According to the latest market analysis from Acuity Market Intelligence, the combination of tumultuous world events and the proliferation of innovative, disruptive biometric and mobile technology has created a perfect storm that is driving the evolution of digital identity for commerce, payments, the enterprise, and civil applications.
Acuity projects that 750 million biometric smartphones are in use today, representing more than 30% of the global smartphone installed base. Acuity expects this market to grow to 100% of the 2 billion smartphones shipped annually by 2018 with 100% installed base adoption by 2020. More than 800 million biometrically enabled transactions will be competed annually on mobile devices by 2020 generating nearly $7 billion in annual biometric authentication revenue.
Acuity also projects that more than 650 million, or 80% of the world’s passports are now ePassports with 826 million or 92% of global passports in circulation incorporating RFID chips and biometrics by 2020. In addition, more than 611 million National eIDs will be issued globally this year with this number growing to 786 issued annually million by 2020.
“The proliferation of biometric devices for consumer, enterprise, and civil use, the explosive growth of biometrically enabled transactions, and the global consensus that passwords and tokens have become dangerously obsolete have created an unstoppable force for change,” says Maxine Most, Acuity Market Intelligence Principal. “These forces are not only transforming e and m-commerce and on and off-line payments, but enterprise physical and logical access control, home security, border control, the Internet of Things, and civil identity programs as well.”
Ms. Most will share her insight and Acuity’s wealth of market data during a talk at Ideco Biometrics’ “The Future of Who I Am” event in Cape Town South Africa on July 22, 2016.