Market research firm Research and Markets has issued a new report on the future of mobile biometrics, and says that the industry has “reached a tipping point”. The researchers predict that the market will grow from $249 million this year to $3.5 billion in 2024, with cumulative revenue reaching $17.5 billion over that period.
The report points to Apple and its iPhone devices as major drivers of the biometrics revolution, and rightly so. With the implementation of the TouchID fingerprint scanning system in the latest Apple mobile devices the company paved the way for consumer adoption of the technology for authentication purposes, and for the rise of mobile commerce and payments. The Research and Markets report points out that Apple’s technological efforts have consistently been matched by its Android competitors, which has further spurred the evolution of the mobile biometrics market and helped to make biometric technology widespread on newer smartphones.
The report also points to finance and government as the two main sectors in the market. Online banking and banking via mobile apps is helping to push banks to implement biometric security, as we’ve seen in apps like the USAA mobile app and in the efforts of large institutions like the Royal Bank of Scotland to adopt TouchID security. Additionally, in the government sector there is a wide range of mobile biometric deployments, from the use of mobile fingerprint scanners by law enforcement officials to monetary transactions with citizens.