Acuity Market Intelligence has released a new report on the global mobile biometrics market, and is predicting huge growth over the next several years. The firm cites smartphones, tablets, and wearables as the main drivers of growth in this market.
The firm pegs the market at $1.6 billion for last year, and predicts it will grow to a whopping $34.6 billion in 2020, reflecting an annual growth rate of almost 67 percent (CAGR). The impressive figures reflect a slight revision of the firm’s previous estimates, with Acuity feeling more optimistic to the tune of about $1.3 billion. Just as remarkable is Acuity’s prediction, asserted by lead analyst Maxine Most in a press release, that by the end of this forecast period “biometrics will be standard on 100% of the nearly 3 billion consumer smart mobile devices sold each year.” Moreover, over 5.5 billion apps using biometric features will be downloaded in 2020, and there will be over 800 billion transactions authenticated to some degree by biometric technology.
Maxine Most suggests that the “potential for consumer use of mobile biometrics and the associated revenue potential is magnitudes greater than any previous application of biometrics,” and while Acuity has been optimistic about other kinds of biometrics deployments, it’s quite clear that the potential with mobile devices is enormous. And as more smartphones, smartwatches, and other wearables find their way onto the market, we’re going to see much of that potential realized.