Market Overview

Juniper Research: Mobile Biometrics to Authenticate $2 Trillion of Sales by 2023, Driven by Over 2,500% Growth in Remote Biometric Transactions

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Remote payments to account for 57% of all biometric transactions by
2023

A new study from Juniper
Research
has found that mobile biometrics will authenticate $2
trillion worth of in-store and remote mobile payment transactions
annually by 2023. This is 17 times the $124 billion expected in 2018, as
initiatives furthering secure remote payment transactions and more open
biometric platforms proliferate.

The research forecasts that the fastest growth will come from
biometrically-verified remote mCommerce transactions, reaching over 48
billion in volume by 2023. This will be around 57% of all biometric
transactions, up from an estimated 28% in 2018.

For more insights on the future of mobile biometrics, download our free
whitepaper, 3
Steps to Prepare for Multimodal Biometric Payments
.

Biometrics Come to Remote Transactions, Modalities Broaden

The new research, Mobile
Payment Security: Biometric Authentication & Tokenisation 2018-2023
,
expects this growth to be driven both by industry standardisation
initiatives, like Visa's Secure Remote Commerce, and smartphone
vendors introducing different forms of biometric authentication.

Juniper anticipates that over 80% of smartphones will have some form of
biometric hardware by 2023, representing just over 5 billion
smartphones. This has traditionally meant fingerprint sensors, but
facial recognition and iris scanning will become more prominent over the
next 5 years, with adoption exceeding 1 billion devices.

Biometrics Gets Behavioural

Despite this hardware proliferation, Juniper believes the main
innovations in mobile biometrics lie with ‘Biometrics-as-a-Service',
software which employs AI to check users' identities on any platform.

Juniper's report estimates that nearly 90% of smartphones currently in
use can support software-based facial recognition, while 80% are capable
of voice-based payments. Juniper believes that these services, as well
as tracking user behaviour, will enable secure cloud-based identity
checks that are cross-platform and authenticate in the background. The
research forecasts over 1.5 billion smartphones to use software-based
biometrics by 2023.

"The possibilities for software-based continuous behavioural
biometric authentication are huge,"
notes research author James
Moar. "The flexible programming allows businesses to deploy any level
of authentication they require relatively easily, while ensuring that
transactions are properly authenticated."

Juniper Research provides research and analytical services to the global
hi-tech communications sector, providing consultancy, analyst reports
and industry commentary.

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