Acuity: Cloud biometric solutions will authenticate over 1tn transactions annually by 2022

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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)."

Are you surprised at this rate of growth? Share your thoughts in the comments. in hearing industry leaders discuss subjects like this and sharing their experiences and use-cases? Attend the Cyber Security & Cloud Expo World Series with upcoming events in Silicon Valley, London and Amsterdam to learn more.

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