The report also states that in 2022, more than 5.5 billion biometrically-enabled mobile devices will be in use, creating a global platform for these payments. Annual biometric transaction revenue will increase from USD 474 million in 2017 to USD 18 billion in 2022, exceeding a 100% cost annual growth rate, the report projected.
Biometric app revenue will grow 26% during this period, increasing from USD 9.4 billion to USD 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 billion that year.
According to Maxine Most, Acuitys principal and lead analyst, said that 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.
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