Mobile biometric authentication market is expanding rapidly owing to inclusion of fingerprint sensors, iris scanners, voice recognition software among other things and according to new study by Juniper Research, value of smartphone biometrically authenticated transactions is to increase by hundreds of times in just a span of five years.
Going into the specifics of the increase, Juniper Research points out that the value of all smartphone biometrically authenticated transactions is expected to increase from $14.2 billion in 2016 to nearly $655 billion in 2021. If we look into the current scenario, Apple Pay is the current market leader by handling 85 per cent of these transactions.
Dr Windsor Holden, authors of the research report, points out that the increase in willingness of customers to embrace biometrics as a more convenient alternative to passwords offers, companies that can offer not only secure, but user-friendly authentication platforms are set to significantly contribute to the evolution of the mobile payment space.
As part of its Mobile Payment Security: Biometric Authentication & Tokenisation research, Juniper Research has revealed names of three companies that it identifies as biometric disruptors. Juniper has identified G&D (Giesecke & Devrient), Gemalto and Synaptics as having capabilities to disrupt the wider mobile ecosystem through the implementation of their platforms.
Juniper argued that while the biometrics sector itself is relatively mature, few deployments in the mobile space have achieved a critical mass of adoption, whether for use in payment or authentication. Juniper highlighted G&D’s historic strength in the wider mobile security and identity space allied to an extensive breadth and depth of FIDO-certified solutions encompassing face, iris, voice, fingerprint technologies and leading tokenisation services for digital payment. According to Juniper, G&D – which is increasingly offering its solutions across the mobile environment – is well placed to exploit the burgeoning demand for biometric authentication.