Wilmington, Delaware, United States, Jan. 06, 2023 (GLOBE NEWSWIRE) -- Transparency Market Research Inc. - According to a report by TMR, the mobile biometrics industry was valued at US$ 44.2 Bn in 2021 and is estimated to advance at a CAGR of 20.1% during the forecast period from 2022 to 2031.
Mobile biometrics authentication detects and validates the identity of a person attempting to access a mobile app. It could be done using several methods such as fingerprint reader, face recognition, and voice recognition. The most popular applications of mobile biometric authentication are in banking and e-commerce sectors. Customers can use face recognition technology to authenticate transactions via mobile applications. The global mobile biometrics market is expected to rise during the forecast period owing to the rapid expansion in biometric device applications and increase in number of cyberattacks globally.
Market players are focused on high-growth industries, such as BFSI, transportation, academic institutes, and businesses, in order to increase revenue after the peak of the COVID-19 pandemic. The market in Asia Pacific is expected to grow at a rapid pace in the next few years owing to increase in number of suppliers and rise in utilization of sophisticated biometrics systems in industries such as BFSI and retail. Leading biometrics firms and manufacturers are striving to develop novel biometric equipment. Biometric fingerprint scanners are replacing sophisticated password authentication in end-use industries. Rise in mobile biometrics market demand in end-use applications presents significant opportunities in the industry.
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Mobile Biometrics Market: Growth Drivers
- Biometrics security system is gaining acceptance among individuals, organizations, and corporations to safeguard cyberspace from hackers and attackers. Surge in number of cyberattacks across the world is one of the primary drivers of the global mobile biometrics market. Rise in number of cyberattacks is expected to boost the mobile biometrics industry in the next few years.
- Surge in demand for reliable authentication techniques is propelling the mobile biometrics segment. The technology of authentication is constantly shifting. Businesses are switching from traditional password-based authentication to biometrics security systems. Preference for advanced authentication technologies, including fingerprint recognition and face recognition, due to cutting-edge security features is increasing. Attackers are unable to crack passwords owing to enhanced authentication techniques and technology, which helps avoid data leak.
- The need for different forms of user authentication mechanisms for both online and offline applications is rising. Several organizations use these authentication techniques to safeguard their databases and other resources, which have opened new growth avenues for the mobile biometric market.
Key Findings of Mobile Biometrics Market
- The software segment is estimated to be driven by rise in digitalization in developing countries during the forecast period. The proliferation of digital media and online content distribution has made traditional means of authentication, such as signatures and text-based credentials, increasingly insecure for consumers to utilize. Traditional methods of authentication are extremely vulnerable to cyberattacks. Identity verification and management software may be utilized in different industries, including healthcare, human resources, defense, and others. Biometric software empowers users by allowing them to own and control their identity, while also providing security and ease. These factors are propelling mobile biometrics market development. Furthermore, surge in acceptance of IoT in authentication systems is projected to provide attractive possibilities to mobile biometrics business in the near future.
- The fingerprint recognition segment held the largest mobile biometrics market share of around 35% in 2021. Automatic fingerprint recognition technology could carry out identification by comparing two fingerprints. It is one of the most prevalent biometric authentication methods for mobile and electronic systems. Fingerprint recognition technology is becoming increasingly popular due to ease of adoption and accompanying benefits compared to other biometric technologies. This is anticipated to augment the mobile biometrics market during the forecast period.
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Mobile Biometrics Market: Regional Dynamics
- As per TMR's mobile biometrics market industry report, Asia Pacific is likely to be the fastest growing market for mobile biometrics throughout the forecast period. According to the mobile biometrics market research study, this could be attributed to the presence of key players in large economies, such as South Korea, Japan, and China. Furthermore, rise in demand for PCs, smartphones, and tablets is providing considerable potential for manufacturers of mobile biometric solutions in the region. This is anticipated to fuel market growth in the next few years.
- North America dominated the global market, with 34% share in 2021. The mobile biometrics market in the region is expected to be driven by high concentration of mobile biometric solution providers. Furthermore, increase in demand for mobile biometrics across several end-use industries, including retail, BFSI, healthcare, e-commerce, and others, is likely to fuel market expansion in the region during the forecast period.
Mobile Biometrics Market: Competitive Landscape
The global industry is consolidated, with a small number of large-scale players holding substantial proportion of the market share. Expansion of product portfolio, acquisition, and alliances are the prominent strategies employed by market leaders.
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Leading biometrics firms in the market are:
- Aerendir
- iProov
- NEC Corporation
- Integrated Biometrics
- Aratek
- Aware, Inc.
- 3M
- BioEnable
- Stytch
- Synaptics, Inc.
- Phonexia
- secunet Security Networks AG
- Veridium
Mobile Biometrics Market: Segmentation
Component
- Hardware
- Software
- Services
Authentication Mode
- Single Factor Authentication
- Multi-factor Authentication
Technology
- Facial Recognition
- Fingerprint Recognition
- Iris Recognition
- Voice Recognition
- Others (ear acoustic authentication, vein recognition, etc.)
End-use
- BFSI
- Retail
- E-commerce
- Transportation
- Academic Institute
- Enterprise
- Hospital
- Industrial
- Others (hotel, public places [monument, garden, parking lot], etc.)
Region
- North America
- Latin America
- Europe
- Asia Pacific
- Middle East & Africa
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Transparency Market Research registered at Wilmington, Delaware, United States, is a global market research company providing custom research and consulting services. TMR provides in-depth insights into factors governing demand in the market. It divulges opportunities across various segments based on Source, Application, Sales Channel, and End-Use that will favor growth in the market over the next 9 years.
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