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Acuity Market Intelligence's latest research "The Global Biometrics and Mobility Report: The Convergence of Commerce and Privacy" forecasts that between 2014 and 2020 nearly 12.9 billion mobile biometric apps will be downloaded to smart mobile devices by 2.2 billion mobile biometric users. The mobile biometrics market is projected to generate more than $67.9 billion in total biometric app revenue during the seven-year forecast period.
"Biometrics is at the center of a firestorm of converging market forces driving the digital identity revolution," says Maxine Most, Acuity Market Intelligence Principal and author of the report. "New and complex relationships between identity, mobility, and commerce are redefining global communication and commerce ecosystems and require frictionless, yet highly reliable security."
According to Most, a biometric identity market expert, "As biometrics become standard on smart mobile devices and consumers are increasingly accustomed to relying on biometric security, continually updated, highly secure biometric apps will be downloaded to ensure the highest mobile security standards are maintained."
Mobile biometric apps are downloadable, software applications that enable biometric authentication capabilities on smart devices. They can operate independently or can leverage onboard or embedded biometrics, or other biometric apps that have been previously downloaded. Biometric apps are purchased by the user or provided free of charge by vendors, merchants, or service providers.
Acuity projects that biometric app annual revenue will increase at a CAGR of 148% over the forecast period from less than $100 million in 2014 to more than $21.7 billion in 2020. Acuity reports that more than 5.4 billion biometric smart device apps will be downloaded in 2020, up from 6.5 million in 2014. Acuity also reports that there will be 4.8 billion biometric mobile devices in circulation in 2020, most containing multiple biometric apps from multiple sources.
About Acuity Market Intelligence
Acuity Market Intelligence is an emerging technology strategy and research consultancy with a proven record of accurately anticipating biometric and electronic identity (eID) market trends.