The mobile and wearable biometric authentication markets will reach a combined value exceeding $6.2 billion by the year 2022, according to a new report from Goode Intelligence. Entitled Mobile & Wearable Biometric Authentication Market Analysis and Forecasts 2017-2022 (third edition), the report also predicts that more than 3.3 billion users will be reaping the benefits of biometric authentication by the end of the forecast period.
In a report summary, Goode Intelligence founder and report author Alan Goode acknowledged that the field of wearable biometric authentication is “years behind the smart mobile device market”, but asserted that as soon as 2018, or perhaps even this year, consumer-focused wearable biometric authentication devices will hit the market. Goode also said that while password-based authentication is still prevalent, the adoption of 2FA and 2SV by “the largest digital providers” — Google, Facebook, and Instagram are prominent examples — indicates that “the time is right for a new era of convenient user authentication.”
The report also highlights the growing importance of multi-modal authentication and liveness detection in biometric authentication and the rise of biometric modalities like iris and face recognition in a market dominated by fingerprint scanning, among other industry trends. And it offers a who’s who of the markets top vendors, including BioCatch, Fingerprint Cards, Precise Biometrics, Nuance Communications, and many more.