Will Biometrics Live In The Cloud in 2022?

“Acuity’s forecast calls for the cloud to make it rain, with the mobile biometrics market driven to $50.6 billion annually by the projected 2022.”

Acuity Market Intelligence wants you to imagine life in 2022. A world where we’ve seen the number of active biometrically-enabled mobile devices increasing to 5.5 billion globally, thus creating a platform for one trillion Cloud-based biometric transactions annually.

Acuity’s forecast calls for the Cloud to make it rain, with the mobile biometrics market driven to $50.6 billion annually by the projected 2022. Currently, the annual biometric transaction revenue is estimated at $474 million, and will exceed a 100 percent CAGR with a jump to $18 billion by the prophesied 2022. And there’s quantity in this quality: with biometric transactions volume consisting of 70 percent Cloud based in five years.

Principal and founder of Acuity Maxine Most heralds the chance as a way to push biometrics to “the edge” of the mobile ecosystem by taking off from the current improvements to the mobile experience device-based authentication, claiming the Cloud is where it’s at.

“The big payoff comes from Cloud, or server-side biometrics, that simplify authentication and reduce friction while linking an individual to a device and platform independent Unique Verifiable Identity (UVI),” said Most, in a statement announcing Acuity’s new forecast.

Most is sharing her insight into the evolving Cloud biometrics marketplace during the “Digital Identity in the Era of Cloud Biometrics” webinar presented by FindBiometrics on Wed, Dec 6, at 11 ET, for which registration is still open.

December 5, 2017 – by Susan Stover

Partners

FaceTec’s patented, industry-leading 3D Face Verification and Reverification software anchors digital identity, creating a chain of trust from user onboarding to ongoing authentication on all modern smart devices and webcams. FaceTec’s 3D FaceMaps™ finally make trusted, remote identity verification possible. As the only technology backed by a persistent spoof bounty program and NIST/iBeta Certified Liveness Detection, FaceTec is the global standard for 3D Liveness and Face Matching with millions of users on six continents in financial services, border security, transportation, blockchain, e-voting, social networks, online dating and more. www.facetec.com

AuthenticID provides 100% automated identity verification and fraud detection solutions that are leveraged by companies worldwide, including 2 of the top 3 U.S. Banks, 8 out the top 10 wireless providers in North America, and 2 of the 3 credit bureaus. Using proprietary computer vision and machine learning technology, these solutions help companies accurately verify the identity of their users across retail, digital and call center environments for onboarding and ongoing re-authentication events; KYC, IAM, and more. The solutions are easy to integrate and provide customers a large ROI by stopping fraud losses, increasing customer conversion at onboarding, reducing operational costs and allowing quick and cost-effective operational scalability, all while ensuring global privacy regulations are complied with. https://www.authenticid.com/

Anonybit is a privacy-focused technology platform that provides decentralized solutions for securing personal data, particularly biometric information. Rather than storing sensitive data in centralized repositories, which are vulnerable to breaches, Anonybit uses a distributed architecture that breaks data into smaller encrypted bits and stores them across a network of decentralized nodes. This approach ensures that no single entity has access to the full dataset, enhancing privacy and security, even preventing insider threats. Anonybit is used by leading banks, fintechs and other enterprises for critical biometric identity functions like deduplication and blocklist checks, step up authentication, passwordless login and account recovery https://anonybit.io/

Identity Week aims to be a significant identity industry catalyst. It’s our mission is to help accelerate the move towards a world where trusted identity solutions enable governments and commercial organisations to provide citizens, employees, customers and consumers with a multitude of opportunities to transact in a seamless, yet secure manner. All the while preventing the efforts of those intent on doing harm. https://identityweek.net/

The Biometric Digital Identity Prism is a market landscape framework designed to help influencers and decision makers understand, innovate, and implement digital identity technologies and solutions. This innovative framework for understanding and evaluating the rapidly evolving biometric digital identity marketplace is the only market model that is truly biometric-centric based on the foundational conviction that in the age of digital transformation the only true, reliable link between humans and their digital data is biometrics. https://www.the-prism-project.com

ID R&D is an innovator of biometric facial liveness, document liveness, and voice biometrics. Ranked #1 by NIST, our patented passive approach to liveness, and specialized detection of voice clones, injection attacks and deepfakes, empowers KYC and authentication systems with fast, accurate and secure biometric verification technologies. Over 140 partners in more than 70 countries are collectively processing hundreds of millions of identity checks per year. ID R&D solutions easily integrate with mobile, web, messaging, smart speakers, set-top boxes, and IoT devices. Learn more: www.idrnd.ai

“Acuity’s forecast calls for the cloud to make it rain, with the mobile biometrics market driven to $50.6 billion annually by the projected 2022.”

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