Market Size –
The mobile biometrics market size has grown exponentially in recent years. It will grow from $45.89 billion in 2023 to $56.67 billion in 2024 at a compound annual growth rate (CAGR) of 24.0%. The growth in the historic period can be attributed to increased security concerns, increased consumer demand for privacy, increased industry standards, increased identity theft prevention, increasing smartphone penetration, rising cybersecurity threats.
The mobile biometrics market size is expected to see exponential growth in the next few years. It will grow to $132.77 billion in 2028 at a compound annual growth rate (CAGR) of 24.3%. The growth in the forecast period can be attributed to rising regulatory compliance requirements, shift towards contactless solutions, adoption by financial institutions, expansion of mobile payments, focus on user experience. Major trends in the forecast period include advancements in facial recognition, biometric wearables integration, voice biometrics adoption, multimodal biometrics, continuous authentication and ai and machine learning in biometrics, growth of wearable technology.
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Scope Of Mobile Biometrics Market
The Business Research Company’s reports encompass a wide range of information, including:
1. Market Size (Historic and Forecast): Analysis of the market’s historical performance and projections for future growth.
2. Drivers: Examination of the key factors propelling market growth.
3. Trends: Identification of emerging trends and patterns shaping the market landscape.
4. Key Segments: Breakdown of the market into its primary segments and their respective performance.
5. Focus Regions and Geographies: Insight into the most critical regions and geographical areas influencing the market.
6. Macro Economic Factors: Assessment of broader economic elements impacting the market.
Mobile Biometrics Market Overview
Market Drivers –
The growth in internet penetration is expected to propel the growth of the mobile biometrics market going forward. Internet penetration refers to the percentage of a population or a geographic area that has access to the internet. The growth of internet penetration is increasing due to economic development, education and information access, and social connectivity. The internet penetration allows users to access mobile payment applications and other daily-use applications. Mobile biometrics provide a convenient and secure authentication method for authorizing mobile payments, verifying user identities, and protecting against fraud. For instance, in December 2023, according to reports published by the U.S. Bureau of Economic Analysis, a US-based government agency, the digital economy value added by internet activity in the US increased from $130 billion in 2020 to $155 billion in 2021. Therefore, the growth in digital and internet penetration is driving the growth of the mobile biometrics market.
Market Trends –
Major companies operating in the marine dynamic positioning system market are integrating innovative technologies, such as dynamic positioning (DP) simulators, to enhance the training and proficiency of DP operators. These simulators provide realistic training environments that replicate various maritime conditions and scenarios, allowing operators to practice their skills, improve decision-making abilities, and familiarize themselves with DP systems and procedures in a safe and controlled setting. For instance, in March 2022, Mitsui O.S.K. Lines Ltd. (MOL)., a Japan-based shipping company, and MOL Marine & Engineering Co. Ltd., a Japan-based marine technology services company, installed a Dynamic Positioning (DP) Simulator with a Dynamic Positioning System (DPS) at the MOL Head Office. The DP Simulator will serve as a training platform for MOL crewmembers of cable-laying ships and related engineers. Furthermore, the group plans to extend DP training programs to customers and tailor customized training for various offshore development vessels, including those for offshore wind power projects. Additionally, it will provide research and consulting services for port and harbor improvement projects, navigation safety measures, and maritime construction safety standards.
The mobile biometrics market covered in this report is segmented –
1) By Component: Hardware, Software, Service
2) By Authentication Mode: Single Factor Authentication, Multi Factor Authentication
3) By Technology: Fingerprint Recognition, Voice Recognition, Face Recognition, Other Technologies
4) By End Users: Public Sector, Banking, Financial Services, And Insurance, Healthcare, It And Telecommunication, Other Industrial Verticals
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Regional Insights –
North America was the largest region in the mobile biometrics market in 2023. Asia-Pacific is expected to be the fastest-growing region in the forecast period. The regions covered in the mobile biometrics market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
Key Companies –
Major companies operating in the mobile biometrics market are Apple Inc., Qualcomm Technologies Inc., 3M Company, NEC Corporation, Safran Group, Thales Company, IDEMIA Group, Synaptics Incorporated, HID Global Corporation, Goodix Technology Inc., Nuance Communications Inc., ZKTeco Inc., Fingerprint Cards AB, M2SYS Technology, Egis Technology Inc., Suprema Inc., Crossmatch Technologies Inc., Aware Inc., Sonavation Inc., Veridium Ltd., Precise Biometrics AB, BIO-key International Inc., KeyLemon SA, Next Biometrics Group ASA, IDEX Biometrics ASA
Table of Contents
1. Executive Summary
2. Mobile Biometrics Market Characteristics
3. Mobile Biometrics Market Trends And Strategies
4. Mobile Biometrics Market – Macro Economic Scenario
5. Global Mobile Biometrics Market Size and Growth
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31. Mobile Biometrics Market Other Major And Innovative Companies
32. Global Mobile Biometrics Market Competitive Benchmarking
33. Global Mobile Biometrics Market Competitive Dashboard
34. Key Mergers And Acquisitions In The Mobile Biometrics Market
35. Mobile Biometrics Market Future Outlook and Potential Analysis
36.Appendix
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