Cloud Biometrics Projected to Hit Sky High in Near Future
Cloud computing has become more popular than ever in recent years due to its increased accessibility and affordability in the market. The problem associated with cloud computing was its security. Biometrics has instilled much confidence into cloud computing in recent years. Acuity Market Intelligence forecasted that within 2022 the mobile cloud biometrics will hit a record high in revenue.
According to the forecast, the revenue from this segment will be $50.6 billion annually by 2022. Currently the revenue is $474 million annually. According to the forecast it is expected to surpass a 100% compound annual growth rate. Of all cloud transactions, 70% will be for biometrics in the upcoming five years. This new forecast includes 2.7 billion biometric enabled smart mobile devices which will result in a revenue of $3.1 billion from mobile biometric sensor sales. Moreover, there will be approximately 16.7 billion biometric app downloads from these smart devices and it will bring a $29.2 billion annual revenue. There will also be 1.37 trillion in biometrical non – payment or payment transactions which will generate $18.3 billion in authentication revenue.
It can be said that biometrics will totally float on the cloud by 2022 which is exciting but not unexpected. Cloud based applications are gaining popularity for their ease of use and many advantages compared to on premise solutions. The threat of security is greatly alleviated by biometrics. Increase in security needs have caused smartphone companies to integrate biometrics into their products across the board. Also different service provider companies have started to offer their services accessible from about anywhere using biometric authentication for ease of use. All these factors have fueled the use of cloud and biometrics. In the near future it is expected that all sorts of security authentications will be replaced with biometric security. Cloud computing will become an essential part of everyday life consciously or unconsciously.
The forecast report consisted of three different segment results. One is from all the biometric sensors attached into smart devices such as tablets, smartphones, or smart watches. Second consists of biometric software downloaded to devices offered by software making companies or service providers. Lastly, biometric authentication process for any sots of transactions with the help of cloud based biometric service from these smart devices.
Source: Acuity Market Intelligence
