New York, May 15, 2023 (GLOBE NEWSWIRE) -- The global Mobile Biometrics Market revenue reached US$ 30.5 billion in 2022. Over the next decade (2022 to 2032), global mobile biometrics demand is expected to rise at 21.2% CAGR. Overall market valuation at the end of 2032 is forecast to reach around US$ 208 billion.
Adoption of mobile biometrics is expected to remain high in BFSI sector. The target segment is likely to thrive at 21% CAGR during 2022 to 2032.
Rise adoption of mobile payments across the world is projected to expand the mobile biometrics market during the assessment period.
Consumers are looking for safe, secure, and convenient ways to authenticate their transactions as mobile devices and mobile payments become more popular. This is expected to fuel demand for mobile biometrics.
Biometric authentication is a more secure and easy alternative to passwords or PINs. Adoption of mobile biometrics allows users to easily authenticate their transactions and eliminate the need for using less secure traditional security solutions.
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Regulatory compliance requirements are also increasing in several areas, including banking & finance and government. This is encouraging the implementation of biometric authentication to meet security and compliance criteria.
Growing awareness about the security risks associated with traditional authentication methods such as passwords and PINs is expected to further elevate mobile biometrics demand.
Further, growing penetration of smartphones and other mobile devices globally is projected to create lucrative opportunities for mobile biometric solution providers.
Biometric authentication provides a simple and secure manner of accessing mobile applications and services. It offers various advantages over traditional methods of authentication, such as passwords or PINs.
Biometric authentication systems are more secure than traditional passwords because they rely on unique physical traits that are more difficult to copy or steal. They also improve ease and speed by allowing users to swiftly and easily authenticate themselves with a simple biometric scan.
Key Takeaways from the Mobile Biometrics Market Report:
- Global demand for mobile biometrics is projected to increase at 21.2% CAGR from 2022 to 2032.
- Based on technology, fingerprint recognition segment is forecast to exhibit a CAGR of 21.1% through 2032.
- By industry vertical, BFSI segment is expected to progress at 21.0% during the next ten years.
- The United States mobile biometrics market size is anticipated to reach US$ 65.2 billion by 2032.
- Demand in China market is likely to surge at 22.3% CAGR between 2022 and 2032.
- Japan market is expected to exceed a valuation of US$ 15.0 billion by 2032.
- The United Kingdom mobile biometrics market is projected to exhibit 20.2% through 2032.
“Growing demand for safe, secure, and convenient authentication is expected to boost the global mobile biometrics industry through 2032. To improve revenues, key players are likely to expand their product offerings during the next ten years.” - Says a Persistence Market Research (PMR) analyst.
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Who is Winning?
Aware Inc., 3M, Nuance Communications, Apple Inc, BIO-key International, HID Global Corporation, Safran Inc., NEC Corporation, Precise Biometrics AB, and M2SYS Technology are leading mobile biometrics solution providers profiled in the report.
These market players are investing heavily in launching new advanced biometrics solutions and services. They are also employing strategies such as mergers, partnerships, acquisitions, and collaborations, to expand their global footprint. For instance,
- In 2022, CanvasBio and Precise Biometrics partnered to develop fingerprint biometric modules that can be used in laptops.
More Insights Available:
Persistence Market Research (PMR), in its new offering, presents an unbiased analysis of the mobile biometrics market presenting historical data (2017 to 2021) and forecast statistics for the period from 2022 to 2032.
The study market projections based on component (hardware, software, and service), authentication mode (single-factor authentication, and multifactor authentication), technology (fingerprint recognition, voice recognition, and face recognition), and industry vertical (public sector, BFSI, healthcare, and IT and telecommunication) across various regions.
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