Research group Acuity Market Intelligence has estimated that the revenues generated by biometric mobile payments will reach $33.3 billion by 2020.The mobile biometric marketplace is more complex, broadly based, and growing faster than previous forecasts indicated, said the firm in a statement, adding “Mobility is the driving force that will unleash the long awaited biometric revolution”.The group said the $33.3 billion estimate includes 4.76 billion biometrically enabled smart mobile devices generating $6 billion in biometric sensor revenue and 4 billion biometric app downloads generating $20 billion in annual revenues from direct purchase and software development fees. There will also be 825 billion biometrically secured payment and non-payment transactions by 2020, generating $6.8 billion in authentication fees.”Biometrics are a natural fit for the smart mobile devices we literally hold onto nearly every waking hour”, said Maxine Most, principal at Acuity Market Intelligence. “By 2020, 100% of smart mobile devices will include embedded biometric sensors as a standard feature.””Biometric apps for mobile devises don't really gain market traction until 2017, but once they do, they take off and dominate segment revenue share”, wrote the firm.In a Market Research Brief, Acuity predicts that the number of mobile biometric devices in the market will grow at a compound annual growth rate of 76% towards 2020. Meanwhile, the mobile biometric transaction volume will rise at a CAGR of 177%.
Recent Video
- New non-profit trade association of HAND will standardise global talent ID
- No cards, no phones: J.P. Morgan’s biometric revolution in payments
- Anthony Vidiano on building the future of access management
- Charisma Check wins 2025 Start-Up Pitching Competition, advancing identity verification and background checks for dating app users
- How to protect one billion Amazon customers: Lessons from continuous risk assessments
