The inclusion of biometrics in mobile devices will generate approximately $9 billion worth of revenue by 2018 for the biometrics industry, not just through unlocking mobile devices through security applications, but also through multi-factor authentication services and the approval of instant electronic payments.
Toronto-based Biometrics Research, released Mobile Biometrics Market Analysis which examines the growing drivers for mobile biometric authentication and biometric standardization. This report is sponsored by Cognitec, VoicePIN and AppliedRecognition.
Biometrics Research predicts that worldwide revenues within the mobile biometrics sector will total US$45 billion by 2020 and that 650 million people will be using biometrics on mobile devices by the end of 2015. Biometric smartphones will increase tenfold, from 200 million users in 2015, to two billion users by 2020.
The firm notes that the overall biometric market will continue to expand, with a CAGR of 20.1% until 2020.
Biometrics Research believes that IT consumerization will ultimately act as a catalyst for total industry revenue growth for mobile biometrics. A major contributing factor to mobile biometrics growth will be increasing demand for personal devices that can conduct safe financial transactions, along with accommodating growth of the “bring your own device” trend to the enterprise. These factors will lead to biometric authentication standardization, such as that being offered by FIDO Alliance, on mobile devices.
For data, background and forecasts on Biometrics: Search CardWeb.com’s CardFlash® Library of more than 58,000 archived articles; Access CardWeb.com’s CardData® for current and historical Performance, Portfolios, Profiles, etc. Visit RAM Research® (ramresearch.com) for quarterly and annual forecasts covering more than 150 metrics. [complimentary or deeply discounted access to CardWeb.com subscribers].
Additional database resources include CardWeb.com’s CardExecs® – comings & goings of payments movers & shakers; CardWeb.com’s CardWatch® – ears & eyes on marketing globally (57K items); and CardWeb.com’s CardPixes® – form & function of card design (7K items).