7 billion US dollars in biometric ID driven revenue by 2020

22 July 2016

Digital methods of identification for mobile commerce, payment transactions and applications are developing with the expanding use of the cutting-edge biometric and mobile technologies. The latest research reveals that now 750 million biometric smartphones are going to be in use, 30 percent of the worldwide base of installed applications on smartphones. The market is projected to expand to 100 percent of the total number of smartphones shipped every year, which is 2 billion devices, by 2018. Application adoption is going to grow to 100 percent by 2020.

By 2020 800 million transactions are forecast to be biometric bringing around 7 billion US dollars in revenues made from biometric authentication yearly.

The same report forecasts over 650 million passports are going to be electronic passports, 80 percent of the passports globally, while 92 percent of the passports worldwide will incorporate RFID chips and biometric technology.

The exponentially developing technology of biometric authentication on consumer devices, as well as in enterprise use is attributed to weak and discredited password and key technologies. Electronic and mobile commerce are being shaped along with real and online payments and other spheres of our life by biometric devices market.

This technology is going to reform the logical access, home security, border monitoring, logical access, IOT and identity services in the civil spheres. Over 611 million national eIDs are projected to be issued only this year increasing to 786 million by 2020.

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