed forecasts and analysis of the mobile biometric market, preview and purchase “The Global Biometrics and Mobility Report” at www.acuity-mi.com/GBMR_Report.php