Have you ever unlocked your phone with the touch of your fingerprint or made a mobile transaction with face recognition or voice recognition? If you answered yes, then you are a part of a rapidly growing market known as mobile biometrics, which is a way to identify and authenticate the individual using that specific mobile device.
A study completed by Juniper Research, a digital market research company, found that the biometrics market will validate over $2 trillion worth of sales by the year 2023. By the end of 2018, the current market is expected to reach $124 billion, which means an increase of 17 times within 5 years. In their research, Juniper also discovered that more than 5 billion smartphones will contain biometric software by 2023.
There are various factors that play a part in the growth of this biometric market, especially security and e-commerce. Mobile biometric security methods have been replacing traditional processes such as entering passwords and PINs in order to check online banking or make online purchases. Inputting information is a thing of the past, and mobile biometrics has come to take its place.