Acuity expects cloud-based biometric solutions to authenticate more than one trillion transactions annually by 2022
Cloud-based biometric solutions are expected to drive the mobile biometric market to $50.6 billion in annual revenue by 2022, according to Acuity Market Intelligence.
Acuity predicts that more than 5.5 billion biometrically enabled mobile devices will create a global platform that would support one trillion cloud-based biometric transactions yearly by 2022.
Maxine Most, Acuity's Principal and lead analyst, said: "Biometric have become a mainstream convenience for unlocking smartphones and verifying on-device transactions. But the market is evolving towards a hierarchy of integrated biometric authentication methods that range from simple device-based verification to third-party biometric Cloud, or server-side, solutions. These solutions will replace traditional digital identity schemes and provide more secure and reliable identity assurance on a global scale.”
As per Acuity, the annual biometric transaction revenue is expected to grow from $474 million in 2017 to $18 billion in 2022, thus exceeding a 100% CAGR. Biometric app revenue is expected to increase at 26% during this period as revenue increases from $9.4 billion to $29 billion yearly. Acuity predicts mobile biometric transaction volume to reach 1.4 trillion yearly in 2022 – more than 70% cloud based – as biometric app downloads exceed 16.7 billion that year.
Most said: "Pushing biometrics to 'the edge' of the mobile ecosystem with device-based authentication improves the mobile experience, but with limitations. The big payoff comes from Cloud, or server-side biometrics, that simplify authentication and reduce friction while linking an individual to a device and platform independent Unique Verifiable Identity (UVI)."
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