Boosted by the growing availability of fingerprint sensors on smartphones and other new verification methods like Mastercard’s pay-by-selfie, mobile biometrics will authenticate more than 1 trillion transactions annually by 2022. A new report from Acuity Market Intelligence also pegs the value of mobile transactions at $50.6 billion in the same year.
- In 2022, more than 5.5 billion biometrically-enabled mobile devices will be in use, creating a global installed user-base.
- Annual biometric transaction revenue will increase from $474 million in 2017 to $18 billion in 2022.
- Biometric app revenue will grow 26%, increasing from $9.4 billion to $29 billion annually.
- Mobile biometric transaction volume is expected to reach 1.4 trillion annually by 2022, with more than 70% based in the cloud, as biometric app downloads exceed 16.7 by 2022.
Biometrics 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.
Maxine Most, principal and lead analyst Acuity