According to a research conducted by Acuity Market Intelligence annual revenues from mobile biometrics embedded in smart mobile devices will spike from $1.6 billion in 2014 to $34.6 billion in 2020.
According to the research, the increase in the mobile biometrics market represents a
CAGR of nearly 67% with total forecast period revenues exceeding $117 billion.
The report segments the mobile biometrics market into three major sectors, including biometric sensors embedded in smart mobile devices; biometric apps offered by biometric vendors, mobile service providers and online identity providers downloaded to smart devices; and biometric authentication for payment and non-payment transactions provided via secure cloud-based services linked to smart device.
Acuity projects that by 2020, biometrics will be a standard feature on 100% of the nearly 3 billion consumer smart mobile devices sold each year. With an installed base of 4.8 billion, more than 89% of all smart devices in use will be biometrically enabled.
Meanwhile, more than 5.5 billion biometric apps will be downloaded annually, and more than 800 billion transactions that require some level of biometric authentication will be processed on mobile devices each year.