Overview and Scope
Mobile biometrics is a digital authentication technology that uses biological characteristics or behavioral traits such as fingerprints, facial features, voice, iris scans, and palm veins for authentication and identification purposes on mobile devices such as smartphones and tablets. This technology enhances security, improves user experience, and enables seamless and convenient authentication methods for various applications and services on mobile devices.
Sizing and Forecast
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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Segmentation & Regional Insights
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
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.
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Major Driver Impacting Market Growth
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.
Key Industry Players
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
The mobile biometrics market report table of contents includes:
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
…
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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